Simone Douglas - "#SeriouslySocial"
One of our biggest challenges is the balance between selling to the new and servicing the old.
It is easy to get distracted by all the noise in the business world at large but jump day is your chance to settle in and work on your business in ways that allow you to make the most of your opportunities today, tomorrow and forever.
One of the challenges in an established business as you continue to scale is finding that happy medium between servicing the existing clients and maintaining those relationships and acquiring new clients that help you to continue to grow. In today's show we take what we have covered in the previous episodes and evaluate the challenges and opportunities in getting this right.
IBGR is a global community of commerce committed to your success and our programming is designed to give you the tools and resources as well as the one percenters you might be missing. So settle in because all the best stories are told with the audiences full attention and today is no exception. If you put the learnings into place you will have started your preparation to belt 2021 out of the stratosphere. After all We didn’t wake up this morning and decide to own an averagely successful business now did we?
Show Objectives - The Why
Striking the right balance between new and existing customers can make you a happy camper – or leave you running in place. The reality of most businesses is that investment in acquiring new customers comes at the expense of nurturing relationships with existing ones, and vice versa. Herein lies the great importance of optimizing the company’s new-to-existing customer revenue ratio, what we call the “customer revenue mix.”
Key Issues - Owner Perspective:
What You Need to Know - The What
What You Need to Do - The How
Basic customer ratio calculations to health check your exposure or opportunity.
Complete review of resource allocation to account management versus acquisition
What are the touch points we maintain with our existing customers personal and automated? Are we actually executing them or did we just put them in our strategy document.
Identify who has the best retention in the organisation and why
Identify who has the best acquisition ratio to lead and why
Make a list of and review all of your marketing plans for acquisition and retention and identify opportunities for improvement.
Plan to spend time putting lessons learnt and aha moments into practice. Let me know how it goes.
ACT! Nothing changes if you don’t set aside time to make it happen so once you have worked out what you need to do start putting timelines and deliverables on your action plan. Get clear on what you want your customers to feel, what actions you want them to take and what pain points you are here to solve for them.
Previous: Episode C3.08.3 Making new friends and building relationships - Now it is time to identify who else is out in the market that we haven’t reached and who is floating in the adjacent markets that we need to talk to. This is not just the direct sales but the referral relationships we should be building and accessing to future proof your pipeline
Next: Episode Season 3 Episode C3.10.3 Baby and the bathwater - customer recovery that works for you - You are never going to get it right all the time. Deliver on promise and recover when you do not. The hidden path to profitability in the long term
Written by Simone Douglas
The Publican & Licensee of the Duke of Brunswick Hotel, Executive Director for BNI Adelaide North one of the biggest networking organisations in the world, the driving force behind South Australia’s leading social media agency, Social Media AOK and best-selling author with her first book “Seriously Social – turning your online game into real-world gain”. and the recently released Confident Networker
Simone also serves as Deputy President of the State Chapter Committee South Australia for the Franchise Council of Australia and sits on the Franchise Advisory Council for BNI Australia
You can connect with Simone on any of her seriously social platforms
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All IBGR Shows Notes are available for download