Episode C3.007 (Australasia) Opportunities to Increase Share of Wallet with best Customers

Introduction

Week one of your seriously social journey, a path that changed the way I do business forever

It is easy to get distracted by all the noise in the b business world at large, but any good business owner knows that the key to success particularly when it comes to your customers is to listen to them and not the buzz words of the week or the predictions of the analysts (no offense intended)

Failure to recognize and replicate your best customers will cost you dearly, so come along for the ride today and let's get down to the business of identifying who these people are, what makes them tick and how you matter.

IBGR is 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 that are the difference between sleepless nights and that nice bottle of whisky you buy yourself to celebrate your success (ok the whisky might just be a me thing but hey)

Have a fantastic week, hopefully we have turned your hump day into jump day and you are all fired up for success.
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Show Objectives - The Why
The evaluations you undertake now are more important than any you have done in a while. Getting this right and connecting with those that matter to both customers and referral sources in a meaningful way is something you can build on and replicate for the rest of your business evolution just like good old compounding interest. The steps you take here will pay dividends of increasing value over time. First we need to identify what our best customers need and want.

Key Issues - Owner Perspective:

1. Identifying our current share of wallet with our best customers
2. Identifying our at risk best customers
3. Does our portfolio or service offering satisfy an adequate number of our customers needs and wants or are we at risk
4. Are the gaps we have able to be covered through white labelling solutions where we maintain control of the relationship.

What You Need to Know - The What

1. Find promising accounts/customers - Your first step is to find your happy, satisfied customers. This is your loyal base, the real foundation of your company.
2. Find struggling accounts - Face it – you probably have a few customers who are considering jumping ship for a competitor right now.
3. Start cross selling and up selling at the transaction level - Now that you have a list of customers to target, it’s time to start expanding their accounts.
4. Expand at the portfolio level - Your goal is to prove your value and become the preferred provider for products or product groups where you have minimal traction now.
5. Leverage the power of pricing - The key to increasing your share of wallet by customer is to make the transactional pricing so tempting that they can’t pass up the deal. An attractively-priced product mix strategy makes all the difference

​What You Need to Do​​ - The How

1. Focus on primary factors to identify our best customers -  customer lifetime, average spend and volatility resistance - Loyal customer accounts are the best place to for your share of wallet growth campaign to start
2. Review your sales transactions to identify red flags that indicate danger of churn - decline in spend,decline in purchases of specific products, decline in communication, customer abandonment.
3. Identify the add on opportunities and create a process to ensure the question is always asked - Simple sales analytics uncover commonly-purchased combinations of products to suggest complementary additions to a transaction
4. Health-check your portfolio against your market - Your goal is to prove your value and become the preferred provider for products or product groups where you have minimal traction now. Define purchasing profiles across customer segments. Uncover customers who fit the profile for specific products but aren’t purchasing them
5. Health check your bundles and your pricing - An attractively-priced product mix strategy makes all the difference.

Shows
Previous: Episode C3.006 Opportunities to PLUS 1 the Relationship  
Next: Episode C3.008 Identify New Users for Existing Offer

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 now best-selling author with her first book “Seriously Social – turning your online game into real-world gain”.

You can connect with Simone on any of her seriously social platforms
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