Episode C3.009 (Australasian) Balance Between Selling to the New and Servicing the Old

Introduction

Week three of your seriously social journey, a path that changed the way I do business forever and whose benefits regularly surprise me in terms of the opportunities they generate. 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 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 feeling like you are treading water and chasing your tail versus on the up track and master of your domain..

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
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:

1. What is the ideal revenue mix between new and existing customers?
2. Is there a correlation between the customer revenue mix and a company’s success?
3. Customer retention strategies versus acquisition strategies
4. Handing over key accounts as you scale
5. How to balance your sales time between prospecting and nurturing

What You Need to Know - The What

1. Analyzing your customer ratios
2. How does your mix balance against your stage of evolution as a company
3. What retention and acquisition strategies do we have in place and what are we missing
4. What is our process for our customers journey with our team
5. Balancing resource allocation and automation to keep everyone happy and maintain growth..

​What You Need to Do​​ - The How

1. Basic customer ratio calculations to health check your exposure or opportunity.
2. Complete review of resource allocation to account management versus acquisition
3. 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.
4. Identify who has the best retention in the organisation and why
5. Identify who has the best acquisition ratio to lead and why
6. Make a list of and review all of your marketing plans for acquisition and retention and identify opportunities for improvement.

Shows
Previous: Episode C3.008 Identify New Users for Existing Offer  
Next: Episode C3.010 Customer Recovery

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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