Hidden wins and missed Opportunities - Simone Douglas

Simone Douglas - "#SeriouslySocial"

Introduction

There are several hidden revenue opportunities – also known as revenue moments – that farmers in a sales organization can pursue if they know where to find and exploit them.

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.

Today we are going to be talking about how to build stronger relationships with your customers and identify the key indicators that allow you to increase share of wallet with your best customers.
For consumers, there's no shortage of choices, but there's a limitation of money. People pick and choose brands they rely on, and will allocate portions of their budget to companies they trust. This metric is called, "share of wallet," and it helps brands determine how popular they are amongst their competitors.
  By the end of the show you will understand
 -      What share of wallet is 
 -       How to calculate yours
 -       Strategies you can put in place to increase it
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. 

Today we are going to turn to a more transactional focus. With the long-term effects to the economy unknown, many consumers are feeling the financial impact, while others are looking for opportunities, resulting in a transformational shift in spending. 

Some businesses are experiencing decreased or paused marketing budgets, and you may be concerned about making the right decisions in your efforts to grow the share of wallet, in this day and age I prefer the term share of requirements to share of wallet.

The purpose of today's show is to  understand the source of market share in terms of breadth and depth of consumer franchise, as well as the extent of relative category usage (heavy users/larger customers versus light users/smaller customers).

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?

Listen>Apply>Engage

​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 - What we will be covering
Let's dig a bit deeper and talk about how you can achieve an increase in your wallet share or share of requirements without breaking the bank. It really all comes down to knowing your customer base and where you are at risk and where you can find the hidden rewards.
 

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​ today
 

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.
6. Plan to spend time putting lessons learnt and aha moments into practice.  Let me know how it goes.
7. 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.

 
Shows
Previous: Episode C3.06.3 The relationship debate - are you burning contacts or creating raving fans
Next: Episode Season 3 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
 
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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