Is your service offering the same as it was 12 months ago?
While you’re no doubt having meetings about customer service, achieving targets, trouble-shooting, and winning new business, it can also be beneficial to take a fresh look at what you’re offering to ensure you’re not overlooking golden opportunities to grow.
Has your approach to converting a lead to a sale fundamentally changed or shifted in recent times?
The reason it’s worth contemplating is because the business you’re not winning could possibly be converting if you modified your strategy.
For instance, if price is an issue is there another way of offering your service that could get people onboard and over that initial hurdle rather than turning them away?
Is there another market segment just waiting for you to section off something from one of your core products / services because they may not need the full-blown version (yet) but would happily buy a smaller piece to satisfy their need?
What about the average value of each customer?
Do you have strategies in place to increase the value of an individual client?
We all know that selling to existing customers is a whole lot cheaper than finding new ones but sometimes we just get so caught up in running the show we forget about some genuine opportunities on our doorstep.
How frequently do you sell to clients?
While you may be offering a significant big-ticket item and believe you couldn’t sell anything beyond that, the question is worth posing and discussing.
One way you could approach that situation is to say: “If I’m able to sell one thing of high-value, I might be able to sell something else”. Even if it’s not at the same level, you could be further maximising your profits.
Similarly, if you sell one service or product once a year to someone, or a business, why aren’t you selling more?
And if you’re providing one service each week or month to someone, what other opportunities are right before you?
Due to our neurological ‘wiring’ as humans, unless prompted, we often fall into the trap of doing largely the same thing every day so it’s important to challenge your thinking every now and then so you can optimise and maximise the value of your business.
Here’s a simple exercise, based on Dr Joe Dispenza’s neuroscience change model, that you can use with your team to stimulate some creativity and open up new possibilities.
Try This Exercise
Choose some of your key challenges and go through this process for each one and you’ll uncover some actionable insights.
Complete the left-hand column first and determine your current thoughts, choices, behaviours and feelings, and experiences for one of your issues.
Then complete the right-hand column and challenge yourself as to how you could think differently about that issue. The new thought will flow on to new choices, behaviours and experiences.
In this example, your company is an accounting firm and you’re examining the customer segment that gets their tax return done with you each year.
Taking the time out of your day-to-day working life to go through this exercise, across multiple customer segments, challenges and pain points can be extremely valuable.
At times you may not come up with a solution during the session, but going through the process will help stimulate new thoughts and approaches and help reinvigorate your team as you plan to make the most of your new opportunities.
If you’d like to discuss your marketing needs, please use the Contact Us button and we’ll be in touch with you soon.