Masonry Magazine December 2004 Page. 37
B2 B
Nurturing Your Own "Green Grass": Six Ways to Reinvest in Your Current Clients
George Ludwig
If your economic state is looking bleak, don't strike out for greener client pastures. Sales expert George Ludwig explains how to coax more business from ground that's already proven fertile.
Imagine for a moment that your business is lackluster and your third-quarter sales numbers are not on track. What's that? You say you don't have to imagine? You're not alone. We may be on the cusp of an economic recovery, but many companies haven't yet gotten the memo. And if you're like many of your financially frustrated counterparts, your first instinct is to round up your team and send them prospecting for new leads. After all, your current client list isn't keeping you well fed, so it's time to seek out greener pastures. Right?
Wrong, says George Ludwig, author of the new book Power Selling: Seven Strategies for Cracking the Sales Code (Dearborn Trade Publishing, July 2004, ISBN: 0-7931-8571-8, $19.95). Your team needs to take action all right, but they need to be working their magic a little closer to home.
"New business always seems more attractive and exciting than the same old accounts that you've serviced for umpteen years," says Ludwig. "It's the 'grass is always greener' syndrome. But it's an illusion. You know the grass on your side of the fence is nourishing, and if you keep it well watered and tended, there's much more where that came from. Probably more than you ever thought possible. That's why smart companies reinvest their energy into their current accounts before seeking new ones."
"This strategy makes sense for two reasons," he adds. "First, you don't want to lose your clients by under-servicing them. Second, they can be fertile ground for harvesting even more business. You're already 'in' with these clients, they know your name, and presumably they like what you bring to the table. You must simply convince them that there's more you can do for them. Shouldn't that be easier than starting from scratch with someone else?"
So how, exactly, do you reinvest in your current clients? Ludwig offers the following suggestions:
Focus on increasing client share, not just market share.
Get deeper inside your current clients. Spread yourself thick, not thin. You must dig beneath the surface that comprises your current interactions with a given client. Get to know everything about their business and identify problems you can solve. This may mean introducing them to new products and services you carry, or it may mean showing them why they need even more of the products and services they currently buy from you. It may mean convincing them to venture into new markets. Be creative. Partner with them in every possible way.
You must dig beneath the surface that comprises your current interactions with a given client.
Rethink unproductive beliefs.
One of the big reasons managers don't try to increase their client share is simple cynicism. They just don't believe their organization is worthy.
Let's say your company supplies tires to SuperCar, a major automobile maker. You also carry headlights. But one of your competitors, Headlights USA, dominates that market. What you don't know is that H-USA is hanging on by a thread because of their lack of personal service. Yet, you believe that SuperCar would never defect from H-USA in favor of little old you. Unconsciously, you convey that belief to your team. The result is that no one even considers dethroning the headlight king. An opportunity to double your SuperCar business dies a quiet, unnoticed death.
Network deep inside your clients' infrastructure.