You’re Probably Missing Sales That Are Right Under Your Nose – Marketing Tip
Are you spending hundreds of pounds and many many hours trying to generate and win new business?
Here’s a quick tip to stop you tumbling into a common trap I see all too many businesses fall into.
How many of your customers could buy all your products? How many know about all the products you sell?
If you don’t know, don’t worry, you’re not alone, this is fairly typical in many businesses. And of course there’s always the assumption “I’m sure our customer must know we also do…”
“Getting existing customers to buy more = Less cost & higher conversion rate…”
Here’s a great way to make sure all your customers know about all of your products and, where possible, buy these from you, increasing sales, profit and the depth of your relationship with them.
You’ll need to use the Customer Penetration Matrix – Click Here
Customer Penetration Matrix
Here a small version below:
Here’s how to make it work:
- Across the top list your products.
- In the first column under Customers, copy and paste a list of all your customers. If you’ve got thousands you’ll need to approach this differently by just analysing a good sample, at least 50.
- Working across a row:
- Has the customer purchased the products from you? Under each mark put a Y for Yes.
- If they haven’t, but there’s an opportunity to sell the product to them, mark O for opportunity.
- If they haven’t purchased, but it’s not possible for the customer to purchase, mark N for No. This will be where a product isn’t suitable for all customers or you know they do that in-house already.
- This is now a ‘live’ document and your mission is to turn every O into a Yes. It’s worth working out how much it would be worth to the company if you turned all the Os into sales, and set a goal with the sales team to hit a target within a time frame.
- Working with the sales team, how are you going to contact the customers to encourage them to buy these products from you? What offers or incentives could you use with your customers?
- As you speak to each customer about the Os update the matrix with an L = Failed to sell opportunity or W = Won new opportunity with customer.
- Each month meet with your sales team to review, improve and implement… Better Never Stops.
I did this exercise with a telecoms company, it was a big piece of work for the sales team with well over 600 customers. But they contacted just about each one to increase their penetration where they could, and it generated a serious amount of revenue for them.
For more ideas for Customer Maximisation Strategies www.betterneverstops.global/free-business-tools/