Very often salespeople are so focused on landing that next “huge” account that they are often overlooking the best, most profitable accounts in their funnel: the existing customer. If you’re an Alabama sales executive looking to really grow your revenue and produce above and beyond your company’s expectations, why not look at your existing customer base?
If you’re familiar with the Pareto principle (also known as the “80-20” rule) it says that roughly80% of the effects come from 20% of the causes. If we translate this to a sales environment, it means that 80% of your sales come from only 20% of your clients. Take a look at your existing base of accounts, and we’re sure that you’ll see that is the case.
So if we know that 20% of our largest clients produce 80% of our revenue, why are we always in such a rush to go out and find the “next client” when there are profitable sales opportunities sitting right in front of us?
At Dale Carnegie Alabama, we provide sales professionals the tools and training teaching them how to develop and use a written account development plan for your clients. With the proper account development plan in place, you’ll be able to thoroughly analyze the current situation of a client, set specific goals and create a time line for account development.
Over time, this will result in being able to drive more business and revenue from the existing accounts that you’ve no doubt already spent hours cultivating and closing. By further investigating your existing accounts, you’ll also be able to identify which new relationships within the account you need to develop, and how you can create the best possible situation to expand your selling opportunities into these existing accounts.
At a minimum, to discover these opportunities, take the time to pick up the phone (it’s so much more personable than an email), and call your main point of contact at your account. Ask them how everything is going, and if they have time to sit down for 15 minutes and chat about their account, their business, and where it’s going, and how you can help them in the future.
When you demonstrate measurable business results for your clients, and take the time tounderstand their needs and areas of growth, you’ll increase the chances of gaining repeat and growing business.
Generating revenue from existing accounts strengthens your company’s relationship with them,and makes it much easier to drive revenue than starting the sales process from scratch with a brand new business.
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