Business Growth Secrets are as follows:-
- Focus On Your Core Business.
Know exactly what business you are in and spend your time, effort, energy and resources on making that core business better. Don’t get distracted by other things.
Remember, the 80/20 Rule. 80 percent of your business comes from 20 percent of your customers, and 80 percent of your products come from 20 percent of your products.
Put the 80/20 Rule to work and it’s much easier to increase sales and expand profits.
- Keep Your Customers Happy.
It takes a lot of work to find a good prospect and turn him into a customer. If you don’t keep your customers happy – and they leave – you then have to go out and replace them.
So instead of building a business that’s growing every year, you find yourself trying to replace customers who have left. Studies have shown that it’s seven-times more expensive to find a new customer than to sell additional products and services to an existing customer.
A perfect example of this is the cell phone companies. Twenty-five percent of their customers change carriers each year. The WSJ reported. And you wonder why you’re required to sign a one, or two, year contract!
- Improve Your Closing Ratios.
What are your company’s closing ratios? What percentage of the opportunities your sales people create turn into paid business?
How much more successful would your company be if you increased the ratios by five, ten or fifteen percent?
Have you trained your sales people to ask each prospect the same set of questions, whether face to face, or over the phone? Open-ended questions that are worded so as to help you quickly discover problems and qualify your prospect?
Have you compiled a list of the top ten objections you get, and created a specific response to each objection so you can turn a closed door into an opportunity and a sale?
- Spend More Time Looking For New Customers.
How much time is spent on the phone by each of your salespeople each day looking for new customers?
Customers who you have never spoken with before.
There is a huge difference between calling on someone who is brand new, and calling on someone who you’ve talked to numerous times, but has never bought.
New prospects are challenging. Exciting. They keep you on your toes. They’re refreshing.
On the other hand, there’s not much excitement or enthusiasm in calling a person who you’ve tried to do business with for the past two years and can’t even get on the phone. It’s time to move on and look for a better prospect.
Focus on your core business. Serve your customers. Look for new ones. And you’ve found the secret to growing your
More Articles from our Mentor Jeffrey Mayer will be shared next Month. Jeffrey Mayer my Mentor helped business owners, corporate executives and sales professionals, set their priorities, get focused, and achieve their goals, so they can grow their business, get ahead in life, and live their dreams. This article is reprinted with permission from “Jeffrey Mayer’s Succeeding In Business Newsletter. Copyright© 2004, Jeffrey Mayer. All rights reserved. Updated versions of his Sales Tools can be found at: http://www.succeedinginbusiness.com/catalog
