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Sales Prospecting

3 Steps To Healthier Client Relationships

Do you have clients that constantly push the boundaries, who have unrealistic expectations and inconsistent feedback? What if you could have a client base of only people who value your work? Firing the wrong clients can help you get there.

Dominique Sandwith

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client-relationships

It’s not easy to admit that a client is actually doing your business more harm than good. When it gets to the point that you are spending all of your time and energy trying to please one client, then it’s time to look at what they are contributing to your success.

In the early days of your business, it’s understandable to hold on to difficult clients as every penny counts. However, as time goes on, firing a disproportionately time-consuming and challenging client could free you up to go looking for new and better business.

Here are three steps to take to healthier client relationships:

1. Get perspective

Step back from everyday tasks to make some notes about the client relationship in question. Ask yourself what you value in your client versus what drains your energy and puts you in a bad mood.

Understand what the deal-breakers are and whether the client in question has crossed the line. It’s possible that you just need to have a frank conversation with the client, but often these kinds of client relationships are too far gone.

Related: 1 Simple Rule To Avoid Bad Client Relationships

2. Fire the wrong client

There’s no one-size-fits-all for this process – you have to do this in your own way, but be clear on the reasons. If the client has been as unhappy as you are, they will most likely understand that this relationship is not a good fit.

However, there are times when a client has no idea that they are being unreasonable or thinks that this relationship is productive. That’s when it’s difficult to explain why you are deciding not to take their money.

Make it factual and don’t bring in your feelings. If you have examples of situations or email threads as proof show them that this is not how you believe a successful relationship should be. Be clear on your values and what you envision for your business.

Be polite and professional throughout the conversation and focus on the relationship fit, rather than pointing out their personal flaws. Explain the next steps and how the handover process will take place. You want to make sure that the end of the relationship is as amicable as possible.

3. Find the right clients

Firing a difficult client is likely to affect your bottom line in the short term but it will give you the motivation, and headspace, to go looking for the right clients.

Here are some things to keep in mind:

  • Make sure you know what you want in a client – make a list of things you won’t stand for again with future clients, and one that describes your dream client.
  • Use your time and resources wisely, and aim high to secure clients that will be worth your while.
  • Identify potential clients and projects that are profitable, that will inspire you and that you enjoy working with.

Tip: make sure the Terms and Conditions on your website, and in your quotes, are well-defined. State your prices clearly, don’t leave room for interpretation. Don’t back down if a new client quibbles over a cost estimate. Take complaints of this nature as a warning sign and walk away.

Related: How Well Do You Really Know Your Customers?

Don’t ever think that you’ve wasted your time with the wrong client. Each client you work with helps you to refine your offering and progressively understand what you’re good at. Firing a client is never easy, but sometimes it’s a necessity for the successful and sustainable future of your business (and your sanity).

When you fire the wrong client, you can streamline your business to play to these strengths, and ensure you offer a world-class service or product.

Co-founder and Chief Technical Officer at Yellow Door Collective. Problem solver and people manager, Dom has a passion for innovation and the eye of a perfectionist. With an incredibly broad knowledge base and detailed understanding of multiple platforms, she manages key clients and works closely with the team to deliver work on time and in accordance with all requirements.

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Sales Prospecting

7 Steps To Master The 80/20 Revenue Model

Imagine a world where 80% of your revenue came from 20% of your customers. Now what will it take to make it your reality?

Emma Donovan

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We are often so focused on new leads that we forget to master the art of upselling and cross-selling. To generate more income from existing customers you need to focus on quality over quantity, and be strategic in your approach. Here are seven steps to help you on your way.

Understand what you want to achieve

When you upsell, you encourage customers to buy a higher-end product or service than the one in question – such as an airplane seat with more leg room. Whereas cross-selling tempts customers to buy related products that satisfy additional, complementary needs. A simple example is when you check out of an online store and the shop tempts you to buy similar or complementary products that you suddenly just can’t live without!

Tip: Identify which one makes sense in your business, and what the additional or complementary offering will be.

Nurture relationships

Long-standing relationships and loyal clients are worth their weight in gold. Make sure they know they will remain a priority, even when you are busy with bigger or more profitable projects.

Constantly over-deliver and exceed expectations. Make yourself ‘irreplaceable’. 

Related: This Is What Bevan Ducasse Did When He Realised wiGroup’s Revenue Model Wasn’t Working

Provide solutions

Don’t presume you know what your customers want or need – do your homework and ask them. You need to understand their hopes, dreams, fears and challenges. Three simple ways to do this are to:

  • set up regular one-on-one calls
  • catch up over coffee
  • or email them a quick survey to complete.

Add real value

Ask yourself, ‘how can I help this client achieve their goals or overcome this challenge?’ You need to find ways to add real value to make the additional expense worthwhile. Also make sure your pricing is fair and competitive, without selling yourself short.

For example, one of the products we cross-sell at Yellow Door is video content. It’s a key part of a holistic marketing strategy and is a great way to bolster content for launches, social media and newsletters.

Paint a picture

To excel at upselling and cross-selling, you need to help customers visualise the value they will get from the higher-priced item. Whether it’s a 30-second video, an infographic, or a well worded email – take the time to explain not only what the product is, but how it will benefit them or their business.

Incentivise

Offering a reward or incentive can increase your upsell or cross-sell conversion rate. For example, offer free shipping or a discount if the client purchases two or more products or services.

Related: Bob Skinstad On Making An Impact With The 80/20 Principle

Create capacity

Ensure your team has the expertise and capacity to deliver the relevant service or product at the right standard. Alternatively, find a non-competing service provider to complement your offering and agree on a referral or commission structure. This way you can expand your offering without increasing your overheads.

The key to success is to understand what your customers value and then respond with products, services or features that meet those needs.

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Sales Prospecting

Empower Your Team To Make More Sales

The answer is not simple. However Leadify’s CEO, Grant Fleming shares several strategies that can help.

Grant Fleming

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Much like the business cliché that your company is only as strong as its people, in marketing, behind every successful marketing campaign there is an empowered team. But how do you help your team increase their sales?

The answer is not simple. However Leadify’s CEO, Grant Fleming shares several strategies that can help:

1. Become clever at dealing with data

It is essential that teams have the right platform at their disposal to reach the agreed-to goals. Teams also need to become more adept at dealing with data to learn about their customers. Teams should segment data, send marketing messages and receive instant feedback to learn from. They should also optimise their messages and dig into the demographics of their audience.

2. Curate your audience

The above enables teams to curate, and continuously engage with their audience. One of the biggest mistakes marketers make is focusing their communication to a base, instead of cultivating an audience through learning from insights and feedback. This doesn’t foster an incentive to learn anything from one week or one campaign to the next. Teams end up sending out an email/SMS blast one week after another, with the same results.

Related: What Really Drives Sales Growth And Repeat Business?

3. Market more smartly

Rather than marketing ‘harder’, teams should be marketing smarter. There are a few ways to do this. Given teams have the appropriate automated marketing tools at their disposal, they can automate certain repetitive activities so that they continue to learn while the system executes.

Teams are also best served by breaking down their goals into measurable insights and build logical marketing lists (data lists) rather than lumping everything into one list. Often, splitting data by its original source works well, but so does sectioning lists according to category.

Consider using “Remarketing” for the direct marketing space too. This is similar to AdWords marketing, where teams ‘slice and dice’ their data, and insights about engaged audiences are retargeted using the platform.

The other options is “Long Run” campaigns. Here a campaign is live over a longer period of time, essentially establishing a level of cadence for direct marketing efforts. 

4. Do lean marketing

To empower your team, adopt a lean marketing process. This sees teams marketing in small batches, sending e.g. 2000 SMSs, reviewing the results, then another 2000, and then tweaking the marketing message if needed.

By sending five different marketing messages, your marketing teams will be able to whittle down to the top two that returned the best results, and then scale them up.

This, rather than just sending a million SMSs (for example) to your entire database, is a lean marketing approach that can help your team incrementally improve their efforts for an optimal return.

Related: What You Need To Know About The Lean Start-up Model

5. Value testing and metrics

Both testing and metrics are critical to helping your marketing team become more successful, with A/B testing in particular critical for learning.

When you tweak campaigns, resist the urge to make larger changes; these make it difficult to measure results. Rather do small-batch testing, even if it is just from your newsletters. Try and bleed the marketing messages out over a logical timeframe – don’t just blast out to the entire list in one go.

Regarding metrics, concentrate not only on the number of messages sent, but clicks and click-through rates as well as conversions, even if the latter happens down the line. Understanding these metrics across demographics is equally important, as this allows you to curate audiences that you can personalise marketing to.

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Sales Prospecting

3 Ways You Should Use Data Science To Skyrocket Sales

Sales business is getting harder and more competitive day after day. Both physical retail and e-commerce offer a wide variety of brands and products, which makes it more difficult for an average sales person to seal the deal with potential customers.

Olivia Ryan

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Data Science

Sales professionals have to be clever and extremely analytical before even approaching their clients. That’s why they use data science to skyrocket business. Data science is a contemporary statistical model which seeks to provide meaningful information from large amounts of complex data.

According to the study, this type of business analytics is expected to generate almost USD170 billion in 2018. If you want to keep the business stable and highly profitable, you should consider embracing data science in everyday work. This post will show you 3 ways to do it successfully.

Prospect Analysis

Data science is based on artificial intelligence that has enough analytical power to give you remarkable insights into the traits of all prospects. Using this tool, you can personalise sales negotiations so as to match the exact needs of each client individually.

For example, data science will tell you the basic demographic features like age, gender, and location. But it goes beyond that and reveals income levels, professional titles, or personal interests based on online searches. All these inputs allow you to customise offers according to client’s preferences.

At the same time, you can prioritise prospects based on company size, predicted revenue, long-term potential, industry influence, or any other feature you might consider relevant to your business. This way, you can dedicate more time to the more important prospects and increase profitability just because you know who to talk to first.

Upselling

It’s much simpler to sell products to existing customers than to attract new buyers. Data science can help you to upsell products and increase the profit using the base of loyal clients.

Related: What Really Drives Sales Growth And Repeat Business?

The system is simple – data science analyses the purchasing history and the preferences of every customer and suggests complementary products. That way, you make sure that your upselling suggestions stay relevant, which not only reduces bounce rates but also strengthens the base of loyal clients.

Create Ambitious Sales Quotas

Creating sales quotas has never been an easy job. Most companies are selling dozens of products in many cities, regions, or even countries, which makes it difficult for sales managers to manually determine ambitious but realistic quotas for their agents.

It’s actually one of the biggest reasons why managers underperform and fail to meet company requirements. However, data science makes this task a lot easier because it can automatically conduct the research and decide how much is enough for every sales representative in your team.

Company Aussie Writings uses data science to make sales forecasts and here’s what they say about it: “The new business analytics model goes through huge volumes of data within minutes, detect sales trends, and givesus a good plan for each agent, product, or region. With such powerful tool at our disposal, we don’t put too much pressure on sales representatives, but we also don’t have to worry about underachievement.”

The benefits of data science

Data science helps businesses to analyse potential clients more comprehensively and increases the odds of keeping sales high in the long run. It’s a perfect model for entrepreneurs who want to stay competitive in the abundance of brands, products, and services.

Related: Get Those Quotas Moving (Upward!) In 2018! 5 Things Your Salespeople Can Do

In this post, we showed you 3 ways you should use data science to skyrocket sales. Which tip could give your company the biggest boost? Let us know in comments and don’t hesitate to ask us if you need any additional information about this topic.

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