Archive for the ‘Sales enablement’ Category

Are You Limiting Your Business Success Opportunities?

Each day thousands of business owners and executives read their profits and loss statements, financial records to sales reports to confirm they are on the road to business success.  Searching and scanning for increases in sales, orders and profits while hoping for decreases in cost of goods sold or other direct costs as well as indirect costs.  Yet, through all this, they are limiting their opportunities for additional success because they are probably missing one figure that never shows up on financial reports.

And, do you know what that number is? And the answer is:

RELATIONSHIPS!

Was that the answer in your head?  Did you think of something else?

Since this figure is not clearly articulated in any of the traditional reporting metrics, what happens is that current problems are really symptoms in disguise. And then the solutions do not deliver sustainable change because the real problem is not addressed.

For example does your small to mid size business suffer from:

  • Lackluster sales problems?
  • Training problems?
  • Employee turnover?

These are just a few of the many symptoms facing most businesses because they fail to understand the purpose of business and hence business success comes from:

Attracting and Maintaining Customers

Customer loyalty or rather the lack of customer loyalty is the real issue.  When businesses realize that:

  • 5% retention in customers can create an increase of anywhere from 25% to 100%
  • To acquire a new customer costs 5 to 10 times more than keeping an existing one
  • Up to 75% of those customers who left you considered themselves to be satisfied

They may leave the 20th century model of customer satisfaction and embrace the 21st century paradigm of customer loyalty as the other critical measurement to business success. The rise of customer retention is probably why sales enablement has become so critical to many B2C and B2B organizations.

To take such bold action requires them to know the following:

  • Average client acquisition cost
  • Average client value
  • Average transaction value
  • Total Revenue Opportunity (based upon lifetime of customer)
  • Customer Loyalty Score
  • Employee Loyalty Score

When these metrics have been established and a plan of action has been constructed from the Senior Executive Management Team that will cascade down through the organization, measuring relationships will become much easier.  And, the business will have a much clearer picture of what it truly takes for business success.

TAKE ACTION Think about both your profits and relationships.  What kind of metrics or benchmarks can you establish to ensure that you are measuring both?

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