While keeping the wheel of new customer generation turning is vital, developing long-term relationships must not be underrated. In fact, nurturing clients for the long term is proven to be eight to ten times more cost effective than simply securing quick wins.
Developing a long-term mindset is particularly important in industries with long sales cycles. Having worked with several
B2B clients, I have observed a very common, but inefficient, behaviour; going after big contracts before thinking about the fit. Often, companies will spend months preparing a proposal only to see it rejected.
So how do you stop wasting time on quotes that don’t win business? Before allocating resources to a prospecting process
it is vital to qualify every opportunity.
Make sure you are focusing on those contracts you know you are best-placed to win. The most successful sales professionals are the ones who know best about finding the right fit.
At durhamlane, we have created nine performance improvement mantras, which help us and our clients
to work more effectively and focus on where we can
be most successful.
‘Business Fit. Business Value. Developing long-term relationships.’ is our first and possibly most important Mantra and
it is where your journey will begin.
Don’t rush into a sales conversation. The buying party is looking for a reliable partner – somebody who can solve their problem – so thake the time to really understand all the issues that have led the buyer to look for outside help.
If you don’t think you can genuinely help them, then don’t waste your resources and focus on a different area.
Naturally, your customers are seeking a solution that adds more value to them than they have to invest. Make sure the
value of your offering, and the expected returns, are presented clearly and the benefits to your customers are evident.
What value do you think you can add? Based on your research, where do you think you can make the biggest difference?
Business fit and business value are imperative principles to win new customers. Yet you should recognise the cost efficiencies in repeat business.
To sustain relationships on a long-term basis and create customers for life, you need to start thinking about being a ‘partner’
to your customers. If you think of it that way, you’re more likely to add value and nurture a mutually beneficial relationship.
As a partner, you think more long-term and you are more proactive. You start to understand what your client really needs to be able to achieve their goals.
By keeping the Business Fit. Business Value. Developing Long-Term Relationships. mantra to the core of what you do
in your business, you’ll be able to improve your resource allocation and create more value to the customer in the long term.
Enrol to our video learning programme and receive all nine mantras directly into your inbox.