Customer Connection (CRM)
If you want to grow your business, you cannot just survey those who already buy from you.
Finding out why people do not buy from you is the key to your future business growth.
Too many businesses feel that Customer Relationship Management by measuring scores and feedback from people who bought their products/services they are doing all they can to maintain their customer satisfaction.
Whilst this is important the only thing their customer satisfaction survey is measuring is the transaction process for people who took the biggest decision - they handed over their money!
All that customer satisfaction surveys like this can do with people who have already bought is make sure they delivered on their product or service promise and begin to work on retaining that customer for next time around.
So if you want business growth, what do you do?
Ask this question to most companies and business leaders and more often than not they make a call to the marketing department or they seek spending more on manpower in their sales division. In other words they know they need more enquiries to generate more sales.
Take an industry like the retail motor industry in the UK for example. It is an accepted fact that out of the sales enquiries they receive more people won’t buy than do.
The industry standard is often quoted at 1:5 although some motor dealers claim 1:4 through tighter sales processes and management. Either way their advertising/marketing spend brought these enquiries in to the business.
So for the sake of this discussion let’s take the industry leading figure of 1:4 meaning that 25% of people buy.
If a dealership takes 40 enquiries per week this means that 10 will buy, but 30 will not. Whilst this might be seen as acceptable, it means that of the 2,080 enquiries that business generated in one year there were a staggering 1,560 car sales enquirers who are walking out of that dealership and presumably going to their competitors.
Every business wants to grow and market share is important, but based on this statistic the marketing/advertising department needs to generate 4 more enquiries for every extra car they want to sell. That’s a 10% increase per week in enquiries. In any marketplace that would be a tall order, but when enquiries are diminishing this task is a tough one and your marketing department will tell that it's not going to be cheap to achieve.
Also in consideration must be the staffing and enquiry management; because to keep this exceptional closing ratio the sales team must have the time and resources to deal with these enquiries properly. If you don't have the sales force in place to do this then they will tend to cherry-pick the enquiries and your business does not go forward. Of course growing your sales team brings the gamble of increasing the business overheads in advance with the hope of sales enquiry growth.
This is where Customer Connection comes in. In this case our tools would work on the existing 1,560 people who did not buy and get this business the reasons before they have had chance to go elsewhere and allow them to turn the situation around.
Through our work the companies we deal with are beginning to realise the increased importance of measuring the point of ‘first contact’ between a consumer and their product because the undeniable results are that this is a turning point. The truth is that is down to the experience your business provides at this point and the quality of people who represent the business which will make or break you.
The information that Customer Connection provides allows business management to filter down by branch or even by individual staff member to allow the management to view trends and is seen as vital for training purposes. We have seen that sometimes just a small minority can be damaging your sales growth and this information can produce your most rapid change in fortune.
The good news is that many of the 'negative' reasons given by customers are often not so disastrous that they cannot be fixed and many ‘lost-sales’ can be rescued. The problem is that the business owner or management probably will never know about these customer feelings, or if they do find out it is often too late.
Customer Connection gives you this important data in a low-cost easy to understand format and best of all it’s very FAST!
If you would like more information or to understand how Customer Connection can assist your business please call us on 0845 123 5412 or request more information here>>
Customer Connection: Gives you the REAL reasons why people did not buy from you and provides the information to let you do something about it before it’s too late.
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