Hack # 3 - Unlock Hidden Sales Revenue Target These ‘Growable’ Customers 30% More Revenue
Oct 31, 2024Introduction
If you're involved in sales or just curious about maximizing client relationships, you're in the right place. Today, we're diving into a strategic sales hack that can give you an edge: focusing on your most growable customers. These clients have potential but aren't fully invested yet. You might be wondering, "Why not just keep our focus on our best clients and follow the money?" Let's explore the value of looking beyond your top-tier customers by segmenting your client base.
Understanding Customer Segmentation
To simplify things, let's think about customer segmentation as splitting your client base into four categories:
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A Customers: These are your golden clients, all in and loyal to your brand. They're like those friends you can always count on, but in terms of growth, they're not your best source.
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B Customers: They're familiar with you but haven't committed fully. They're like casual friends who haven't entered the circle of trust yet. These are the clients with the most potential for growth, the hidden gems of the sales world.
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C Customers: Think of these as lost connections, like high school friends you've lost touch with. They've drifted away; maybe even joined the competition.
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D Leads These are your leads, potential customers who need nurturing to become invested.
Why Focus on 'B' Customers?
In technology sales, growth is key. Sure, your A customers are valuable—fully integrated and brand loyal—but they're already sold. They don't contribute much to new revenue. Instead, focus on nurturing your B customers, as they represent untapped potential. Picture them as someone you're casually dating—not yet ready to meet the parents, but with the right nurturing, they can become loyal customers.
Shifting Focus for Growth
When you're focused too much on A customers, growth can be slow. Selling successfully to them feels reassuring, but they aren't adding significant new revenue. B customers, meanwhile, might use only one of your products but could benefit from a broader portfolio. By targeting them, you can convert them into A customers over time.
Transforming Most Growable Customers into Most Valuable Customers is central to the plan.
Engaging with Leads (D Customers)
Your D leads are like fishing in murky waters. They're the cold leads requiring a lot of work to nurture. A fun and productive approach I've dubbed "Pizza Friday" involves engaging the entire sales team to reach out to as many D leads as possible within a set timeframe. It builds team morale and can surprise you with its effectiveness.
Utilizing the Power of CRM Data
Your CRM system is a treasure trove that can help identify and nurture B customers. They've shown interest—they might have bought a single product. The foundation of trust is there, making them ripe for further engagement.
Conclusion
Too many sales teams overlook B customers while busy with A listers or cold leads. However, B customers offer the greatest opportunity for net new revenue since they're already halfway invested. My advice to you: approach your role with an entrepreneurial mindset, set ambitious yet reachable goals, and reflect regularly on your progress. Remember, collaboration with your manager or peers can help gauge how well you're doing.
In summary, while A customers are fabulous, real growth opportunities lie with B customers. With a little extra care and strategic engagement, these clients have the potential to become some of your most loyal partners. Leverage CRM insights to identify their needs and showcase the value of your offerings. With this approach, you'll find that your sales success will flourish.