80/20 – The Key to Developing Longtime Loyal Customers

I’m sure you’ve heard this before………….80% of your business comes from 20% of your customers.

80/20 is the Pareto Principle and it tends to apply to most anything in life including sales.  Customers that fall into the 20% category do so because they have a strong loyalty to your company – and mine.  But anybody in sales will tell you that their loyalty doesn’t come naturally.  It has to be cultivated.   And how we engage the decision makers is critical in creating that long-term loyalty.  Our engagement with them must be meaningful.  But what exactly does that mean?

In our last blog we talked about The Challenger Selling Model.  Today I want to share with you some other compelling ideas about how we can cultivate long-term loyalty with our customers.

From 3 Critical Factors for Selling to the C-Suite:

  • Put the executive first, the relationship second, the sale third, and your ego last
  • This strategy sets you apart…..paves the way for a relationship…..and is worth more than any single sale
  • “A lost sale in the C-suite is not a failure if trust is earned in the process.”

From Ask, Don’t Tell:  Using Power Questions to Deepen Relationships with Clients:

  • Passion questions help you understand what the other person is really excited about in life
    • What in life has given you the greatest fulfillment:
    • What do you like most about your job?
    • What’s something you’ve always wanted to do but never had time for?
  • Depth questions help you learn more about the person
    • If you could go back and give advice to your younger self about succeeding professionally what would you say?
    • Who have been influential mentors or role models to you?
    • What was the biggest turning point in your career?

From 3 Letters that Will Change the Way You Sell – WLR:

  • Whether you win or lose the sale you owe it to yourself to understand why.
  • Knowing why enables you to correct mistakes………enables you to know what approach not to apply to new prospects……..enables you to have insight into what those buyers like and prefer
  • Win/Loss/Review………this program can become a treasure trove of ideas, intelligence and hard-won knowledge

Are you using any of these strategies today?  What works?  What doesn’t?  Which one makes the most sense for your customers?  Share your thoughts and you just might get a Starbucks Gift Card!!! Please LIKE this blog – and as always thanks for subscribing to EVERYTHING’S CONNECTED.

Have a question related to cord gripselectrical connectors, manufacturing or or anything else related to the industry?  Or, do you have something you’d like to see us blog about?  We’d love to hear from you!  Send us an email through the contact form below.

Your Name (required)

Your Email (required)

Subject

Your Message

This entry was posted in Community, Electrical Connectivity, News. Bookmark the permalink.

Comments are closed.