Customer 80-20 Gold Program ®
80-20: You have a customer base that is an absolute gold mine. If you wait for them to call in, you are losing probably double the revenue that you could have.
Competition Tracking- Proactive
Competitive Tracking: You can’t stay ahead of your competitors if you don’t know what you are doing.
If you have implemented the “80/20 Customer Gold Program ®
” then there is a specific opportunity to proactively interact with key personnel at your customer’s companies. While you interact, please ask them “Why do you buy from us?” or “Why do you not buy from our competitors?”
Make a detailed list of the responses and prioritize them based upon the number of responses.
Then have your key managers list why they think customer buy from you? A fun exercise is to give them each three sticky post notes and make a histogram of their responses. Take the top three responses and quantify the responses.
Some typical reasons may include:
A. Good customer service
B. Positive reputation
C. High-value products
D. Strong relationship
E. On-time delivery
Are your competitors saying the same thing? Of course, YES.
The way to differentiate from your competitors is to quantify the top three answers. For example, for on-time delivery, a quantification may be “we have a 99% on-time delivery while our competitor’s delivery time is only 90%.” Once the quantification is determined, then these reasons can be used to build your brand for essentially free.
How many conversations, email, invoices and contacts with customers do you have in a month as a whole company? Most companies have hundreds or thousands of touch points.
What is a typical response to close a conversation with a customer? “Thanks for the order and have a good day.”
What if instead of the above response, the conversation was: “Thanks Bill for the order. Did you realize that we have a 99% on-time delivery compared to our competitors 90% and we will deliver on-time for you!” In a few seconds, this statement can reinforce to the customer why they purchased from you and it will build your brand for very little expense.
Train your employees to use the closing phrase. Rotate the three top phrases each month. Add the phrase as a tagline to all email, invoice, and letterhead. With this methodology, a company can build their brand significantly for very low cost.
BUILD YOUR BRAND FOR LITTLE COST MANY TIMES DAILY
80-20 Customer Gold Program TM was Philippe Colmant CEO Junbesi Group Inc’s favorite in Berkeley California from Dale Richards’ Presentation on key business concepts. Dale presented Business Valuation Principles – How to Increase Your Business Value, Financially, Operational and Strategically.
Learn more about Business Valuation Principles by Dale S Richards https://successbiznow.com/books/business-valuation-principles-by-dale-richards/
ABOUT DALE S. RICHARDS:
Preview Dales presentations: Watch Dale In Action Dale S. Richards specializes in management, marketing, operation optimization & business valuation consulting and is a 25+ year turnaround expert. He has implemented success concepts into results in 150+ companies. Dale is a Certified Valuation Analyst (CVA) with NACVA, a Vistage International CEO-Board Chair in Utah and a World and Vistage International Speaker. Visit www.successbiznow.com to learn more about Dale and business valuation services.