In the March 2006 Newsletter
Back to the Core / Increasing Revenue the Easy Way / Q&A with TMS
Back to the Core: Your Business Performance
This year my newsletter is focusing on different aspects of business with the theme: Your Business Performance as the Pursuit of Passionate Purpose. Each month will provide key Success Strategies and a case study demonstrating how to put those strategies to work in your organization.
Increasing Top-Line Revenue the Easy Way
Want to know the easiest way to increase your top-line revenue? Get existing customers to buy more from you. It sounds simple enough, but how?
ASSESS. Ask yourself, "What percentage of my customers do repeat business with me?" I heard a shocking statistic yesterday in a presentation by Scott McKain. His research shows that only 6% of customers who are satisfied or very satisfied actually return!
WHAT YOU REALLY WANT is for purchasers to become loyal customers who buy more. Even better, they become champions, or Passionate Pursuers, who help spread the good word about you to others.
HOW? Customers buy more when there is a deep, caring relationship with the buyer. Remember from the "Connections Strategy" chapter in Pursuit of Passionate Purpose, people find meaning in life from connections. Meaning is a key ingredient in creating passion intense enthusiasm, devotion, or liking. YES! That is what you want your customers to be passionate about your products and services, passionate about doing business with you. Passion feels good and it is the fuel for increasing your top-line revenue!
EXTRAORDINARY CUSTOMER ENCOUNTERS create passion. Using an original process developed by us over the past 15 years, we create successful customer relationship programs for companies across the country. These encounters produce meaningful connections. They create fun, unique, and memorable (FUM) experiences which transform customers into champions.
CAN YOU RECALL an experience that transformed you into a champion for a certain vendor? I remember one Friday afternoon when I was preparing to pack five 4th-grade Girl Scouts, including my daughter Annie, into my van for a ski weekend. The girls were so excited about the trip, and some of them had never skied before. There was only about an hour available to complete all the tasks before heading into the mountains where heavy snow was falling. The snow would make for great skiing, but also treacherous driving.
Then I noticed it my dashboard brake light was flashing on and off. Oh dear! What was going on? Would I be able to get this fixed and not disappoint the troop? I drove right over to my auto repair shop. I had only used this shop once before. Would they be able to see me? Larry, the owner, stopped everything and immediately attended to my car. Not only did he refill the brake fluid, but he checked and refilled the oil and wiper fluids. The brake light stopped flashing. He quickly made sure my car was safe for driving, and did NOT charge me anything. WOW! What a memorable experience. I am now a customer of his for life.
CASE STUDY. In order to build relationships and increase sales, Technology and Management Solutions helped a teleconferencing client launch a virtual Customer Advisory Council with its top 12 customers. The experience and results were so extraordinary, that the program was expanded to three virtual council meetings per year and one face-to-face event with all customers. Here's what the client had to say:
"Technology and Management Solutions produced TERRIFIC RESULTS in the design, launch, and on-going management of our Customer Forums. These Customer Forums: (a) assist in retention of customers and provide cross-selling and up-selling opportunities; (b) drive the top-line revenue because key prospects not only come to the Forums, they also become living references that do our selling for us; (c) improve customer satisfaction studies because feedback is shared in a non-heated environment and we are able to make customer care changes; (d) provide invaluable assistance in developing new products and enhancing current products; and (e) add value for clients, allowing them to build relationships with other people in similar roles without being in a high pressure environment like a trade show.
A sales prospect, who attended just one event, closed shortly thereafter on a $9M purchase. Another small customer signed a purchase agreement for over $2M in services."
Brad Levy, VP of Sales and Marketing
Global Teleconferencing Service Provider
Q&A with TMS
QUESTION: I heard you on Lime radio this morning. I was riveted and very much inspired by your insights. I am in the advertising business and I am tired of the hard work and very long hours I spend in building someone else's business. I want to start my own creative ad company but, to be honest, I'm afraid to make the leap for a number of reasons. What do you suggest that someone in my position do? I want to be on the 80% successful start-up side of new business incubation, and I am willing to do what it takes."
ANSWER FROM THERESA: I'm glad I made a difference for you, and that you're now beginning to question how you can make the changes you want. This is an important first step in your change process.
I suggest you get a successful business coach who can help you through the process. Even Lance Armstrong, the great bicycling athlete, had a coach. You have a much higher probability of success if someone who has done it before helps you. I personally coach a selected number of people through this process. Additionally, you can recruit someone who has made this kind of transition to be your Progress Pal. Many other suggestions and case studies are described in my book, Pursuit of Passionate Purpose.
Some of my popular radio interviews like the one mentioned above are now available as podcasts. Simply copy and paste this URL into your favorite podcasting tool: www.tmsworld.com/podcast/interviews.xml.
There is an easy way to increase your revenues. We would like to help you turn your customers into loyal champions. Let Technology and Management Solutions, the catalyst for your extraordinary results, help you and your organization reach new heights. Make another great business decision. Contact us today!
Performance in 2006,
Theresa M. Szczurek, Ph.D.
CEO, Entrepreneur, Consultant, Speaker, and Author
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