Sales Quote Of The Day
“If You Are Not Taking Care Of Your Customer, Your Competitor Will.” – Bob Hooey
Today’s Sales Nugget
As a sales coach I get asked, “Hunter Or Farmer? Which approach should I use?”
In the sales world, Hunter & Farmer are two strategies a sales representative adapt to seal the deal or nurture it. Which approach should you use?
There’s certainly a place for both strategies in sales. At times we place too much emphasis on that new account as hunters and overlook the treasure trove that lies within our existing portfolio. That’s why it is important to be a farmer too.
Take a closer look at why it’s beneficial to be a farmer.
- Nurtures leads
- Fosters client relationships
- Cultivates customer loyalty
- Increases Brand Value
Your greatest source of sales growth is your existing customers. You have successfully sold your company’s services and products, which means you have established trust, credibility and initiated the relationship with them. If you have ensured that they are your Happy customers, you are ready to seal more deals with them.
The fact is your existing customers are the greatest source of more business. If they refer you, you may as well end up achieving your revenue targets much ahead of your plans.
Remember, happy customer brings more customers. Finding a prospect, nurturing them to become your new customers is time consuming as well as costly. Here are some interesting facts:
- 84% of buyers now kick off their buying process with a referral.
- Nine in 10 buying decisions are made with peer recommendations.
- 92% of buyers trust referrals from people they know.
If your customer is happy with you, it’s time to up-sell or down-sell them your other products/ services.
This is possible when you adapt the strategy of farming.
• Have a referral system for existing clients
• Have multiple products to up-sell or down-sell to your existing client
• Measure your existing customers happiness and continue to add value
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