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Driving Retention and Growth in any Economy
- 1. Dublin Entrepreneurial Center February 11 th , 2010 Drive Retention & Growth in Any Economy
- 2. 56% of vendors perceive themselves as being extremely customer focused.... 76% of senior marketers said they were not realizing the full revenue potential of their existing customers. but only 12% of customers agreed.
- 3. Guessing vs. Knowing
- 12. Improved performance of 2 mid-sized companies that were sold above market value to Fortune 500 companies Used to drive sales growth for company that reached BusinessWeek’s Top 100 Small Public Companies Guided Columbus-based company to #28 on Business First’s Fast 50 Emerging Companies Helped three companies reach #8, #20, & #87
- 13. Why Do a Report Card?
- 14. Why Do a Report Card? GPA Grow – Protect - Add Relationships
- 16. Step 1: Collect Report Cards
- 20. Step 2: Analyze Report Cards
- 22. Finding the Needles “ In general things are very good. The only thing that really bothers me are some of these additional charges we get on our invoice. We pay a monthly fee for their service and a lot of times I wonder why are we getting charged more? Shouldn't this be part of the standard service? “ Fix Impacts “ They negotiate with the vendors and we do not have to get involved with that. It is an additional cost savings. We consolidated services without increasing costs.” What Else? “ We are really happy with the existing product. You know, it would be great if they had a reporting piece. We’ve talked to a few others companies about some solutions.”
- 23. Step 3: Act on Report Cards
- 27. Finding the Needles “ In general things are very good. The only thing that really bothers me are some of these additional charges we get on our invoice. We pay a monthly fee for their service and a lot of times I wonder why are we getting charged more? Shouldn't this be part of the standard service? “ Fix Impacts “ They negotiate with the vendors and we do not have to get involved with that. It is an additional cost savings. We consolidated services without increasing costs.” What Else? “ We are really happy with the existing product. You know, it would be great if they had a reporting piece. We’ve talked to a few others companies about some solutions.”
- 30. “ You miss 100 percent of the shots you never take.” -Wayne Gretzky
- 31. Cost of Guessing Return on Knowing
- 32. Our Report Card
Notes de l'éditeur
- Explain A+ Explain GPA is the result What’s the process we use to to uncover the answers • Just like back in school, it’s report card process • But back to school example, to boost GPA what did you need to know – know the answers – open book test, questions in advance • To boost GPA, what are the answers you need to know about your customers? • At TEG, the to get the answers, we started asking customers
- In order to prevent that, we’re going to offer you today a method to get you to more of knowing That’s all well and good, and sets up why we feel so strongly about why knowing what customers want is so important. And how guessing can cost lots of time money and provide unpredictable results. Let’s apply the process that TEG and others on this list have used – it’s our Green Compass report card process. Rather than tell you about it, best we to learn it is going to walk throuhg it…we are going to step you through and let you experience it. Not share or do anything embarrassing We have a handout for you and going to step you through it. Play the role as one of your customers and have you experience the interview that we do [Talk about existing customers???] Write your top 5 existing customers (or initials) In order to make this work for everyone, if you are a startup and don’t have accounts, list 5 people you buy from – WAIT Next put your key contact next to each one (or their initials) - WAIT Circle on that list of 5, the one you wish you had 100 more of, just like them - WAIT Now you are going to be playing the role of the person who is the key contact for the company you just circled Any questions before we go on? Two things – Go ahead and please do this please participate because we have an exercise coming up Be brief – sentence of phrase – let you experience – but can’t do full interactive interview (normally would be a conversation)
- If that’s something you want to do, let’s just share a few tips from our experience that help make the reprot card process go smoothly Record Easier to have natuaral conversation versus taking notes So you can transcribe call Transcribe 3 rd Party - Here’s our recommendation: Have trusted friend or 3 rd party, who has no stake with the customer, go ask the customer these same questions on your behalf. Why 3 rd Party? In order to keep it objective: Don’t Get Lip service Avoid Commission breath Objection handling – call grand kids not smart/ not good looking Ongoing Things change
- 5 hours of conversation; into 13 one-page conversation starters
- Really 3 key things to look for Fix [why] Early warning, major, immediate Execptations Relationship/people Product or service Impacts [why] Quantitiative Qualititative Personal What Else [why] Products / Services Value Add Recommendaitons