While doing research for a proposal that I was writing for a company to do their sales training, I came upon this awesome infographic that I just knew I had to share with you. I found the information to be compelling and in some cases quite eye opening!
For starters: The probability of selling to an existing customer is 60-70% while the probability of selling to a new prospect is 5-20%. So what does this mean to you? It means that maintaining regular contact with your customers to build your relationship with them will translate into a greater likelihood that when you offer them another product or service, they will buy it.
Where are you focusing? On new customers or your current customers?
And to add to that, an existing customer is 50% more likely to try new products and will spend 31% more compared to a new customer. When you maintain your relationships with existing customers and debut a new product, you have a 50/50 shot at them buying it. Not only that, but they are going to spend up to 31% more than a new customer will on that new product line.
Probably the biggest eye opener for me was that increasing your customer retention rate by 5% increases profits by 25-95%! To put this into perspective, this means that doing that little extra to reach out to your customers, stay in touch, keep top of mind, and let them know you care about them for more than your paycheck can help retain and increase the number of existing customers such that your profits increase by 25-95%.
Now that you know this, what will you do to move forward and retain customers?
Infographic by- Invesp
Are you shooting yourself in the foot by prioritizing the incentives from your direct sales company rather than putting your BUSINESS first? In this conversation with Virginia Muzquiz (The Referral Diva), we talk about the pitfalls of direct sales when representatives don’t prioritize their business and in fact make the incentives that they can earn first. The incentives should be the icing on your business cake!
Click the cake to go listen to our conversation:
I had such a great time talking with Michelle. She is a great interviewer who really did her homework on me and asked great questions that brought out information that I hadn’t shared on any other podcasts yet. Make sure to check out her YouTube channel if you’d rather watch interviews than listen.
Click HERE to listen to my interview with her.
Again, I cannot stress how much I LOVE interviewing with Doug Sandler. Wanna know why? It’s not an interview. It’s a conversation that ends up having business value for the listener.
While I didn’t get to actually talk with Strickland Bonner, he and Doug did have a little fun with a mini episode of “Fuckery” before my interview played. If you don’t want to laugh, then skip the first 14 minutes.
P.S. I do listen to the Nice Guys on Business podcast regularly, and I HIGHLY recommend that you subscribe and listen as well. Go find them on iTunes, Overcast, Stitcher or your podcast player of choice and subscribe. Thank me later.
As you all may know, 2017 is the year that I stepped out on my own to start my coaching business. It took a huge leap of faith in myself and those around me to support me as I did this. In the past week, I have been looking back to learn from this year not only professionally but personally as well. What I have learned from my clients, my business associates and family and friends this year has a theme to it:
“What you do speaks so loud that I cannot hear what you say.” – Ralph Waldo Emerson
We often hear that actions speak louder than words. Have you ever sat back and thought about why that is? It is all about effort. It takes very little effort to say words. It takes effort to say the words, retain them, and then act upon them. You know that someone means what they say ONLY after they have made the effort to follow through. As I learned from a mentor of mine this year, when working with others, it is smart to go through the G.W.C. process: do they Get it, do they Want it, do they have the Capacity to follow through? It is also prudent to do the same for yourself when approaching a project or large goals.
I also posit that INACTION speaks louder than words. Inaction can teach us about a person’s level of desire and faith in themselves. What a person does or does not do is not about you. Let me repeat this, what a person does or does not do is not about you. It IS about them. It is about their desire to follow through. It is about their faith in themselves and capacity to complete the action that they said that they would do.
This is where having a coach is invaluable. We often overcommit ourselves (yes, I’m definitely guilty of this, too) because we want to help out, because we think we have the time and capacity, because we want to do that thing we said we would do. A coach helps to remind us of those goals that we SAID we wanted. A coach reminds us of the action steps we SAID we would take to reach that goal. A coach provides perspective when we are much too close to the situation to see the big picture. A coach helps us to focus on our priorities.
In 2018, what are your goals? What are the action steps that you will take to move toward achieving those goals? Who will hold you accountable in taking those steps?
My goals in 2018 are as follows:
In December 2018, I will have an online community of 500 or more participants. I will set up an account with an online community management system to create this community, post daily, host weekly 10 minute LIVE coaching tips, and once monthly Hot Seat interviews with a member of the community.
In December 2018, I will have 64 or more clients that are participating or will have completed small group coaching with me. I will use Facebook ads, podcast interviews and networking to meet my potential clients.
In December 2018, I will have 15 or more clients that are coaching with me individually. I will use my coaching with Master Connectors, Inc. to develop the skills and relationships to meet these clients.
Each month in 2018, I will participate in self education to improve my coaching skills, my networking skills or personal growth. I will do this through participation in online webinars, completing a book each month, and workshops and conferences.
I will launch at least one podcast in 2018. I will set up a recording schedule, sign up interviews with notable authors, coaches, experts in business and personal growth.
I love, Love, LOVE doing podcasts with Doug Sandler. He’s a true wiz in the business world and a phenomenal podcast host. This conversation that he and I had was so much fun and we covered a TON of information. Heck, there was so much, I referred to the show notes from the podcast to try and remember it all. So here’s a recap of what we talked about:
Questions you’ll hear on the podcast today
- Why does selling suck?
- How can I develop rapport and relationship with customers?
- How do I make my customers RAVING fans?
- Part of my business is to recruit sales team members, how do I get team members who will work?
- What are the traditional business practices that I’m not implementing in my direct sales business?
Click the link below to listen to the whole interview and get the answers to those questions.
As a coach, transparency and accountability are extremely important and in my interview with Justin Recla of In the Clear Podcast, we talked in depth about them. Click the link to go listen directly from your device of choice.
Whether you have just started your direct sales business, or have been doing it for a while, there are three horrible habits that even the most successful direct sales professionals have developed that are keeping them from growing and building the way they could be and should be. I do not want you to beat yourself up over them, and you can definitely come back and be successful after changing them. The key is to learn what they are and put thoughts, language and behaviors into place to keep from making these mistakes again. When you grow past them, you are less likely to make them.
1 Minimalist Money Mindset
This shows up when a direct sales representative says, “This is my FUN job!” I understand why many might say this; they are likely trying to make their business look easy, fun and duplicable. Let me put it to you like this: how would you feel if your doctor walked in the exam room and during your appointment said,” This is my fun job!” You would wonder if she was the professional expert that you believed her to be. Or a tattoo artist who mentions they are doing this on the side. Wouldn’t you want a professional? The expert?
2 Family and Friends Trap
The fastest way to run yourself out of business is to ignore or avoid the most effective way to create a funnel of new customers. Real wealth in direct sales comes from meeting new people every week, not from hounding the same 15 friends and family to buy this, host this party, join my team. Traditional business owners network to meet new people. Many ways to network exist, and not all of them are effective nor are they all the best use of your time
3 The Flexibility Faux Pas
Do not get me wrong, the direct sales opportunity is a fantastic, flexible business that works for many people. The habit that representatives get into is that they do not prioritize their business and they flex themselves right out of business. I often hear, “I joined this company so I could be there for my child’s sports/dance events and make money.” The key to success is finding the balance of prioritization between being there for those events and making sure that time is being set aside to work on growing the business. If someone is not making money on their business, they will give up.
If you would like a downloadable printable copy of this article to share with your sales team or a friend or family member in direct sales, please click the image below!
Can you believe it? I actually have a blog! I’m so excited to share coaching tips, business information and life hacks to help you, my clients advance your business and life even faster.
I’ll be sharing these articles through my Facebook business page (www.facebook.com/levelupcoachllc) and on my LinkedIn as well, but I’d love to see you interacting with them here on the page, of course! As you learn something new, implement something that helps, please comment and let me know and then share it with your friends and family to spread the good word!
To Your Success!