On Friday last week I had a meeting with a client that was starting Coaching again..
That’s not the news I wanted to share with you..
The great part about the meeting besides the re-starting was this..
He told me of a programme they had started I’ll call ‘Re R Factoring..’
Years ago I had given this client (let’s call him Phil) my ‘Secrets of Selling using the R Factor System‘ programme as part of the Business Coaching System I was working through with him.
I told him that R = F x Q
R – the strength of the relationship is determined by the F (Frequency) x Q (Quality) of Contact.
Now Phil was already very good at high level F x Q with both his customers and his staff.
But, like all great athletes in business or sport, Phil is in the business of Continuous Improvement.
With this in mind, Phil and his new Business Development Manager decided to go through the list of all those clients who had stopped doing business with them over the past 2-3 years (especially some of the previous big spenders).
At one of those meetings they found that a previous spender in the vicinity of $150,000 per year had stopped doing business because someone in Phil’s business had argued over a $300 part.
A win over a $300 part had cost Phil more than $150,000 per year…
and worse still…
Phil didn’t know a thing about it..
All he knew was that company X went from spending over $150,000 a year to $0… (and that was over 12 months ago…)
Only when he finally got face to face with the decision maker from company X did Phil find out the true story..
(Needless to say… Manager X from company X had a bit of frustration and angst to get off his chest before he would even consider doing business with Phil again..)
Phil calmly listened, empathised, waited until the moment was right then said something like
‘So if we could fix that for you, would you be willing to start doing business with us again?’
The answer was ‘Yes….’
THE GOOD NEWS
As a result of Phil and his Business Development Manager going out – face to face – and talking to these past clients, they have re-activated $100,000’s in revenue..
How much revenue is sitting waiting to be re-activated in your data base?
What would you need to do to pick up the phone and set up some meetings to go and talk to these past clients?
R = F x Q
Frequent, Quality Contact…
THE PHONE CALL WILL SPARK A RESULT
In 99% of cases, picking up the phone is the first step to building or re-building a relationship..
Make your list of 10 people you could call this week that would re-spark some relationships…
The bank manager won’t ask you ‘did it come from an old client or a new client? ‘
As the research shows, an old client is 500% more likely to buy from you (with less selling effort from you) than a prospect who doesn’t know you (or what you do differently or what value you can add to them)..
Congrats to Phil and the team… Great lesson reminder.. and Great week..
If you want to know more about the R Factor or have a customised R Factor ‘Client Attraction-Client Retention’ Workshop in your business CLICK HERE.
Hope this helps.
Have a good week.