In a previous post, I explained the concept of the “Wheel of ROCK” which outlines a simple four step sales framework to drive maximum revenue from online sales.
ROCK is a four letter Mnemonic device I developed which stands for the following 4 steps to be performed in a repeating sequence:
1. R – REACH: Reach New Potential Customers
2. O – OBTAIN: Obtain Contact and Permission
3. C – CLOSE: Close the First Sale
4. K – KEEP: Keep Selling to the Customer
The focus of this post is on step 4 of that process – KEEP: Keep selling to the customer.
Thinking Beyond the Initial Sale to a New Customer
Most of the focus in online marketing is on how to find new customers. Whether it’s through SEM, affiliate promotions, lead generation campaigns, etc.
When people usually think of online marketing, they think of how to bring new customers to buy their products…
But what happens to the customers you already have?
Those people who have already bought from you and who as a result Know you, Like You and Trust You enough to buy from you again?
Your Established Customers are More Profitable Than New Ones.
It is estimated that it costs approximately 5 times more to get a new customer than to retain one you already have.
This is quite a big difference and in the world of online sales & marketing, I would venture to say that that figure can climb even higher given:
A – The costs of both offline and online marketing combined including direct mail, search engine marketing, the level of competition, the low conversion rates in offer landing pages, etc.
B- The low “actual cost” of staying in touch and maintaining regular contact online with your current customers (email, social media, live chat, etc.)
In conclusion, the main point behind the 4th step in the “Wheel of ROCK” – “KEEP” is:
Your revenue opportunity with a customer does not end when you make the sale…
That first sale is simply the beginning of what can hopefully be a long and profitable relationship that is mutually satisfactory.
Three Questions to Rock Your Mind:
1. Do you currently view each sale you make as a “first step” in a longer sales relationship?
2. What steps do you take in your sales process to take care and nurture the relationships you have with your customers?
3. What metrics do you have in place to follow the progress of a lead down the sales funnel?
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