Retain, Enhance and Acquire
While sales
forecasting is essential, we need to focus on the following key areas:
1. Retention of
business
2. Enhancing business
from existing customers
3. Acquiring new
business
These three aspects
are not just about numbers; they require specific activities. Although we may
set a numerical target, achieving that number depends on our ability to perform
relevant tasks.
Retention is achieved by strengthening ongoing
relationships, ensuring prompt delivery, effectively resolving issues, and
adding value to our offerings.
Enhancing: This involves identifying additional
needs and positioning ourselves as solution providers rather than just
suppliers of services or products. When customers perceive our selflessness in
approach, their trust increases, and they may be more willing to place
additional orders with us.
Acquiring: While acquiring new customers can be
costly, we can leverage our existing satisfied customers for referrals. These
references add credibility to our discussions with new prospects.
By focusing on these
three factors, we can create an effective forecasting model. We will have
certainty about achieving numbers from retained customers, the potential for
additional business from existing clients, and a foundation for starting with
smaller numbers from new customers.
Business growth
aligns with an expansion of our thinking, and success is nurtured when we prioritise
retaining, enhancing, and acquiring customers.
M.L. Narendra Kumar
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