Customer Loyalty – Does it work? – 7 Steps to Client Retention

A recent survey of from The Conference Board denotes that one of the greatest challenges a CEO faces is customer retention. Other issues are just as imperative, however client retention is included in the top five. Today’s client seeks loyalty and satisfaction; numerous surveys agree and illustrate angst amongst clients to receive satisfaction.

The best method to maintain clients and gain loyalty is to concentrate on the wants and needs of the client. Today’s client seeks value: a key competitive differentiator. Companies provide value by offering services not offered by others. Typical loyalty programs such as frequent flier, frequent purchase et. al. are not differentiators and do little for value. In fact, according to Gartner U.S. companies spent more than $1.2 billion on customer loyalty programs in 2003, yet the data does not illustrate a return on investment.

While research continues there remain several techniques to ensure success:

1. Company Culture. Ensure the corporate culture exemplifies customer service. A key exemplar is Southwest Airlines. Representatives smile when greeted and assist you from take off until touch down.

2. Differentiation. Provide something different, that others don’t. Exemplars are free samples discounts and other related services. A tanning salon recently offered Dollar Days for loyal clients, on a specific day of the week a regular tan costs one dollar.

3. Data. Companies have spent millions on customer relationship software, yet the data is either misused or dismissed. There exist several reasons but do not fear the data, use it to follow trends. Data will tell you where to define and apply techniques for the customer experience.

4. Community. Build community and gain dialogue with clients, this includes executives. No CEO should ever be too busy to meet with customers; they are in business to make customers!

5. Internal Controls. Customer service is as much an internal function as it is external. All employees must be treated with equanimity. Those abhorring employment illustrate dispassion to clients. Ensure employees know the industry, competitive trends and client data. Research for this study illustrates that 74% of employees are more productive and passionate when they are confident in their roles!

6. Caress Complaints. There are numerous client complaints and some valid. Yet take the time to review issues and resolve them quickly. Telecommunications and the automotive industry have taken heat for slow response times; they are getting better. However, clients desire quick and courteous problem resolution.

7. Modeling. Think about it. As CEO or director of an organization, you too are a consumer. What are the issues that bother you? Who are the exemplars that provide empathy? What are the differentiators? There is nothing wrong with modeling. Use what others do and duplicate it! Look at the items and issues that you are passionate about and bring them into your organization.

In the age where the world has flattened, competition has increased and it is harder to hear amongst the din, organizations must do more. Keeping loyal clients is about differentiation, buzz, value and water cooler conversation. Keep clients talking and they will return. Conduct little things and clients return. In the age when CEO’s worry about a myriad of issues, one of the easiest ways to increase profits, lower expenses and produce shareholder value is a loyal, confident and empathetic client base.

For more information please contact Drew Stevens PhD at drew@gettingtothefinishine.com

©Drew Stevens PhD. All rights Reserved.

About Drew Stevens PhD
Drew Stevens PhD is known as the Sales Strategist. Dr. Drew creates more revenues in less time. He is the author of seven books including Split Second Selling and Split Second Customer Service and Little Book of Hope and is frequently called on the media for his expertise. Sign up for Dr. Drew’s newsletter The Sales Strategist at (drew3-143901@autocontactor.com) and review his new book Split Second Selling at www.gettingtothefinishline.com/products.asp Also visit Dr. Drew’s Blog located at http://drewjstevens.blogspot.com

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Dr. Drew’s Time Management Success Tips Live Seminar

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I cannot believe I read the whole thing…

I am eating my eggs this morning preparing for my day when I heard an aggravating report on CNN.

It appears that swearing in the workplace is deemed to be okay. “The use of expletives helps employees let off steam and boosts moral, according to a study by academics at the University of East Anglia.

Prof Yehuda Baruch, one of the researchers, said: “Our study suggested that, in many cases, taboo language serves the needs of people for developing and maintaining solidarity, and as a mechanism to cope with stress.”(www.telegraph.co.uk)

We live in a society that has enabled people to “dumb down”. We are becoming a society of enablers. Casual Fridays allows employees to clothe in homeless attire. Now we are enabling foul mouth temperament to “calm” workplace behavior. Is the next stage to allow cock and dog fighting?

What ever happened to decorum, professionalism and equality. Seven years ago workplace issues concealed itself in the horror of the attacks. Ironic, we call terrorists animals, yet we employ Neanderthals. Rather than curse use the Dale Carnegie principle of win friends and influence people. And if you really need to choose a word to call someone, find a thesaurus or a dictionary.

About Drew Stevens

About Drew Stevens PhD
Drew Stevens PhD is known as the Sales Strategist. Dr. Drew creates more revenues in less time. He is the author of seven books including Split Second Selling and Split Second Customer Service and Little Book of Hope and is frequently called on the media for his expertise. Sign up for Dr. Drew’s newsletter The Sales Strategist at (drew3-143901@autocontactor.com) and review his new book Split Second Selling at www.gettingtothefinishline.com/products.asp Also visit Dr. Drew’s Blog located at http://drewjstevens.blogspot.com

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Get Warmer with Cold Calling

Using Referrals to Keep Profits High and Sales Work Low

Drew Stevens PhD

If there were a way for you to work less and sell more would you be interested? If I can provide you a simple method to reduce advertising and increase sales would you be interested? Of course! The answer lies in your ability to address the most simplistic selling method—referrals.

In a recent survey amongst 1100 business owners for my latest book, 87% that they don’t ask for referrals. One of the easiest modes of marketing is referral. With the increase in competition, two things exist: a need to differentiate from competitive forces and the desire of consumers to trust you. Clients desire to do business with those they have familiarity and faith. The best method to connect these relationships is with an introduction.

Successful sales professionals and business owners are those that understand how to obtain business with the lowest acquisition cost. A former web developer would ask me each time we either spoke or met directly for at least two to three recommendations. He was very persistent. However, in less than six months was booked solid for the next three years. He never made a cold call again, nor did he advertise to bring clients to his store.

There are two questions that require answers: 1) Who do I ask a referral? 2) What is the best way to ask?

The first answer is easy—ask friends, peers, colleagues and importantly existing clients. The former requires a review your inner circle. Review your 25 closest contacts and ask that they provide you at least two to three contacts. Ask your 25 to 50 closest clients for the same. The math speaks for itself, should your peers and clients give you two, your referrals will rise from zero to 200. Imagine if you conducted this exercise once every 30 days; that’s 1200 new prospective clients!

The answer for the latter question requires timing and tact. The best method to request a reply is when you are with a satisfied client, have accommodated a need and they are happy. While content with your service ask the following, “I thank you for your business and glad we have worked well together. Would you mind providing a name or two that seek to obtain similar value that I provide?” Your suggestion of value focus, contentment and relationship will synergize and provide names.

As an action step develop the daily habit of asking referrals. Make this attempt religiously. If necessary place a note in your day planner or electronic calendar so that it becomes habit. The more requests, the more names received. Continue to ask and watch your business soar without effort!

About Drew Stevens PhD
Drew Stevens PhD is known as the Sales Strategist. Dr. Drew creates more revenues in less time. He is the author of seven books including Split Second Selling and Split Second Customer Service and Little Book of Hope and is frequently called on the media for his expertise. Sign up for Dr. Drew’s newsletter The Sales Strategist at (drew3-143901@autocontactor.com) and review his new book Split Second Selling at www.gettingtothefinishline.com/products.asp Also visit Dr. Drew’s Blog located at http://drewjstevens.blogspot.com

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From Emotion to Devotion

Yet business growth is more than money. It’s about creating value for those that request it—your customers. Unfortunately, too many businesses and their leadership team focus on new acquisition and not on existing clients. There is no better way to remain competitive, produce a strong brand, and lower cost of acquisition then customer fidelity.

From Emotion to Devotion
Creating a loyal client base with no acquisition cost

By Drew Stevens

Ask an organization why they are in business and they instantly state, “To make money.” Yet business growth is more than money. It’s about creating value for those that request it—your customers. Unfortunately, too many businesses and their leadership team focus on new acquisition and not on existing clients. There is no better way to remain competitive, produce a strong brand, and lower cost of acquisition then customer fidelity.

Today most businesses clamor for customer satisfaction. There is so much literature on the subject that tips are as frequent as channels on cable television. Customer satisfaction is a bromide. The more important issue to focus is the customer experience The customer experience starts at the initial reception, goes through the purchase and ends with the follow-up. Presently, organizations operate in an acute microcosm looking solely at customer satisfaction by reviewing sole interactions with clients. Customer experience is a constant and repetitive occurrence that illustrates accurate and consistent trends.

Some companies don’t understand why they should worry about customer experience. Others collect and quantify data on it but don’t circulate the findings. Still others do the measuring and distributing but fail to make anyone responsible for putting the information to use. In a recent survey by Bain and Company only 8% of clients believe they had experienced superior service. The reason for its importance is the multiplicity of potential new clients.

Key exemplars engage their clients and understand how to keep them engaged. A consumer and frequent client for a local UPS store requested brochure copies. The copies were promised for delivery late on a Friday. Through a series of unfortunate events the store missed the deadline. Defying defeat, the store operator personally completed the order. The client received a telephone call at 9:30 PM on a Sunday evening. The owner was personally dropping the brochures.

Other exemplars are Starbuck’s where Baristas remember not only names but the drink orders of repeat clients. Southwest Airlines personally developed a culture of customer experience with its communication. Further, Apple Computers for decades enraptures customers with flexibility, ease and personal commitment. These companies purposefully engage clients and create a customer culture. The mantra for each assists to lower marketing costs, yet multiply clients due in large measure to personal success stories. The clamor for assistance, the desire for personal attention and the yielding of profits to performance creates a devoted and loyal fan base. Satisfying clients achieves numerical goals, however translating them into an experience is a lesson in long term business success.

About Drew Stevens PhD
Drew Stevens PhD is known as the Sales Strategist. Dr. Drew creates more revenues in less time. He is the author of seven books including Split Second Selling and Split Second Customer Service and Little Book of Hope and is frequently called on the media for his expertise. Sign up for Dr. Drew’s newsletter The Sales Strategist at (drew3-143901@autocontactor.com) and review his new book Split Second Selling at www.gettingtothefinishline.com/products.asp A

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An Interview with Drew Stevens from SalesCrossing.com

Drew Stevens is a unique sales guru with many titles: industry expert, speaker, writer, consultant, instructor, doctoral mentor, and, of course, sales master. With more than 25 years of experience in sales, this Ph.D. in organization and management centers his business on “getting to the finish line,” which also happens to be the name of his highly successful executive coaching and public speaking firm.

Among the many vital services Stevens offers are consulting, coaching and mentoring, executive counseling, and sales training. And if that’s not enough, he’ll even serve as master of ceremonies at your next company event, voice impersonations and audience dancing guaranteed.

Stevens’ formal training goes back to his days at Rutgers University, where he was a business major. While in school he was recruited for track and field and was also heavily involved with a campus fraternity. Soon after, he went on to be nominated to the position of vice president of the Fraternity Sorority Council of Rutgers and vice president of his own fraternity as well.

Once out of school, he did what most business majors do: work on Wall Street. But a job in the high-stakes, fast-paced, volatile world of stocks and bonds proved unsatisfying for Stevens, who quickly grew weary of his 90-hour workweek. He quit his job on Wall Street and took a position as a sales representative. His primary duty was marketing real-time financial information to brokers, analysts, and traders. To Stevens’ delight, he loved his job.

Q. What do you do for fun?
A. Scuba dive, weight lift, and run. I love keeping physically fit.

Q. What CD is in your CD player right now?
A. Elton John.

Q. What is the last magazine you read?
A. Harvard Business Review.

Q. What is your favorite TV show?
A. Rescue Me. It was The Sopranos. I am a former New Yorker and miss the excitement.

Q. Who is your role model?
A. Tony Robbins. I want to build a significant renowned empire as he has.

Q. What makes you laugh?
A. I love a good comic with original and purposeful material.

“This was the opportunity that not only got me into sales but gave me my first career—the real-time market data information industry, currently a $40 billion industry that supports all of Wall Street,” he says.

But the sales industry thereafter proved to be a turbulent one for Stevens, who would undergo a series of professional and personal challenges before finding success with his own company.

“I began my quest for career change after a tumultuous 18 months of professional and personal triumph and tragedy. In less than one year, I moved to a new city, was fired from two jobs, and lost my mother-in-law. My search for a new career took time, motivation, perseverance, and much introspection. I can now say I am doing what I love—I own my own company based in St. Louis, Missouri,” he recounts.

The current chapter of his life began more than seven years ago, on New Year’s Day of 2000. Like most of the rest of the world, Stevens spent the night before heralding the arrival of the millennium with friends and family. The next day he and his wife received a call from the New Jersey police informing them that his mother-in-law had passed away in her sleep.

“For several days, we planned her burial and laid her to rest in New Jersey. Several days after the funeral, we flew back to St. Louis in despair over our loss,” Stevens says.

But that wasn’t the only challenge Stevens had to deal with. When he returned home he found a FedEx package from his employer at his front door. Inside was a letter informing him that he had been terminated, leaving him without a job in a city he had relocated to less than a year prior.

Several weeks later he was able to find another job when the CEO of a global billion-dollar firm based out of St. Louis offered him the position of director of sales for a new business unit. He busied himself over the next nine months with a host of tasks involved in launching the new business, hiring, training, and building the department from the ground up. Adversity came knocking again, however, when the firm’s owner let go of the CEO in August, and by the following month, Stevens found himself out of work once more.

With circumstances proving to be out of his control, Stevens decided that change was in order—major change.

“I was fired twice in the span of seven months, located in a new city without a large network to tap,” he says. “I faced a daunting challenge ahead. After much deliberation, I decided to start my own business. I challenged myself to begin my own company and reap my own rewards. The next person to terminate me was going to be me.”

Public speaking and consulting proved to be a natural fit for Stevens, who confesses, “I love to motivate and coach others toward better results; I knew that was my career calling.” The thrill of building a career in the difficult and competitive world of sales and consulting provided him with a sense of confidence: “Selling was not in my career, and it was such an achievement that I can accomplish something by taking a stranger and help[ing] them meet their wants and needs.”

Since launching his own firm, Stevens has steadily built upon his success, working with more than 500 major companies and corporations, including American International Group, Hilton Hotels, AT&T, The Federal Reserve Bank, Reliv International, The New York Times, Mercy Health Plans, and Quicken Loans.

The most memorable aspect of Stevens’ career has been defying expectations.

“[I] was working with the president of an organization that told me to my face I was no good and I would never make a sale to a large international financial firm,” he says. “Within three months of that comment I was in the air on my way to Japan to close the first million-dollar deal that company ever had. This taught me to hold my ground, stick with my goals, and always seek the finish line!”

Stevens also credits for his success the influence of several people throughout his lifetime, among them his track and field coach, whom he says taught him the importance of perseverance and the pitfalls of living in the past. He says Pope John Paul played an important role, as well, by demonstrating the importance of patience and passion.

He adds, “Currently I am working with a very prominent professional that has achieved much with his business, and he is teaching me how to build and maintain a significant seven-figure practice I can eventually retire with.”

Stevens believes that success, though not easy, is by no means elusive and offers this advice to budding professionals:

“Set goals, remain committed, and think strategically. Selling professionals today are too tactical, and clients are seeking more strategy aligned with the business and relationship. Second, always seek education—selling is an ongoing process, and there is always something to learn and use in your line of work. Last, always act as the CEO of your territory—do not negotiate quickly; remember, you have profits to maintain, too!”

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Thank you Eureka Chamber

For my friends and colleagues at the Eureka Chamber of Commerce thank you for the opportunity to present to your group. As promised, here is a quick summary of my presentation to your group. Please use the techniques to gain productivity in Q4 2007!

In recent meetings with clients and some of my mentees I am hearing of economic fears. Many tell me that money is not being spent like it once was. Not true, just as much money can be made you just need to find it.

Here are some thoughts to assist you as you seek advice and solace for getting productive in the fourth quarter.

1. Stop manifesting in self-doubt. We tend to wallow too much in despair. Rather than commiserate about a lost sale or lack thereof, read business journals and research trends in your industry.

2. Stop looking for the perfect time to call, the perfect advertisement and the perfect client. Work on success. As Daniel Amen says in his 18/40/60 rule, at 18 we are seeking to impress everyone, at 40 would could care less about anyone and by 60 we recognize that no one cares anyway.

3. Action. Create it. Hold yourself accountable, no one makes the phone ring but you.

4. Risk. Ironically, 63% of us go at least 10 mph or more over the speed limit. We drive 70 mph on a dark and slick road. 81% drink at a social gathering and drive home. 94% will pay our mortgage and insurance late. These are all risk. But we do not spend money on ads, or make cold calls, why we fear risk.

We choose not to take risk because we believe we are not ready. Fact, you will never be ready! Risk is about confidence, risk is about passion, risk is about self worth. If you are confident, you will take the risk. If you are passionate, you will take the risk and if you have self worth, you will take the risk.

5. Holy Trinity of Business Success.

A. Passion comes from the Greek word entheos which means to be filled with God. When you are filled in spirit you are instantly filled with energy and inspiration. Find something you are passionate about and you will make money at it.

B. Confidence is the attitude of 80-year-old women that attends college to get her bachelor’s degree or a Thomas Edison that shuns failure.

Success is easy if you know where to look. You do not have to point true north or west, simply at yourself. Success begins with you. As Loa Tzu once stated the journey of 1,000 miles begins with the first step. You must make a move. Live each day in acquisition, live each day in passion, live each day knowing that your success lies within you not in others.

Addtional Success Tips

1. Keep raising the bar
Look for new and innovative ways to achieve results

2. Results are about choices you make
You are the average of the 5 people you spend the most time with.

3. Winning is about hits not home runs
Each day, each goal, each success is movement toward your dream.

4. Be a student of the game.
Learn what you did right and keep on doing it.

Order my latest book on selling. A special discount will be offered only to chamber menbers. Save now. Mention Eureka when ordering I will save you money! Order today at

http://www.gettingtothefinishline.com/products.asp

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Drew’s Secrets to Selling Success

Whether as a sales professional, a child or an adult, we have all heard the expression that our Creator provided us with two ears and one mouth. And for many years we are taught, that when you nothing to say, than simply be quite. Ironically, as sales professionals we are taught to speak in order to demonstrate, tell product stories and gain commitment.

I can tell you in the land of sales, the worst thing that you can do is speak. The entire process if you are doing your job as a professional exceeding well is simply to listen. Your mission as a professional is twofold, 1) to identify your unique selling feature that from a competitive advantage is the key feature or benefit that sets you head and shoulders above anyone else, and 2) to understand the buyers WANTS and NEEDS so that match your value with their need. You simply cannot do this if you do not listen.

Let me turn the table on you for one moment. Picture this, you are sitting at your dinner table, your lovely wife or significant other is sitting beside you and you are enjoying a wonderful meal. The enjoyment of a good meal and the ability to unwind from a busy day is satisfying. Your only thoughts are to enjoy the dinner and vegetate in front of the television until it is time for bed. Suddenly this nagging ringing interrupts your thoughts. You pick up the telephone and say, “Hello.” For the next several moments you hear the sounds of a rattling voice stating all of the reasons for the call, the features of a particular product and your need to make a purchase. Sound familiar? Not one question. Not one thought about my needs or desires and no ability to have a dialogue. If you are familiar with this picture and despise the thought, how do you think your prospective clients feel?

When I am working with clients to assist them in listening we work on three distinctive areas:
Personality
Questions
Preparation

Personality
You should be aware that four very distinctive personality types exist, Ego Trippers, Amiable, Analytical and Direct/Diplomat.

I am a very amiable person and I love to establish rapport and relationships with people. I love to engage in conversation and I want to understand the person with whom I am selling. The very first time I walk into someone’s office I immediately look around and look for Achievement Awards, family photos, knick knacks and believe it or not how the papers on the desk are arranged in piles or haphazard. Once I have exchanged pleasantries and reviewed the room, I can tell the personality type of the person.

For example, I walk into a room and notice many certificates of achievement, pictures of the person shaking hands with a notable and perhaps a large nameplate and a gorgeous business card holder placed strategically in front of my chair. I know right then that I am speaking with an Ego Tripper. Only this person will have more equipment within his/her office to denote the, “I am over here, notice me” syndrome. Also, when you converse take note of how many times the word ‘I” is used by the prospect.

Contrasting this personality is the analytical person. Typically papers are arranged in piles. Many of the papers are spreadsheets and books surround the office. You will be fortunate to find a picture of the family, let alone a picture at all. And, rather than display a social manner, the Analytical person will listen to information taking copious notes that are statistical in nature.

The hint here is you will take to the Ego person by playing to the ego and enabling that person to speak only about them and what the product will mean to their personal and professional satisfaction. And with the Analytical person you must appeal to cost savings, the return on investment and bottom line statistical benefit of purchasing your product or service.

Questions
Listening is a work of art if done correctly. First, to listen you must ask a question. Further, your questions must be open ended in order to begin a conversation. Merely stating, “How do you like the service?’ will yield a “it’s good” reply. This is simply not enough information. You must think about what you will ask beforehand. Ask the prospect, about past purchase, competitors and most importantly issues affecting their business. If a public company, look at the Annual Report, or recent news headlines.

If you are a good reader of personality, ask questions that appeal to the personality type. Look for the hints that I mentioned above to spark a conversation.

And, when you ask these questions, remember to pause so that your words are clearly understood and so that you can get ready to absorb the answer. If you are confused by a reply, or simply do not understand another effective step is to paraphrase the reply so that you understand the issue in your words and so that perhaps you can get ready to ask another question.

Finally, in order to keep the prospect speaking, I ask a question with a question. For example, if a prospect requests, “How much is the cost?” My reply will be, “Is cost a factor for this purchase?” For me this serves a dual purpose, I can better understand reasons for a purchase and as you can understand begin to sniff around for objections, breaking them down before they impede the sale.

Preparation
I never walk into a sale unprepared and for 18 years I have with me a standard list of questions that I ask in every sales call. This list that I now call “Drew’s Dozen” is the foundation for my success. I know that when I receive replies to all the questions, I can close the sale. When you read the list of questions, you will notice that it is a formula that enables me to drill through the decision criteria so that I understand the decision process, the reasons for the sale, the budget amount and how close I am to the sale.

Make a copy of the following list:
2.Who are the players in the decision process?
3.Do you have to make a decision now?
4.How much time do you have to make this decision?
5.What are your options for allocating resources?
6.What feedback or answers do you need to make this decision?
7.What are your preferences or biases about making this decision?
8.How would your boss make this decision?
9.Are the resources to implement this decision in place at this time?
10.What objectives do you hope to meet?
11.Who will sign the check?
12.When will the check be signed?

A sale is a process that demands time and effort. However, if you work hard and acquire a set of foundational skills you will become very successful. You must remember that you are working for the customer not your employer. Your mission is to match the buyers WANTS and NEEDS with those features of your product. When you become the client and walk in their shoes you will be successful.

Success is different to each person. If your work smart and work hard you will reap the rewards that you desire from the greatest and oldest profession on earth.

About Drew Stevens PhD
Drew Stevens PhD is the Sales Stategist. Drew is a sales expert provides a winning game plan to become more productive with no capital investment. Drew is the author of seven books including Split Second Leadership, Split Second Selling and Split Second Customer Service. Drew is frequently called on the media for his expertise. Sign up for Drew’s newsletter at info@gettingtothefinishline.com or order his new book Split Second Selling at www.gettingtothefinishline.com/products.asp

©2007. Drew Stevens PhD. All Rights Reserved.

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