Every business needs strategies to grow your business. It’s simple- your business is either growing or it’s dying. Yet, you need to find balance between retaining the customers you have currently and finding more of those A class customers.
Velocity Selling TV Episode 38: Strategies to Grow Your Business
Bob: Welcome back to Velocity Selling TV, my name is Bob Urichuck, founder of Velocity Selling and again this week we’re trying something different. We’re interviewing the CEO of Velocity Selling, Matthew Whyatt. Welcome back Matthew.
Matthew: Thanks very much Bob. How’s Canada today?
Bob: Well actually, it’s a bit, cold. We’re getting into fall and winter now so it’s a little different than the Gold Coast where you’re actually going into spring and summer aren’t you?
Matthew: Yep. I’m working on my tan on the weekends now. It’s beautiful.
Bob: Well that’s the nice part about the opposites that we are in.
Matthew: That’s right.
Bob: Now Matthew, last time we got together we talked a little about the ABC’s targeting process in Velocity Selling- Absolute, Beneficial, and Convenient. We also talked about ROTI – return on time invested and we started to talk about retaining strategies. Why don’t you pick up where you left off in the last episode from retaining strategies. What can people do, businesses do starting today to help them better understand who their A, B, and C customers are and how can they retain them?
Matthew: Yeah, well look, a lot of businesses look outward in the world and go ‘Who do I want in my business?’ And of course, if you’re starting out, that’s absolutely necessary. But if you actually start looking internally in your current business, most businesses have currently a database, even if you’ve only been around for a short period of time, there’s going to be some customers in there that are better than others. When I say better, I mean, as I said earlier, A class customers they pay you what you’re worth, they value your services, and get the most value out of it.
Bob: The meet certain criteria.
Matthew: Yes, they meet certain criteria.
Bob: that’s how they can be defined.
Matthew: A little job for everyone listening today might be what that criteria is that defines an A class customer.
Matthew: And so you’ve looked internally inside your business, you’ve identified what your A class customer is, and then as I said in a previous episode, is show them a bit of love. What does that mean? Well, I actually just call people up, ask them how they’re going, what’s the biggest challenge at the moment, is there anything I can do to assist? And sometimes a conversation goes around to “Hey John, I’m actually looking to grow my business and you’re enjoying my services, I’d love to find other people just like you. Not necessarily competition, but other people who do business like you.” Now this might be a great way to get referrals, also show them a little respect and appreciation, and gratitude for being a great customer of yours. And of course, if they’re an A class customer, you’re talking to an A class customer, they’re probably going to refer you to other A class customers. Which, once again, grows your business more.
Matthew: So that’s one idea that may be helpful to everybody today is: grow your business, targeting the right people. And that’s really going to give you the best return on time invested.
Bob: And from the inside out, you mentioned, identify your A’s, B’s, and C’s in your categories right now based on your database. And then of course, retaining your A customers by giving them more attention, and then your B customers, and then your C customers even less. The idea is if you’re not maintaining your relationship with them, guess who is?
Matthew: Your competition.
Bob: That’s great Matthew. Ok so, what’s on the agenda for next week?
Matthew: Well, let’s keep moving forward with retain, gain, and gain strategies. I think there’s lots we can do and most businesses are looking- actually you know what, ALL businesses are looking to get new customers. As we know, businesses are either growing or dying and you need to continue to fill your business with new customers because there’s an attrition rate- customers will move on, move town, move country, change companies, – and so we always need to be filling our business with new customers and if we can fill them with A class customers, all the better.
Bob: You got it. Well that’s great Matthew. Look forward to talking to you next week.
Matthew: Thanks Bob. Bye for now.