Three Tips to Expand Customer Lifetime Value

June 20, 2017 Team Zilliant

How do you typically uncover opportunities with existing customers? Given intense competitive pressures, companies growing to massively complex scales, and new channel disruption, that best path forward isn’t as straightforward as it once was.

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A recent article from Modern Distribution Management suggested that sales people should “think like Colombo to uncover opportunities with existing customers.” The author, SalesProcess360 Founder Brian Gardner, served up an excellent anecdote to a common pitfall:

“One of my sales reps was really focused on selling pH meters to an existing customer. He talked about this potential for months and listed it on top of his pipeline report at every sales meeting. He even built a special demo for this opportunity.

Before the demo and lunch for 15 technicians, I asked if everyone there was involved with servicing the pH in the plant; just two out of the 15 raised their hand … They told me they had no problems with the two pH meters in the plant.”

Most (if not all) B2B sellers have been in this very position. The goal is to maximize the relationship as much as possible, but without data to drive our decision-making, intuition can be misleading.

There are three primary paths to expand Customer Lifetime Value (CLV):

No. 1: Grow and expand products and services purchased.

No. 2: Retain relationships and prevent churn.

No. 3: Increase profitability with market-aligned pricing.

Giving sales reps actionable guidance along these three paths in a repeatable and predictable manner is possible. Download this complimentary eBook: Maximize Customer Lifetime Value Using AI to learn how.

Speak Your Mind:  As a B2B seller, when you think about expanding customer relationships, as well as your current process works, are there any areas where you’d like to boost performance?

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