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How to get the most out of that bird in your hand

Ten tips for growing profitable revenue with the customers you already have


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Straight Talk Series - Book #4

Straight Talk Series — Book No.4
Costs have been cut, assets shed. Technology rationalized. And new investments squeezed.

You know the drill. The cost-cutting cycle repeats. And repeats.

But what do you do when there's nothing left to cut?

The single most compelling business challenge today is no longer how to squeeze more from less. It is how to escape the depressing gravitational pull of the downturn and get back on the upward path of profitable revenue growth.

So where should you start? With that bird in hand or the two in the bush?

The instinct of both client and consultant is to look to the latter. Look for that breakthrough product or service that creates a mind-blowing competitive edge and opens the doors to a host of new customers.

But amidst the buzz of the brainstorms, many overlook the straightforward, practical moves they could make immediately with the bird they already hold in their hand — their current customers.

These moves require little to no new investment and might seem obvious to some, which is probably why they are so often overlooked. Yet they're some of the easiest — and most reliable — ways to grow profitable revenues.

So the simple suggestion of this book: Before you get too far with new products, services, channels, or markets, make sure you have invested in profitably growing the customers you already have.

Here's an excerpt:

 Ode to Losing 
While you're counting up your current customers, don't overlook one of the most important customer groups — the ones that got away. 

Winning affirms all the things you're doing right. But losing can be a far better teacher. And a more accurate road map to future revenue growth.

So why don't companies spend the time and energy required to understand why they lose customers?

Why? Because successful business people hate losing. Instead, they move on. To the next conquest. And the next elusive win.

But don't let your losses become a lost opportunity. Open a corporate equivalent of the National Transportation Safety Board: an independent team charged with investigating every lost sale.

 

The beauty of the NTSB is that it has no ties to any organization, and no emotion wrapped up in the subjects it investigates. So it can coldly and objectively examine mistakes, and issue safety recommendations that will prevent future losses.

There's no reason this model can't work in your organization.

Ask yourself:

 "Do we really know why we lose?" 

 "What kind of program do we need to put in place to gain this insight?" 

 "How can we turn that knowledge into better relationships?" 

In your rush toward the next win, don't double your losses by not learning from them.

 Order book  or download the PDF.

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