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Dear Rick, Welcome to July's edition of eTips! Written by Rick Beauregard, a member of the Miller Heiman network of consulting partners, this month's tip provides actionable advice for bringing dormant accounts back to life and improving cross selling. How Can I Bring Dormant Accounts Back to Life? This is a common question I get from many of the engineering and professional services clients that I serve. They have completed a project or engagement and see lots of potential to offer other services to the client. But they don't know how to leverage that first transaction to more business, the account becomes dormant, and they miss the opportunity. The answer is "cross selling". Cross selling is selling additional complimentary solutions, or expanding the initial engagement to other locations for the same client. Any firm could increase their revenues by 25% just by improving the management of their current clients in this manner. But some CEOs may tell you that cross selling doesn't work. Why? Perhaps there is a lack of understanding by the client of your full suite of product or services. Or, maybe your organization lacks internal teamwork, incentives for cross selling, or the account manager fears losing control of the account. But, the biggest reason that cross selling doesn't work is the wrong mindset. The key to cross selling is to forget about other products or services you hope to sell the client, and to concentrate on what you can to contribute to their business and organizational issues. In Miller Heiman's Large Account Management ProcessSM (LAMP®) program, a tool called the Gold Sheet provides account managers with a systematic process to address many of the issues impeding cross selling. Cross selling requires that account manager's focus on the customer and the trends, opportunities, needs, and issues that are important to them. Identifying the Fields-of-Play within the customer's organization let's you know where you can have the greatest impact. The Gold Sheet helps you articulate how you bring value and impact to your customer's business success, and how to leverage relationships with strategic players in the account. Successful cross selling brings together your team to develop strategy, goals, and action plans to leverage your strengths and eliminate your red flags, and it creates joint ownership of account success. When you employ cross selling to unlock the creativity of your account teams and involve the customer in defining how they see you contributing to their business, you are bringing your dormant accounts back to life. Great Selling, The Miller Heiman Solution Team * This eTip references the principles learned in Miller Heiman's Large Account Management ProcessSM workshop. To learn more about this program, visit our website or call us at +44(0)1908 519612 or 877-678-3385. For workshop registrations, use VIP# L1O173. Update Your Information To update your contact information or subscription preferences, click here. Forward to a Friend If you know someone who would like to receive this eTip, click here to forward to a friend. |
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