The Never Ending Sale
Once you have added a new customer to your book of business,
plan on keeping that customer until you have all of their
business, and the business of their family and friends.
This way you can ensure having their business forever.
When working as a branch manager a few years back, I was never
satisfied with a customer portfolio until I had the complete
wallet share of their business.
By wallet share I mean I not only wanted their checking
accounts, I wanted their savings accounts, certificates of
deposit, home equity loans and so on.
The same should go for you. Once you have a customer in the
door, and have sold them that first product, continue to satisfy
their needs with excellent customer service, and make them aware
of certain products that have become new to your company, or any
promotions that you may have going on. Continue to make them
aware of all things that can make their lives more convenient or
save them money.
Getting a customer to do all of their business with you, I
admit, is a challenge. But like all relationships, the same
holds true in business, relationships are built on trust.
Once a customer grows to know you and trust you, they will then
begin to become more prone to moving the rest of their business
over to you, and hopefully shoot some referrals your way.
For starters, get your customer in the door, just get one little
piece of the pie. Think of it as asking them to lunch as opposed
to asking them to dinner. Try and convince them to try out one
of your smaller or less expensive products, or if you offer free
trials, even better. Than go from there.
Getting back to wallet share . . .
While still in banking, I once had a customer tell me, that he
did all of his business with us, and for that reason alone, he
should be approved for the loan he was applying for.
Although I was confident that he would be approved for the loan,
I decided to call his bluff any way.
I said; Mr. Jones, do you really do all of your business with
us. His reply was yes.
I then asked him if I could see his wallet.
He pulled it from his back pocket and handed it to me.
After I opened his wallet and examined it for a few seconds, I
pulled an American Express card from one of the sleeves and laid
it on the table.
I said, Mr. Jones, you are a customer of American Express.
He replied that he was.
I than proceeded to tell him that he did not in fact do all of
his business with us. I also seized this opportunity to sell him
on one of our credit card promotions.
He chuckled at my wit, but did not take the credit card.
My point is, you want to get complete wallet share, you must dig
deep, you might only have half of your customer