If 90% of buyers who read online reviews claim that positive online reviews influence their buying decision are you doing all you can to ensure you deliberately collect them?
At the time of writing, we have delivered our Plan.Grow.Do. Online Live sales training to 100 business owners and sellers and the single biggest reason why they don’t is time.
Is that just a convenient excuse for everything a business owner and seller doesn’t do?
Perhaps the real answer is that you haven’t integrated the importance of the 3 Re’s into your sales processes and sales activities.
It’s not time is process, structure and therefore confidence to systemise this and to ask the question.
The concern that the feedback will be negative, be less than complimentary or perhaps personal. Highlighting some truths that you’re doing very well to have avoided up to now!
In a world where buyers are influenced by online reviews and a decision is 57% made based on your digital content, can I suggest that you need to adopt a far more proactive approach.
Let us help you a little and explain the criticality to your business and sales results by walking through the aforementioned 3 Re’s. Review, Referral and Repeat.
Not having any online feedback is as bad as having a poor online reputation!
You can see more about the power of feedback and the benefits you can see in your business over on the sales feedback articles.
Asking for customer feedback is a sign that you care about their opinion and want to work with them making sure that what they’ve bought now fits their expectations. Further to that, involving the customer and working with both positive and challenging feedback will only help shape your business for the better.
As you work towards identifying and working with your ideal clients, those you serve will also be of your target client, so the feedback loop will actively be talking to other people just like them!
- Active feedback brings the customer further into a meaningful relationship.
- Feedback helps guide future growth and innovation.
- Moving ahead without listening to feedback can be devastating for a business.
Referrals to your business, when managed well, can be the most efficient and effective form of marketing for new leads to your business.
Think about the last time you recommended a coffee shop, a restaurant, a professional services provider to a friend or colleague at work. I bet most of the people you spoke to at the very least check out the recommended venue
Isn’t this all just ‘word of mouth’
NO! Don’t just wing it. You need to harness an effective referral plan. Businesses with a formalised referral plan grow in revenue terms 86% more than those companies who do not have a process to capture feedback and encourage referrals, yet only 30% of businesses implement an actual plan.
- Referral leads convert 30% better than other leads.
- 82% of small business cite referral as the biggest source of new business.
- A successful referral plan delivers you higher quality sales leads in the most cost effective way.
How does your product range match your customers needs?
Just think about the power of repeat business. Keeping customers in your ecosystem and increasing the Life Time Value of a customer (LTV).
Think of two super brands and just how easy this really is;
Would you like fries with that?McDonalds
Customers who bought this also bought…Amazon
- It is 7 times more expensive to convert a new customer than to service existing ones.
- Looking after your existing customers can have a positive impact on your churn.
- A repeat customer can have a 60% – 70% chance of converting.
What’s next then?
The 3 Re’s are part of the Grow. journey that you take with us when you attend our Online Live sales training.
If your business is in Sheffield, Doncaster, Rotherham or Barnsley the sales training is fully funded by Skills Bank as part of the regions Covid reconvey programme.
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