During a recession retaining your core customer base is priority #1.
This past week Colleen Edwards who is the CEO of PowerMark, a Southern California Marketing Firm, wrote a column in Sales Gravy Magazine about the critical importance of retaining customers in the current recession.
Sales Professionals are the leading edge of business. We are the elite business athletes who companies count on to drive top line growth. But Marketing CEO Colleen Edwards argues that during a recession salespeople must become laser focused on preserving their current customer base. She believes that right now the balance most salespeople maintain between bringing in new sales and managing their existing account base must become weighted more towards account management and customer retention.
Colleen says that “In healthy economies, your focus is often on all-important top line growth. During a recession, protecting your core revenue base, the lifeblood of your business, must become your critical priority. Because if the revenue stream that funds basic operations gets too anemic, the consequences to the company could be catastrophic. Every employee in your organization is relying on the sales team to do everything in its power to keep the revenue flowing and the company healthy.”
Like it or not, we are in one of the worst business climates in our lifetimes. Hoping that things will get better is a losing strategy. Companies are laying off thousands of workers and jettisoning goods and services normally purchased because they are no longer considered mission critical. If you are not in there with your customers as a consultant giving them reasons to continue buying your company’s products are services you are playing Russian Roulette with your revenue, bonus, and career. As Colleen says, “Now is the time to take serious action."
Fortunately Colleen and her PowerMark team have developed a five-step program designed to help you and your company retain your customers.