What if you could determine — in advance — your most beneficial business relationships?

Our predictive models help you sort relationship opportunities to determine which are beneficial, and which are distractions. You will be able to focus your resources on the Requests for Proposals (RFPs) that will have the most impact on your organization.

To make business relationship decisions, companies and organizations often rely on solicited bids and RFPs. The problem is that responding takes time and money — often more than 20 hours for a basic RFP and weeks for a more complex RFP. This investment of resources makes it very important to select and respond to the RFPs you are most likely to win.

Using your existing data, and the knowledge and intuition of your team, we build a model that helps focus your efforts. You will be able to select the RFPs that you have the greatest chance of winning, allowing you to use your resources more effectively — and close more bids.  Read more…


What if you could increase loyalty — and revenue — by selling smarter to your existing customers?

By failing to recognize cross-, re-, and up-sell opportunities within your existing customer base, your organization can experience decreased share of wallet, decreased customer loyalty, and increased customer churn.

Using predictive analytics, we were able to increase the share of wallet and customer loyalty of a 12,000 member credit union.  We identified which members were most likely to need a home or auto loan — and which were most likely to leave. These insights allowed them to create a proactive sales approach targeting their most valuable existing customers. Read more…



Finding that first data scientist is hard. Because your current staff already knows your processes and procedures, and they fit your culture, why not train someone you already employ?


Related

Get More Sales from Your Current Customers

on December 3, 2012

Net New Sales: Sell More by Selling Less

on December 17, 2012

There have always been two major ways to expand your business:  Grow it, or Buy it.  This brings up some interesting questions about which is more beneficial.  The correct answer is usually based on cost of customer acquisition and customer lifetime value.  Right now, with the cost of client acquisition being so high, companies are turning to buying distressed businesses.  One, it eliminates competition, and two, the customers can be acquired “on sale”.  While mergers and acquisitions are common across all industries, there seems to be a significant propensity for growth by buying in the banking industry.

The unique problem that is causing an increase in the ” buy them” thought process is that in banking their revenue generating power has dwindled with the decline of interest rates.   Not only that but as clients leave for competitors by natural attrition, there is a dire need for new customers.  Buying seems to solve both of these.

While it may solve the issue of new customers at a reduced cost, how to transfer the old customer base to the new bank has always been a major problem.  First, you have a bevy of new customers who have not gone through your buying process.  You have no idea who they are and why they are in the product they are in.  Secondly, you can fix problem number one by keeping the staff from the bought bank, but they’re not sure if the customers are in the correct products anymore either because they don’t know what products they have to sell. Read more…


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Business Data Hierarchy – Overview

on May 6

CAN Spring Sale

on April 1

How many products can the average salesperson keep in their head while they are making reccomendations to customers? You will be shocked to find on average it is only 8.  What if 8 isn’t enough?  What if you have more than 8?  What if you have twice that?  Ten times that?

If you have more than 8 products, when a member of your sales team calls on a current client, they only recommend the products that they are most familiar with.  You have provided them an entire playbook, and they use only a tiny fraction.  Unless, those 8 products just happen to be the correct product for a customer, your sales staff just put a client into the wrong product.  They assumed that everyone was like them.

Think about that for a second.  The whole point of cross-sell is to keep your clients happy and purchasing from you. Matching the wrong product with the wrong person means reduced satisfaction, frustration, and loss of loyalty.  On the balance sheet, you are losing income, not maximizing profitability, and your salespeople are misusing their time.  How do you improve this? Read more…


Related

Customer Experience Metrics

on September 17, 2012

How to Calculate Customer Lifetime Value and Cost of Customer Acquisition

on November 29, 2012

How to Increase Customer Lifetime Value

on December 10, 2012

“Selling more by selling less”, is a phrase that most salespeople write off.  They can’t believe that you can increase sales by focusing less on acquiring new clients, and more on your current customers.  This is a basic misunderstanding and over simplification of the sales equation.  Most salespeople focus only on new people. They fail to recognize the huge crowd of people that have already decided to become clients.  They forget about their current clients. They have already been sold, and are waiting to be called again.  But you have already sold them you say?  Sure, weeks, months, and sometimes years ago.  Don’t your think they are ready for something else?  They are.  Salespeople just don’t know how to resell to someone that already knows their game, and therein lines the trouble. Learn how we helped increase customer loyalty by reselling current clients. 

Sales is not about new sales, it is about net new sales.  To increase net new sales, salespeople have to also be concerned with reducing the number of their current clients that are lost each month to customer churn.

Current clients.  I find it fascinating that sales people never think of their current clients as leads for more sales. I think this stems from bad Customer Service Management systems that do not allow salespeople to keep track of when customers are ready to be sold another product, and management’s lack of understanding about how salespeople should be trained and compensated.  But why?  Why cant sales people just focus on new sales.  Because new sales are only half of the equation.

Read more…


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Customer Experience Metrics

on September 17, 2012

Examples of How to Improve Your Customer Experience

on September 18, 2012

5 ways to improve your customer experience

on October 8, 2012

Since 2008, we have been helping our customers learn how to get more sales from their current customers.  One of the quickest, easiest, and most profitable ways to start is using the data you already have.  Using data from your accounting and CRM system it is possible to determine which of your current customers can be made more profitable, more loyal, and which are the most likely to buy more from you.  Learn more, Download our Case Study.

Contemporary Analysis specializes in using predictive analytics to forecast consumer behavior.  Using a statistical technique called multinomial logistic regression, we can use patterns in your past data to predict future events. Read more…


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on May 6

CAN Spring Sale

on April 1

If you are a salesperson, you spend your days asking other people questions. However, there are 6 questions salespeople need to ask themselves. These questions will help you sell to people that are ready to purchase, sell from a position of power, and improve your client relationships. Read more…


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Business Data Hierarchy – Overview

on May 6

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on April 1
What to put on your business card

I received a business card from a networking event. I do what I always do, went to my CRM to add it to my contact list. I wanted to send them a “thank you for coming to our event” email. There was a problem. No last name. I have never, in my career as a sales person, seen the likes of this. I can usually catch someones first name because its usually simple. Bob, Frank, Susie, etc and this one was no different. A simple first name. I know they told me their last name, however I can’t remember much less spell it. After hitting the ceiling about not knowing their last name, I thought, I will just look at their email address. Most of the time its first and last name (me excluded), and this is where I really shook my head. There was no email address…

<shocked face>

<more shocked face>

It is 2012. We email now. We connect on Linked In, Facebook, Google Plus, and ten others I have never heard of. Without the right information on your business card it is impossible for me to connect with you. If I can’t connect with you then I will never find out about you, learn to like you, exchange leads with you, let alone buy something from you.

I pitched the card in the trash. If they can’t make it easy for me to contact them, I’m not going out of my way to try to contact them.  I can’t even  find that person on LinkedIn, Facebook, or Google plus. I don’t have their last name. I will not be giving my money to this person.

I still am shaking my head. They had a lot of other things on their card, such as what they do, name of business, and their website address. However, no last name and no email.

Here is what to put on your business card. You can have other information, graphics or pictures on your card, but you need to have the following. Also, it needs to be in a size, font and color that makes it easy to read.

Your name — First and Last.

I am disappointed that I have to point this out.  Do not hand out a business card with just your first name. Who do you think you are, Snuffleupagus?

Your Title.  

In business, your title is a filter that people can use when contact you.  Working at a small company I used to think I didn’t need to include my title.  I had so many different roles, and I didn’t want to be egotistical.  However, I realized that including my title wasn’t for my benefit, and that it helps people decide how to interact with me.

Your company name.

I have had cards before with no company name.  Please don’t had me your personal card.  I want your business card.  If I meet you while networking I want to hire you or refer you as a business not a individual.  Also, don’t hand me a stack of cards, pick one card.  Don’t be the Dealer.

Your address.

I might want to come by and see you in person or on Google.  I understand you might have a home office, then put a PO box.  At an absolute minimum put your city and state.

Your phone number and email address.

You need to make it as easy to contact you as possible.  Some things are best communicated over the phone, and somethings are best communicated using email.

Your website address.

You must have one of these.  We can discuss how you succeed without a website, but you will lose the argument.  Have a website, even if it is a simple one or a template.  WordPress.com is more than acceptable.  You don’t have to spend tens of thousands of dollars, but it is important that you have a web presence so that I can get to know you.

When you hand me your business card please make it easy for me to contact you.  Until next week, Happy Hunting!

Find out more about finding the right prospects for your business, download our eBook:


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Business Data Hierarchy – Overview

on May 6

CAN Spring Sale

on April 1

I get emails all the time from clients, potential clients, and people who want me to buy something from them. What constantly amazes me is the lack of email signatures. I know for a fact that all email programs allow you to make an email signature with your name, rank, email address, phone number, Skype number, LinkedIn page, web page, blog address, and business address. Why then, dont people use them? It can’t be because they are lazy. Not having one loses you business.  After all, it is not always best to respond to an email with an email, especially when a topic is new, complicated or sensitive. Read more…



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