Optimizing sales effectiveness is a goal shared by all sales organizations....
By categorizing customers based on their combination of loyalty characteristics and revenue profile, you create a new tool for determining where to invest resources and what kinds of efforts to apply in given accounts. By applying loyalty enhancing or loyalty leveraging strategies to your accounts you improve sales effectiveness.
Objective: Migrate accounts towards the "Emulate" Quadrant. These accounts have high loyalty and high revenue value to your business. Who doesn't want more large and highly loyal customers?
"Emulate" accounts should be leveraged and promoted through references, PR, marketing and social media. Identify their loyalty drivers and your best practices for them and then replicate where possible in other accounts.
"Emulate" accounts should be leveraged and promoted through references, PR, marketing and social media. Identify their loyalty drivers and your best practices for them and then replicate where possible in other accounts.
"Problem" accounts are low loyalty but have high revenue value. They are at risk. Diagnose and repair any issues. Pay close attention to their feedback and act on what they say. Doing so will improve loyalty and help protect revenue.
"Growth" accounts are your potential new revenue stars. They are low revenue but high in loyalty. Look for ways to expand your revenue footprint here.
"Decision" accounts are always a challenge because they require resources to make more loyal but don't currently offer the revenue to justify an effort. Future revenue potential (indicated by bubble size) should be used to influence action.
"Decision" accounts are always a challenge because they require resources to make more loyal but don't currently offer the revenue to justify an effort. Future revenue potential (indicated by bubble size) should be used to influence action.
Convert Loyalty Insights into Account Strategy Action with QuestBack
Few Sales organizations effectively deploy customer feedback as a primary input to their account management process. By combining QuestBack with a loyalty metric, you can create effective account strategies that produce higher sales over time.
Many firms struggle to convert customer feedback into actions that will have measurable impact on customer relationships. QuestBack's product and service offerings are designed to help with this challenge. All are focused on making customer feedback processes highly effective for improving customer relationships - and the bottom line.
With QuestBack its easy to set up a "closed loop" feedback management process. And, research shows, asking customers for feedback and then acting on it increases loyalty. Here's a simple QuestBack based survey process you could use to incorporate loyalty feedback into your account management strategy.
With QuestBack its easy to set up a "closed loop" feedback management process. And, research shows, asking customers for feedback and then acting on it increases loyalty. Here's a simple QuestBack based survey process you could use to incorporate loyalty feedback into your account management strategy.
- Design your survey questionnaire using "likely to recommend" (loyalty) questions
- Attach your customer profile data to the questionnaire (make sure it has a revenue categorization for each survey recipient)
- Launch the survey
- When data comes in, segment respondents (using filters) based on the combination of "likely to recommend" and revenue category, which you loaded into the survey from your customer database
- Take action. You'll know which of your customers fit in each category and actions will be almost self-evident based on the responses to survey questions
- Repeat and trend the data
- Compare with sales trends, the use to formulate account strategies and action plans
If you would like to learn more about QuestBack click on the link below and we'll be glad to contact you.
