It’s a problem a lot of companies are dealing with these days: Figuring out how to get more sales.
The CEO of a small telecom company shared this goal and wanted to double the size of his business.
Hiring a business coach wasn’t new to him. As it was, he already invested thousands of dollars on coaches, seminars and marketing programs learning how to drive more sales. The challenge was each of these gurus preached a new strategy which would have required him to master a new skill. Safe to say, the CEO overwhelmed deciding which was the best direction to take.
On a whim, he decided to have a strategy session with Predictable Profits.
Within a 35-minute discussion, it became apparent that his sales process was broken.
His salespeople were so focused on bringing in new clients, that they failed to recognize how many existing clients failed to renew. By the time they caught their mistakes, his competitors had stolen his clients.
Like most entrepreneurs, this CEO didn’t keep track his exact attrition rate. However, he guesstimated that he lost 30% of his existing clients every year due to his sale people not having a systematic follow-up system.
He estimated this oversight cost him $1.35 million over the past few years.
With the sales system in place, he will reduce his attrition rate by at least 50% and add several hundred thousand dollars in additional profit WITHOUT working any harder or spending any more money.
This is just one example of the many overlooked profit opportunities that commonly exist inside of a business.