Andrew Wall from Sandler Group, world leaders in sales, sales management and leadership, shared some Sandler Sales concepts with CKCA members on October 1st. One key message is that sales is about “Plundering Competitors Market Share” and “Protecting Your Market Share”. Two key concepts to help you Protect your Market Share were called K.A.R.E. and R.E.C.O.N.R.
K.A.R.E. is an account retention and expansion strategy as well as gaining new market share. Andrew encouraged members to sort their customer list from most money spent with you annually down to the least. Pareto’s Principle is the idea that 80% of your revenue comes from 20% of your clients. Your top 20% of revenue clients are your customers you want to Keep. Companies then need to decide if they want to meet with their ongoing customers annually, bi-annually or quarterly. Attain is your objective to add new customers that fit your ideal client profile. Recapture clients that have changed suppliers is your activity of attempting to regain past clients. Expand is the activity of working with current customers to identify if there are opportunities to provide additional products or services to these clients.
Keep, Attain, Recapture, Expand are client retention, client expansion and new client prospecting activities.
When you are meeting with current clients to see if additional services or products are desired is best managed by using Sandler’s R.E.C.O.N.R. strategy. When you meet with your client ask them to Remember or Remind themselves of why they started to work with you or why to annually decide to continue working with you. Next ask your client to Evaluate how you are meeting their needs. Be proactive if there is an issue you need to address or acknowledge if they are happy customers. The primary constant in life is Change, ask your customer if their needs have changed and identify what has changed in your business. The change in your business will be discussing additional services or products you provide that your customer is not currently buying. As a result of the changes determine if there is an Opportunity for you both to work on. If there is an opportunity, then determine the Next Steps. Since this conversation is so positive it is a wonderful time to ask for a Referral. Remember, Evaluate, Change, Opportunity, Next Steps and Referral ask is a tremendous strategy to retain, expand and prospect for new clients.
Members wishing to learn more are encouraged to contact Andrew Wall at 905-691-4553 or firstname.lastname@example.org.