Really!
A total of 63% of consumers who had dealt with individual products and services providers for three or more years self-declared that they were unaware of the full range of offerings from those established sources. Reality suggests that figure may understate the true statistics.
In business-to-business situations the percentages are slightly higher, dependent upon the sectors, concentration of supply and geographic locations of both providers and clients.
SEEK AND FIND
The current marketplace dynamics are dictating the need and inclination to identify additional income streams and possible supply sources. Increasing prices, inflation, expectations of a pending recession, contracting expenditure patterns and reduced foot-, telephone- and online-traffic are common.
Consequently, pursuit of new customers is now the norm. However, given the prevailing states-of-mind, reception of cold-calls and initial contacts tend to be relatively cold, if not dismissive.
Significantly, the facts detailed above profile a ready pool of potential incremental demand, revenue, and profits.
Moreover, there are multiple and justifiable reasons for initiating contact, with existing customers and clients. Educating, informing, encouraging, and reassuring people about needs and wants, fulfilment and satisfaction can be, and often is, mutually rewarding.
Prescriptive and pre-determined selling approaches are deficient in many respects, and may not identify, isolate, analyse and satisfy recognised and unrecognised needs.
Utilising available internal data does provide valid and appropriate platforms to initiate conversations. Legal practitioners declare such are invitations to treat.
PIONEERING CHARACTERISTICS
A significant majority of customers and clients are reluctant to be pioneers. Indeed, in most case studies innovators tend to represent some 2-5% of the marketplace.
Early adopters typically number between 5 and 10% of targeted audiences.
For many, reassurance and confidence emanates from the buying preferences and patterns of others. That extends well beyond the influence and importance of self-promoting brand ambassadors. Follow-the-leaders implies less risk.
Multiple leading global, national and local brands have founded, and sustained their market presence and brand leadership on marketplace acceptance and consumption. Recommendations, endorsements and advocacy are implied. No financial consideration need be, or is, contemplated or paid.
SHARE THE LOVE
Some business leaders, owners and analysts simply love statistics and facts. Many make sales, profits and create wealth from those.
Base information is available to many. Far fewer take that information and convert it into intelligence. It is the latter composition that can be packaged and monetised.
Take for instance the fact that targeted clients and customers are among the 20% of purchasers for the top-selling products, services and applications. That categorisation is of value to certain people. Psychic-income is emotive, evocative, and influential in enhancing relationships, extending trust and being instrumental in accelerating repeat business. (Read: I belong. Therefore, I buy.)
To be further informed that one is not in the top quartile of those purchasers who complement the transactions with one, two, three or four compatible products or services is often reason enough to take pause and consider additional actions. Additional revenue.
Internal statistics can also reveal those existing clients and customers who are not securing the advantages, benefits and rewards of select offerings.
The resultant interactions and conversations can be meaningful, and financially rewarding.
IT ALL ADDS UP
Astute business leaders and marketers will typically conclude that they do not need or want additional clients and customers.
Their focus is oriented to additional revenue and profits. That is, securing increasing share-of-wallet, in preference to the seeming perennial pursuit of share-of-market.
And so it is that often the means to greater success, sales, profits and competitive advantage is readily available and accessible. Its presence is simply not recognised nor capitalised upon.
In other words, old information looked at through new perspectives creates new information.
Allocating sufficient and appropriate resources to reviewing, analysing and deploying existing, available internal information can be financially rewarding.
Attitude often determines altitude. “Per ardua ad astra”. That is;
Through adversity to the stars.
Barry Urquhart
Customer Service Specialist
M: 041 983 5555
E: Urquhart@marketingfocus.net.au