Golden Nuggets To Increase Revenue and Profits – I
Every Sales Manager has access to Golden Nuggets that turn into prospects for sales for their Sales Reps on a consistent basis. 39% of businesses admit that their data is inaccurate and amongst the 61% that use some form of data, a few utilize the Golden Nuggets that are readily available to everyone through the adoption of NAICS Codes.
According to recent numbers gathered by IBM it is 5X more expensive to get new Customers than it is to sell potential Prospects based on having analyzed existing successful Customer applications using your products and approaching like Prospects with a knowledge solutions offer. The following are the 6 steps that you take to maximize the Golden Nuggets that you can put to work for you:
- Pick one territory – run a list of existing customers
- Do a visual match – to see whether there are any like customers. Identify whether any of the accounts display a NAICS or SIC code?
- Call 973-625-5656 and the folks at NAICS will work with you to append the proper codes to your account records for that one territory.
- Segment your Customer File by businesses that have similar characteristics through identification of most prevalent NAICS codes.
- Provide a few names of existing Customers with like applications to your Sales Rep and have them identify the miracles that your products and services are providing to these businesses.
- Match the prevalent businesses using your products and services to those not doing so in that territory, and conduct a One-on-One meeting with your Sales Rep and develop a detailed plan to contact these accounts. Plan should contain specific objectives and have outlined details of accountability
In conclusion, this initial approach to locating Golden Nuggets through a one territory test will provide you with enough experience to then do the same for every Sales Rep reporting to you. Based on your results from this approach, you will be able to turn over a results oriented program to Marketing that will serve the entire North American operations. If it works, it’s good, and Marketing should be attaching a NAICS codes to every account. This will bring you to a closer relationship with the marketing folks which in most companies is very needed.
One more vital source to help you create Golden Nuggets for your Sales Reps is for you to get to know your Reference Librarian at your local or College Library, a person who can become the best Consultant in this effort at no cost to anyone. Almost every Library has digital access to a series of Data Bases that will contain key information on markets and the businesses that exist there.
Thanks for the time you spent reviewing and adopting this concept. This represents just a first of the many Sales Manager strategies you will find in The Little Red Book For Sales Managers Book it is available and waiting for you to ensure meeting and exceeding quota on a consistent basis through adoption of strategies focused on making it happen through your Sales Reps as a result o employing a One-on-One management style.