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As amazing as it is to see lasts year's business plan work, it is still vital to update that plan for this year. Often time companies get so wrapped up in their end-of-the-year work on a plan that went well that they neglect to tweak it for the next year. A sales method that works may not need to be changed, but people change and companies change. Fine-tuning your messaging and lead generation efforts is necessary for progress. Customer Relationship Management (CRM) is about increasing the positive experience of working along with your company. To accomplish this, you need to commit to planning, evaluate opportunities for growth, forecast, and attend to your client base.
Plan and Evaluate
Planning is a process. Not only do you need to dedicate time out of a busy day to orchestrate a gathering, but also you must build a strategy on what to plan before the meeting. To get the most out of your planning process, select when and who wisely. When do you like to plan? Who else in your company should you include in that planning process? Establish the most optimal time and brain power for your planning, and work from there.
Working with a CRM Strategy Gold Coast will boost your efforts to create the best plan. Increasing the positive experience your company offers means evolving with people and expertise. Evaluate your opportunities for growth. What expertise do you offer that can evolve?
What tools and resources do you have in place to strengthen relationships together with your customers? What kind of trust levels have you established together with your clients, and how are you able to strengthen them? Keep up with the changes that are taking place around you. Continue to improve the strategies that work.
Forecasting
Forecasting is more of an art than an exact science. Customer trends usually run in cycles. It is therefore simpler to plan for future revenue from existing clients than future clientele. For clients who have a service contract that is near due, anticipate an 80% renewal rate on those contracts. Even if your renewal rate is currently 95%, it is best to underestimate. In case you have less than an 80% renewal rate, you need to overhaul your customer support department. Attrition is inevitable, but losing over 20% of your customer base is an immense issue. If the client is profitable, winning them back should be a priority. Fortunately, plenty of customers who go elsewhere for what appeared to be better service or pricing will come back in case you need them. Having worked with a competitor presents a chance to make use of them as references. Keep in mind to track that in your CRM Strategy Gold Coast.
The next step is to tally the total amount of existing customer revenue from last year (excluding service contracts) and multiply that by 30%. This should be the baseline of maximum revenue you should expect from your existing clients. Thirty percent may be high depending on your clientele, but plenty of companies gain over 50% revenue from their existing customers. In either case, you need to add new clients. Add your average existing customer revenue to the expected 80% renewal rate on your service contracts. This provides you with a solid number to prepare a support and operations staff. The tougher job is to deduce what the company needs to create for new business and plan accordingly.
Winning Over New and Existing Clients
New business comes from a variety of areas: promotion, lead generation calling, direct mail, electronic mail broadcasting, industry publications, trade shows, alliances, and referrals. Have you tracked where your business comes from and how much revenue each source brings? This is important for planning and execution. Outline several sources of business and initially focus on strengthening the top. Gauging how these sources perform this year will let you plan more effectively next year. Take the next revenue sources and create a plan to expand those initiatives. Use creativity when developing resources. For example, hold a customer conference and invite manufacturers to review the latest and greatest expertise. Keep in mind, lots of customers cannot go to the national trade shows or send over a handful of people to attend.
Another idea is to hold "training" or "certification" workshops. This would strengthen relationships together with your clients. You could charge for some of these events, but you may even see immense dividends if you only charged a nominal fee or nothing at all. Include potential customers by inviting them to your customer conference. Let them speak to your customers and listen to their experiences working with you. Invite potential customers to a client site that would be comparable or larger in size and scope to their future prospect. They receive a chance to see your quality of work and speak to a reference first hand. Best of all, you are attending to the needs of your current clients while letting them help win you new clients.
Neglecting to build on last year's business plan will leave you falling behind your competitors. Progress doesn't must be a costly or complex system. By utilizing your CRM Strategy Gold Coast and attending to the ever changing needs of your clients, you will stay competitive. Focus on your lead source strengths and capitalize on those efforts. Last year's plan worked well last year. Evolve together with your clients and make positive that you are celebrating success again next year.
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