How long does it take to acquire a new customer? What about expanding business with an existing customer who has pigeon-holed your company into only serving one purpose?
Account acquisition and expansion strategies are challenging. You are focused on the whole company, the entire decision making team, the complete solution, the breadth and depth of the business case.
Account acquisition and expansion strategies are time-consuming. You are focused on getting from Point A to Point Z and the close of the sale. All your customers focus on is Points B-Y.
Account acquisition and expansion strategies are complex. You are focused on the whole. Your customers are focused on the impact of your solution on all their moving parts.
Account acquisition and expansion strategies are frustrating. You “see” your solution as your customers’ obvious choice. They “see” things from their perspective.
How do you get this dinosaur of a situation moving?
Figure out what’s the first move the dinosaur must make to start rolling along.
What is the “sticking point” keeping the dinosaur from moving in any direction?
That “sticking point” may seem small to you. To that dinosaur of a customer, that “sticking point” clogs up more than their decision to do business with you. Their “sticking point” makes them non-competitive.
Identify the variables preventing your account acquisition strategies from moving forward. These variables may have nothing to do with the placement of your solution. These variables are not necessarily the root cause of anything.
However, these issues – emotionally or logically based – keep that dinosaur right where they are.
- Determine the smallest movement your customers must make to liberate themselves from the stuff they are mired in.
- Identify opportunities your prospects can target as a positive consequence of taking this small step forward.
- Get that dinosaur turning on that dime, very slowly. They will build up momentum once they get beyond their sticking point.
You will build up your own knowledge about their company and industry vertical in the process. Instead of being perceived as self-serving, you will earn a place at their business table through your willingness to collaborate.
Account acquisition and expansion strategies are initiated by figuring out sticking points and getting customers to make that pivot on their dime. When you assume this role, you become their go-to resource.
That sounds like a strategy for building a loyal and retained customer base.
Babette N. Ten Haken, Founder & President of Sales Aerobics for Engineers, LLC, catalyzes revenue-producing business transition, startup growth and professional development. She works with traditional and non-traditional sellers and owners in the manufacturing and engineering space as well as in the B2C space. Download her newest White Paper at her Free Resources Page.