Not all customers are created equal. Some are just looking for a quick fling—a one-night stand, if you will—while others are potential partners for the long haul. The key to success in sales, especially high-value sales such as those in the mining and industrial sectors, is knowing how to identify and nurture promising relationships. In our experience, many companies seeking to win more big deals do not have a sales strategy to identify and develop high-value clients over the long term.
Categorising Your Customers: From Flings to "I Do's"
Think of your customers like different types of relationships:
- One-Night Stands: These are transactional customers, here for a quick deal and gone tomorrow.
- Friends with Benefits: There’s potential for something more here, but they’re not committed yet. Keep an eye on them and nurture the relationship.
- Meet the Parents: Now we’re talking! They’re interested and starting to involve key decision-makers.
- Marriage: These are your enterprise customers, the key accounts that bring in the big bucks and offer long-term value.
Allocating Your Resources Wisely
You wouldn’t spend the same amount of time and effort on a one-night stand as you would on a potential life partner. The same goes for your customers. Focus your resources – your sales team’s time and your valuable sales content – where they’ll have the most impact.
The MAD Approach: Money, Authority, and Decision-Makers
As you move up the relationship ladder, you’ll need to involve more and more decision-makers. Each one is like a mini-customer with their own unique needs. Make sure you understand what makes them tick and tailor your approach accordingly.
Show Me the Value: It's Not About Price, It's About Benefits
In high-value sales, price is important, but it’s not everything. Focus on the value you bring to the table. What problems do you solve? How do you make your customers’ lives easier? Show them how a relationship with you will benefit their bottom line.
A key part of successful sales is understanding your prospective customer’s sales process and treating your main contact within a company as your champion, essentially acting as your sales representative. Make sure they see the value in working with you. Give them the tools and information they need to sell your company to their superiors.
By understanding your customers and their needs and by focusing your resources on the most promising relationships, you can turn those one-night stands into long-term, high-value partnerships.
This article is based on a lecture we attended by Professor Deva Rangarajan, who is a Professor of B2B Sales and Academic Director of the Masters in International Negotiation at IÉSEG School of Management in Belgium.
