Advanced training with sales courses can give your sales staff the skills and training needed to recapture lost clients, and recapture the profits as well.
Advanced sales training programs and sales courses can provide intensive training on client relationships. The ability of the sales force to develop client relationships increases the potential for a higher lifetime customer value. Every client is a profit center, and losing a client loses a profit center. A client may leave due to a misunderstanding, a price increase or a better offer from a competitor or possibly for another thousand reasons.
An administrative department is usually the first to know and the sales professional might be the last to know. A sales professional trained for advanced client relationship management with sales courses and sales training courses will have the skills and knowledge required to approach the defected client and renew or negotiate a new sales relationship.
A client is worth more than the profit from their initial purchase. A client is also worth the profits from multiple accounts, cross-selling, referrals, networking connections, and word-of-mouth advertising. In short, a customer’s lifetime value is based on the net present value of a realistic profit stream that is likely to unfold from that customer in future years.
A mathematical formula to determine a customer’s lifetime value (CLV) uses net present value, revenue, cost of the product or service, discount rate, cost of acquisition, cost of customer retention and cost of customer care to determine a customer’s lifetime value, as well as factors for the probability of cross-selling and up-selling, an increase in customer spending, a decrease in spending, churn probability (the likelihood a customer will leave and go to the competitor), and win-back costs.
Losing a client can be deadly for a business that relies on only a few big accounts. Sales training with sales courses on advanced client relationships can protect a company from a deadly loss. The ability to win back a client takes an advanced skill set that is underdeveloped in most sales persons. Sales training can develop that skill. The skill to win back clients is rarely found, except in seasoned sales executives.
If your sales staff does not comprise of seasoned sales executives with this talent, sales courses and sales training courses on managing client relationships will provide your sales professionals with the skill and tact, negotiation and persuasive skills, and the expertise necessary to win back clients. And even seasoned sales executives can learn new skills and insights from advanced executive sales training on client relationships.
Sales training and advanced sales courses that educate and train sales professionals on the in-depth skills needed for client relationships and customer management can provide your sales team with the advanced skill set needed to win back clients. The ability to develop a lifetime client relationship is one of the most valuable contributions your sales professionals can make to your company.
Training your sales professionals for advanced client relationship management with sales courses and sales training courses on how to win back clients can be the force that turns a lost client into a client that returns their lifetime value and a lifetime of profitable sales revenue.
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