Resell Customers Prior to Their Contract Renewal Date
Have you ever subscribed to a magazine and received a renewal notice two months later? Magazine publishers have mastered the art of reselling you prior to your contract expiration date.
When I was still working as the marketing director for the regional bank, I instructed the new account representatives to print out a list by customer of all the 30-day, 6-month, 1-year, and 2-year certificates of deposit they had sold during any given month.
Then I had them carefully file these records in a simple, month-by-month accordion file so that they could pull out the list and call customers a month ahead of the maturity date for their CD.
This way, customers perceived the call from the new accounts representative as a valuable reminder service, and the reps were able to easily roll over those funds into new CDs or other investments with the bank—before the customers started investigating other options. Back then, we used the simple paper method. But you can just as easily use modern-day contact management software.
As obvious as this sounds, you’d be surprised how many business owners fail to get the next sale simply because they don’t make reordering easy. If you sell a consumable product or service that is purchased again and again—by consumers or retailers or business owners—you owe it to your bottom line to include a simple and inexpensive reordering device along with each shipment or service delivery.
This is especially true if your company sells to a lot of momand- pop retail locations that can’t use sophisticated online ordering, automated inventory monitoring, weekly restocking visits by product reps, or other such sales-enhancement strategies (or if you don’t offer these services).
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