When you consider the complete value of a customer to you and your team – the lifetime value – the importance of having a sense of “selling urgency” should skyrocket. Every money hour* not invested in sales activities can delay (or completely eliminate) potential revenue to you and your company. And, it can go far beyond the dollars made with the initial sale.
Depending upon what you sell, you may also have…
- Upgrade revenue: revenue derived from future upgrades
- Renewal revenue: revenue derived from future renewals
- Cross-selling revenue: dollars generated from selling additional products/ services to a customer
- Expansion revenue: dollars generated from potential organization or group growth and/ or implementation of your product/ service across an entire organization from one department
- Advocate revenue: revenue derived from sales influenced by word-of-mouth advertising
- Lock-out revenue: dollars generated from a customer over time because of the perceived hassles associated with switching to your competition
Remember, the first to acquire the customer tends to retain the customer – and with retention comes lifetime value.
Continually remind yourself and your team of the importance of having a constant “selling urgency”. Commit to it and make sure the next 10 customers (or more) in your industry, become your lifetime customers.
Now go sell something.~>
(money hours: the hours in a sales day where one can talk with prospects and/ or customers… the most valuable hours of the day)
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How to use the complete value as a sales tool
If you sell a product or solution that helps your customer get a customer, illustrating the seven types of revenue (the complete value) is a great way to help the prospect see the value of buying now rather than later. To put off moving forward not only delays the initial revenue but potentially eliminates the possibility of all the other types of revenue (because the prospect becomes the customer of someone else).
Print and post the chart if you and your team sell by phone. Memorize the points if you sell in person.
