Do you want to sell more to your existing customers? Then check out this episode of “Mind Your Own Business.”
One of the most frustrating things we can ever hear a customer say is, “Oh, I didn’t know you could do that.” It means that we’ve left money on the table, and it is so frustrating. In order to reduce the chances of that happening, I’m going to share a very simple tool with you. It’s called a Magic Matrix. It probably has other clever names like Product Penetration Matrix or Customer Exclusion Analysis, but we’re going to stick with Magic Matrix because it sounds cool.
Now, a Magic Matrix is a very simple and visual tool that you can use with your sales teams. This is how it looks: you’ve got all of your customers down the left, you’ve got all of your various products and services along the top, and what you need to do is identify your Greens, Ambers, Reds, and Grays. Green means that the customer is spending at the volume that they should be. Amber is that they are spending in those categories but not at the volume that they could be. Red is that they are not active at all and they should be, and Gray is that it’s not relevant for that customer.
The great thing about this is that it is so clear and so obvious as to where the opportunities are. It’s a really good sales management tool, and if you do this properly, you can sit down with your team members and challenge them to flip as many of the Ambers and Reds into Green. This is such a simple tool, and I’d encourage you to get this in place for your business as quickly as possible. If you’d like this template, then drop me a line at marco@marcossuarez.co.uk, and I’ll send it over to you. Get this in place; it’s really powerful, it’s really fun too, if you do it right, and I hope it’ll help you get more from your existing customers and stop the dreaded “Oh, I didn’t know you could do that.”
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