15 minute read
MILLION DOLLAR CONVERSATIONS
Million Dollar Conversations: How to grow your business with your best customers
By Jeff Mowatt
A question I sometimes ask managers and salespeople when I speak at conferences is, “How much business do you think you may be leaving on the table with your existing customers?”
Most lament that there’s lots of room for growth in gaining more of their customers’ wallet share. I believe that most companies – even small businesses – have at least a million dollars worth of extra potential revenues sitting in their ling cabinets. e problem is employees aren’t e ective enough at crossselling and cross-referencing their other products and services. Let’s talk about how to get more of this business out of your ling cabinet and into your bank account.
First, decide which customers you should focus on. Consider what casinos do: they categorize their customers as being tourists, high-rollers, or whales. Tourists and high rollers are self explanatory. Whales are the ultra rich who can a ord big losses and still return for more. Each industry has its own version of whales, and these are the rst customers to approach. e problem next is how do you ask your whales for their extra business? Let’s begin with what not to do.
Make it deliberate
A common way to ask customers for more business is to mention, “By the way we have this other product or service that you may be interested in.” at approach works OK if you’re selling hamburgers. If on the other hand your products or services are of more value than fries, you’ll need to have a more meaningful, deliberate conversation than a ‘by the way’ approach. You’ll need their undivided attention, con rmation that they’re pleased with your existing products, and a suggestion to expand that business.
Get their attention
Inform your whale that you’re doing a “courtesy check-in” to ask for their input and advice on some of your products/ services. Customers are attered to be asked for advice. For them it gives them an opportunity to sound smart.
Positioning the conversation as a courtesy check-in implies that’s it’s something pleasant, that it won’t take a long time, and that you’re merely ‘checking in’.
Begin the conversation by expressing appreciation. Tell them why their business is valuable to you and what you like about doing business with that particular person. Do your homework and be speci c. Remember, these are your whales, there will be lots of reasons you appreciate their business. So, go ahead and tell them! ink about it: if you stopped the conversation right there you may have just cemented that customer’s loyalty. How o en do you think they hear this type of feedback from a supplier? You may in fact be the rst supplier who’s ever told them this. Customers are human; they don’t like being taken for granted. With corporate clients, the money they spend o en doesn’t come out of their own pockets, so it costs them nothing personally to spend a little more with a supplier who appreciates them. Good return for the cost of saying the decent thing to your best customers.
Con rm your strengths
Tell your whale you want to continue to earn their business. Ask if they have any general concerns about your products / services that you should be aware of. If they do express concerns be prepared to address them right away. It makes no sense to talk about expanding your business at this stage if they aren’t completely satis ed with your existing relationship.
If the customer has no general concerns, then go on to speci cs. Ask about three areas that you think you are doing an exceptional job in but that you want to ensure that’s this is true from that customer’s perspective. is helps remind the customer that you are indeed giving them great overall value; beyond just pricing. en and only then is it time to explore expanding that business.
Ask – don’t tell
A er the customer con rms they value your existing businesses, sum-up with, “Sounds like we’re doing a reasonable job providing product ‘X’ for you. We’d love to do more business with you with product ‘Y’. What advice do you have on how we might move forward with this or would you rather we just dropped the whole thing?”
With this statement you’re asking them to either take a baby step forward or not. It’s a reasonable question to ask so that you can either advance the process or move on. Either way, it’s a more solid strategy than simply hoping that someday your best customers might drop you a few more crumbs.
The payo
e bonus with expanding your business with your whales is not only do you earn more of that customer’s wallet share; you also gain access to more customers like them. Whales a er all, congregate with other whales. at’s why I call them million dollar conversations.
Golf & Business, continued from Page 1
Even Ontario - with its golf courses closed by the provincial government during the third wave of COVID-19 - showed an increase of 6.8 per cent in 2021. e report indicated that when comparing the national numbers to pre-pandemic rounds played, the growth has been 27 per cent over 2019. e increase in rounds year over year is not exclusive to Canada. A National Golf Foundation report shows that rounds played in the United States as of the end of July were up 16.1 per cent over 2020. e golf apparel, footwear and accessories market in the U.S. is expected to grow by ve per cent annually to 2025, according to data rm Research and Markets. A similar dynamic is expected in Canada, with much of that growth attributed to new products and more female participants.
So participation in golf is back and stronger than it has been in recent times, and that’s fantastic news for our industry as we head into what is being anticipated as a great 2022 season!
From organizing and ful lling product for large scale corporate golf events, to helping small businesses with their summer golf giveaways for their clients, and everything in between: there is an abundance of opportunity that this perfect marriage provides our industry.
How to Maximize Your Golf Business
Much of what it takes to be successful in doing business on the golf course also translates into boosting your sales when servicing this niche sector. What better way to increase your book of promotional golf business than to take your clients out for a round or two to better get to know them, what they need and how you can better help service them? e classic “play a round of golf” networking technique has worked for decades and makes a lot of sense in business circles.
On the surface, golf is a game like many others, but in the professional world, many businesspeople and entrepreneurs not only play golf as a pastime, but also get a lot business done on the golf course. is can give you the opportunity to meet new clients and seal lucrative deals in a leisurely environment while enjoying this activity and building relationships.
It really doesn’t get much better than playing golf and closing business deals. Below are a few tips to help you maximize your business on the golf course:
1. Focus on relationships
is is rule #1, 2 and 3. e primary focus of your day at the golf course should be establishing rapport. Golf is a great place to build relationships, and business relationships are an essential part of the game.
When you play golf, you will have the opportunity to meet people of various backgrounds and disciplines, from doctors to lawyers, from business owners to real estate developers. is can be an excellent chance to make new contacts and create new business opportunities.
There is an abundance of opportunity that golf brings to our industry.
However, even with the proper etiquette and knowledge of the game, building and maintaining good relationships - especially with people you know you want to do business with - the idea of using the golf course as a place to do business can be a bit complicated.
Since you’re spending several hours with your potential business partners on the course, and possibly another hour or two over a meal, you should use your time wisely. Don’t force any business conversations but rather let them unfold naturally. Focus on fellow golfers and take a genuine interest in them. e business will come then, so do not stress yourself too much or don’t be overanxious; you have to remember to have fun! Keep the conversation light to take the pressure o and enjoy the game.
If you are there simply to discuss business, this will become obvious very quickly and it will probably kill any chance of building a real relationship with your prospects . In the end, it’s the relationships that matter. So, go out and build some good connections on the course, as in the business world; The primary focus of your day at the golf course should be establishing rapport. Golf is a great place to build relationships, and business relationships are an essential part of the game.
your bottom line will be better for it.
2. Be on time
is should go without saying, but you’d be shocked to know that punctuality is not a priority for many people. Punctuality is a great character trait to have in the business world. Not being accurate to meetings can demonstrate a disregard for other people’s time and an inability to prioritize.
Showing up on time - in business and on the course - is a non-negotiable. It shows that you respect other people’s time, that you are considerate, and that you are well organized. It also shows that you are serious about your business, as you are not taking it lightly. Most people who do business don’t realize that they are being judged by people who decide whether to do business with them or not.
Being punctual in golf is a good indicator of being reliable in business, where you also need to show up well prepared and be on time. Punctuality is a sign of respect and discipline.
Getting to the golf course on time allows you to get a good start on your game for the day. Use this opportunity to warm up, hit some practice shots and to get yourself into the zone. It is also a great chance to scout out the course. Take in the scenery, notice the pin placements, and take note of any sand traps or water hazards you may encounter. If you are playing with a group, it is a great time to get to know your playing partners. Try to arrive at least 30 minutes before your tee time to get the most out of your round.
3. Create a Lasting Memory
Given the industry we are in, playing golf with prospects in the perfect time to wow them with items they could use in their business and for their sta .
From impeccable apparel and headwear options, to unique golf giveaways, you should come armed and ready with your best promo items (from custom golf balls, tees, umbrellas,
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compact coolers, towels, et cetera) to remind and reinforce your prospects of all of the amazing and unique ways in which you can help better brand their business. It also shows that you believe in the products you are selling, which is vital to success.
If you have golf tees, or golf balls with your company’s name on them, give a few to your guests before or a er the round. is is a great way to really stand out and keep you or your company in the forefront of someone’s mind.
3. Play to Pace
It is ne if you’re not a good golfer, however it is not okay to be a slow golfer. If you are a new player playing with more experienced people, it’s a good idea to let them know and try not to stall the game. ey came out to the course to have a fun day, whether they make a deal or not. ere is nothing worse than waiting for a bad player who is searching for a ball, or taking 10 warm-up swings.
Any golfer who understands the game would rather have you play the proper tees than slow everyone down.
4. Honesty Above All Else
e game of golf is very telling. You can learn a lot about someone on the golf course. If you cheat in golf you will probably cheat in business.
If you have a rule question ask those around you. Make sure and count all your strokes. e person may be testing you if you take a drop or a stroke. Play honest and be honest and you can never go wrong.
Come armed and ready with your best items to remind and reinforce your prospects of all the amazing and unique ways in which you can better brand their business.
The opportunities golf provides when it comes to promotional products and corporate branding are virtually countless.
Remember, when you are out on the golf course it is not about the score, or who wins, rather it is all about how you are building and strengthening relationships for the future.
5. Understand golf etiquette
Golf is a game of etiquette and rules, and knowing how to abide by them and act responsibly is essential for an optimal round and for building lasting business relationships.
When you play golf, you should always practice a degree of etiquette because it is the right and polite thing to do. You should also look good and dress to code on the golf course, especially when you are representing your company.
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Here are some of the common etiquette rules you should heed: Fill your divots, x the green; take care of the course; don’t walk in someone’s line; if you have a question, ask - golfers love to help new golfers. What they don’t like is someone who just does what they want with no respect to the other golfers or the game. Some people take this very seriously, so take the time to learn about etiquette.
Showing an eagerness to learn and adopt etiquette is a good sign that you take yourself and your business seriously.
7. Easy on the Booze
Speaking of taking things seriously, although the point of business golf is moving the business from formal o ces and meetings to a more relaxed environment, you want to keep in mind that you are here primarily for business purposes, and not get too relaxed (you know, like six-beers-deep-too-relaxed).
Even though having a drink or two might be acceptable, especially if your partners are also enjoying a drink, you would do well to stay sharp and focused at all times.
Stay in control, be responsible and enjoy the day.
Bottom Line:
Golf is a great opportunity to build new relationships outside of the o ce, which can eventually lead to business deals. e golf course is one of the best places to do business, and it is also a place where you can take time to socialize with your business partners and acquaintances. e art of doing business on the golf course takes a bit of practice and is certainly not something to be taken lightly.
Some of the biggest business deals are made on the golf course. If you follow the rules above, you can stand out to your guests as a person of impeccable character...and who doesn’t want to do business with someone who ts that bill?
