Protect and Renew Core Selling and Market Activities

The ultimate goal of the integrated multichannel selling strategy is to develop an innovative selling model—a competitive advantage—that will deliver increased revenue, greater market share, and undivided customer loyalty at a much higher profitability. This requires out-of-the-box thinking and resources to execute plans. As an established business, however, you cannot blindly go out in search of blue oceans. Furthermore, we are involved in a worldwide economic crisis and prolonged recession looms in our future. That is why it is important to focus on the core business i.e., your installed customer base. A strong, growing, profitable installed customer base will generate the entrepreneurial capital required to survive this slow economy and for future ventures into uncharted territories: whole new markets, completely new products, or both. Because:

• Loyal customers will continue to spend with you

• Loyal customers will help acquire new customers

Whether you are a fan of the Yankees or the Red Sox, you know the best way to protect and win the middle game is through singles and doubles. Protecting and renewing your core business is also like a middle game, where you concentrate on hitting singles and doubles i.e., cross-selling, up-selling, increasing customer loyalty, etc. This is not as sexy as a home run—new innovative products, uncharted markets, etc.—but a strong mindset to increase revenue through singles and doubles prepares a business to take advantage of the right opportunities as they come along. Ram Charan—adviser to top CEOs of the world, noted author, and Man of Mystery, as Fast Company calls him—writes about this in his book, Profitable Growth is Everyone’s Business:

“While home runs provide the opportunity for a quantum increase in the growth trajectory, they are unpredictable and don't happen all the time. Singles and doubles, however, can happen every day of the year. They result from a determined, day-in and day-out improvement in the activities and social processes of a company; they form the drivers of profitable revenue growth.”

Therefore, the second order of  business, after identifying risks and opportunities in the baseline process, is to put in place a process to cultivate more revenue from your existing customer base by enhancing its continued experience with your offerings. This is a continuous process, so at this point divide your sales team in two groups. One group, the Client Advocate Group (CAG), should focus on making minor adjustments in your current selling tactics based on the findings in the baseline process while fine-tuning its behaviors for long-term goals. The second group should be responsible for developing and implementing new innovative integrated multichannel selling models that will lower selling costs and position you to gain a higher market share and greater revenue. Let’s see how the CAG will achieve its objectives.

Related:

• Table of Content
• Red Queen Effect – An Introduction
  
• The Billionaire Code
  • Secret of World Class Companies
    
  • Impact of Using Secrets of World Class Companies
    
• Cracking the Code
  
  • Customer Experience
    
  • Customer Engagement Channels
    
  • From Multiple Channels to Integrated Multichannel Selling
    
  • Benefits of Integrated Multichannel Selling Models
    
  • Customer Relationship Lifecycle
  • Integrated Multichannel Selling Models
    
    • Reduced Costs
      
    • Improved margins
      
    • Broader market coverage
    • Rapid revenue growth
      
  • In Conclusion
    
• Implementation Plan
  • Renovation or Innovation?
    
  • Implementation Process
  • Baseline current go-to-market activities