What Can Your Company Learn From The Midterm Elections?

It’s hard to turn on the TV over the last 3 months and not see a political add. It does not matter which party you will vote for today, you have seen the ones you like and the ones you hate. Every business person should be at least aware of what is going on in DC because it could have a great impact on your business. But if the pundits and pollsters are correct, the GOP will make large gains in both the House and the Senate….. there is a lesson to be learned here….. What is it?

The lesson is that if you don’t listen to your customers and what they are telling you, you will be fired….or in this case voted out of office. So what are your customers telling you? If you don’t have a way of measuring or tracking what your customers want that you are fighting a losing battle. Mckinsey & Company has a great report and survey about what 1,200 financial contacts and business owners are saying,  you as a salesperson are doing wrong. And why it may cost you doing business with them again in the future.

Here is the key

“We found a big difference between what customers said was important and what actually drove their behavior. Customers insisted price and product aspects were the dominant factors that influenced their opinion of a supplier’s performance and, as a result, their purchasing decisions. Yet when we examined what actually determined how customers rated a vendor’s overall performance, the most important factors were product or service features and the overall sales experience. The upside of getting these two elements right is significant: a primary supplier seen as having a high-performing sales force can boost its share of a customer’s business by an average of 8 to 15 percentage points.”

And what was the two most destructive factors in destroying your credibility?

1. Failing to have adequate knowledge of the product or service

2. Contacting your customers/prospects to frequently

Sales managers…the first point is a wake up call to you. How can you send uneducated sales people out there? Either your knowledge is lacking as well, or you are not training enough.

The second point, well that in my opinion, is a balancing act. Only 3% in the survey said they were not contacted enough. What that means to me is that you need to know what’s enough. That is part of your job.

So don’t be like the dopes in Washington that are getting the boot. There is too much competition out there, you can’t afford to lose business. So, train your employees better and get balance with the amount of times you are cotacting your prospects/customers. If you don’t they will vote with their feet.                                                                                                                     

Picture Credit1

Credit2

Be Sociable, Share!

Tags: , , , , , ,

3 Responses to "What Can Your Company Learn From The Midterm Elections?"

  • Rae & Mark says:
  • Dennis Perry says: