cross selling web seminar 092409.ppt
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www.convergencecoaching.com
Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
www.convergencecoaching.com
Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Presented by:
Michelle Baca and Tamera LoerzelSeptember 24, 2009
Retention Marketing:Mining Gold in Your Own
Backyard
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www.convergencecoaching.com
Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Objectives
Deepen your relationships with your clients
Uncover opportunities within your current
client base Find ways to create more business for your
firm
Explore methods for tracking your client
prospect opportunities to increase youreffectiveness
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ConvergenceCoaching, LLC 2004-2009All rights reserved.
Poll #1
What is your role in your firm? Partner or Owner
Client Service Manager
Client Service Staff Firm Administrator
Marketing Manager, Marketing Coordinator orother dedicated marketing role
Other
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Cross-Selling Defined
Cross-selling additional services to yourclients includes:
A combination of marketing and selling activities
that result in the sale of other firm services orproducts to existing clients The process of matching firm services to unmet
client needs - it is not selling clients more stuff
Studies show that the more services a client
receives from your firm, the more likely youare to retain them as a client
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Begin By Deepening YourClient Relationships
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Why Focus on Client
Relationships? We want our clients to choose to stay with us
It costs more to attract a new client than to retain anexisting one and our competitors are hungry
We want our clients to use us for other services
They will when they feel were fantastic and theywont if they feel were just ok or worse
Clients talk about their experiences They are usually the #1 source of new business for a
CPA firm and they can also be our most significantsource of negative publicity if they arent satisfied
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Why Focus on Client
Relationships? Our lives are better when we do Our days are filled with positive interactions instead
of apologies
We make a bigger difference for others when we gothe extra mile
We feel better about ourselves it literally raises OURself-esteem
We can charge more for exceptional service whichtranslates to all of our bottom lines
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Be Proactive
Many clients say, I wish my CPAwould reach out to me just to check inand I wish my CPA would think
proactively and not just give me adviceafter-the-fact
Building your relationships with yourclients will give you the information to
respond to both of these frequent clientrequests
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Its hard to convince a client thatyou care about his or her business
when it is evident that you dontknow whats going on it.
David H. MaisterTrue Professionalism
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Gain Client Intelligence
During Meetings To further understand what issues yourclients are facing, conduct a surveyduring your meetings
It will position you as someone who caresand acts as an advisor rather than just atactical service provider
If you dont get to meet personally with
each client or talk over the phone,consider an online or paper survey forthem
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
www.convergencecoaching.com
Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Gain Client Intelligence
During Meetings When meeting with your clients, spend a few
minutes asking about:
Their issues and their plans for the upcoming year
Industry trends, cycles, politics, opportunities Read their trade journals and attend their conferences or
events (its a great place to network, too!)
What keeps them up at night?
Do you know what their top challenges are theeconomy, managing costs, employee turnover,generating additional top-line revenue, etc.?
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Saying No
Sometimes, we have to say no to a client Due to resource or timing constraints
What theyre requesting is not a service you provide or anarea of expertise
Be prepared so you can say no and still add value byproviding alternatives: Introduce your client to an alliance
Make suggestions about other ways they could solve a
problem or meet their objectives Show them what they could do internally to address the
issue
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Gain Client Intelligence
During Meetings Be genuinely interested Remember what they tell you, which will require
that you have a process in place to do so
To ensure your understanding of the clientsobjectives, you need to apply active listeningtechniques Use phrases such as I see and I understand Confirm understanding by stating what you heard
back to them Put your understanding in writing!
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Gain Client Intelligence
During Meetings Each client owner can conduct a short survey and we will supply a sample during yourupcoming client meetings that can:
Enable you to update constant data (be sure tocapture email addresses!) Provide you information about the clients
existing situation Give you an opportunity to ask questions about
potential plans or needs for the upcoming yearand identify potential interest in additionalservices
Gather satisfaction feedback
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Follow-Up
Be sure to put a process in place tofollow up on the information gained
from meetings and surveys Prioritize any uncovered opportunities
Track outcomes and ensure each
opportunity is acted upon Identify owners and by-when dates forfollow-up on surveys and add them toyour pipeline
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Internal Networking to Uncover
Cross-Selling Opportunities
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Poll #2
Do you have a formal cross-sellingprocess in your firm that all client
owners participate in? Yes
No
Not sure
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Cross-Selling
Success Strategies Soliciting client feedback is the perfect time touncover new opportunities to serve clients It requires that you foster a sales and marketing
culture that values business development and theexpansion of services provided to existing clients
This is often viewed as not necessary because of theannuity nature of the accounting profession
Make a commitment to internal trust-building
the client service owners must be comfortableenough with each other to make the introductions
Develop a formal process on how to refer, qualifyor move forward referrals in the process
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Internal Networking
Spend time on internal relationships
Meet with other client owners to discuss potentialmethods for cross selling and identify
opportunities client by client Check in on a regular basis schedule follow-up
meetings to determine progress
Ask for the referrals
Provide regular and proactive status on the progress ofany shared engagements to build trust and confidence
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Internal Networking
Present at departmental meetings Involve yourself in firm social functions and
community activities
Meet with each client owner to complete anin-depth analysis of the potential upsidewith each client Start with the top 20% of your clients What more can you do for each client that will
make a bigger difference?
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Internal Networking
Complete a Cross-Selling Matrix using datafrom your internal databases and informationfrom client owners
One person on your team may be able to populatethe initial spreadsheet
You may want a separate spreadsheet for eachpartner or manager
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Cross-Selling Matrix
Client Name FS Auditsand
ReviewsInternal
Control
Doc/Report
TaxCompliance Multi-StateLocal Tax
Planning
InternationalTax Planning CostSegregation EstatePlanning
Client ABC
Client BCD
Client CDE
Client DEF
Client EFG
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Cross-SellingSales Activities
Mark those services the client is using inblack
Those that they are not a candidate for inred
Those they may be a candidate for in thefuture in yellow
Those that they may be a candidate for now
in green
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Cross-SellingSales Activities Establish a plan to reach out to each of the
clients (over time) with green in their row and the client services owner should dictate
the approach A personal introduction or meeting from theclient service owner is ideal
Invite your client to meet (sound familiar?) withboth client service owners to explore how a
particular service could assist them in achievingtheir objectives or solve or minimize a problem Track the last contact date in the spreadsheet
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Cross-SellingSales Activities
Enter those clients who are qualified tothen be prospects for those services
into a sales pipeline Manage them as you would any other
prospect opportunity methodically!
More on this later
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Conduct InternalEducation
Make a commitment to intense ongoinginternal education of firm services and theideal target client for each at all levels within
the firm Demonstrate how you can integrate your firm
services work to add value to existing clientsversus just sell them something else
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Define YourClient Opportunities Consider creating a short profile on the
demographics of your ideal clients for eachservice and two or three questions a memberof your team could ask to identify otheropportunities We recommend you do this for each of the types
of clients you serve Hold a lunch-and-learn for each of your client
types to teach your team who they are, how toidentify them, and the difference youre makingfor them
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Teach Your Teamthe Benefits Teach each of your client owners about the
benefits of surveying their clients Be sure to include WIIFM for why they should
take the few minutes to do it now, including: Increased client satisfaction and retention to help
maintain their client base Uncovering opportunities to follow up on during the
slower months evening out revenue streams and theirclient workload
Shorter cycles and less effort in selling new serviceopportunities to existing clients versus selling services tostrangers to the firm
If they dont someone else will especially in thismarket!
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
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Copyright ConvergenceCoaching, LLC 2001-2009All rights reserved.
Role Play
Share the survey with your team and have theminput to it for each type of client they have They can help generate the two or three questions that
should be asked to uncover specific service opportunities
Take the time to role play and practice having themask the questions Sometimes people feel that asking these questions is
awkward or out of context in their meetings Even more so if they are just calling proactively to learn more
about their clients without the engagement meeting as a reason They need to practice to understand how its a natural
evolution to their meeting or phone conversation It will become second nature!
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External Existing ClientMarketing Activities
Then, develop communications plans toeducate existing clients about the firmsproducts and services
Include client profile/success stories innewsletters, web, etc.
Send letters, e-mail or other outboundcommunications featuring a particular service
Client executive briefings targeted to specificclient industries or other specialty interest groups
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External Existing ClientMarketing Activities
Follow up with teleprospecting it willgenerate leads from your other marketingactivities
You can use any direct mail or e-marketingactivities as a lead in for the call
Teleprospecting fills seminar seats, too
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Track Your Client Opportunities
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Sales Process Basics
All client prospects should be treated like you treat
your new prospects
Enter your client prospects into your pipeline
You can capture information you learn about your
clients from your survey, client meetings or other
marketing activities here to help you remember
Meet regularly to review your client prospects atleast monthly- and move them forward in the salesprocess
If youre holding regular pipeline meetings,include your current client opportunities, too
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Track Your Activity
Track and report on your activities, including:
The client owner
Rating using a percentage probability, stage in the
sales process or simple A, B, and C rating
Your contacts names and contact info
The next follow up date and last follow up date for
each contact Next follow up action Any results that come via that contact Result to close the opportunity win/loss analysis
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Sales Pipeline
ConvergenceCoaching, LLC
Sample Pipeline
Owner Prospect
Co.
Contact
Name
Lead
Source
Primary
Interest
Last
Date of
Contact
Next
Follow-
Up Date
Next
Follow
Up action
Approx.
Services
Value
Close
Proba-
bility
Est.
Close
Date
If Deal
Lost,
Why?
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Next Steps
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Poll #3
What one thing will you commit to do out of thisweb seminar? Define the services that you can offer to each of your firms
client types
Hold lunch-and-learns or other firm meetings to educateyour team about your clients and services Conduct a simple survey during each client meeting over
the next several months and following up thereafter Undertake completion of the Cross-Selling Matrix and
introducing each other to the appropriate clients
Begin using a pipeline report to track client prospectopportunities Other?
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Thank You!
Contact us at anytime!
Tamera Loerzel(952) 226-1780
Tamera@convergencecoaching.comhttp://www.linkedin.com/in/tameraloerzel
Michelle Baca(402) 933-2900
Michelle@convergencecoaching.com
http://www.linkedin.com/in/michellebacaprofile
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Resources
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ConvergenceCoachingResources
ConvergenceCoachings web siteincludes articles and tools on these
topics www.convergencecoaching.com
Visit our blog for posts on various
marketing and sales topics at: http://blog.convergencecoaching.com
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Resources
AICPA Marketing Toolkit
www.aicpa.org/cpamarketing
Association for Accounting Marketing
www.accountingmarketing.org
American Marketing Association
www.marketingpower.com
eMAP - the electronic MAP Handbook www.cpa2biz.com
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Resources
Built to Last - Successful Habits of VisionaryCompanies by James C. Collins and Jerry I. Porras(HarperBusiness, 2002)
Clients for Life: How Great Professionals Develop
Breakthrough Relationships by Jagdish Sheth andAndrew Sobel (Simon and Schuster, 2000) Contemporary Marketingby Louis Boone and David
Kurtz (South-Western College Publishing, 2004) Consultative Selling The Hanan Formula for High-
Margin Sales at High Levelsby Mack Hanan Good to Great by Jim Collins (HarperBusiness, 2001) Management by Bartol & Martin (McGraw-Hill 1994)
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Resources
Marketing Management by Peter Dickson (South-Western College Publishing, 1996)
PartnerShift: How to Profit from the Partnering Trendby Ed Rigsbee, CSP (Wiley, 2000)
Practitioner Making Rain: The Secrets of BuildingLifelong Client Loyaltyby Andrew Sobel (Wiley, 2003)
Rain-Making: The Professionals Guide to AttractingNew Clients by Ford Harding (Adams MediaCorporation, 1994)
Secrets of Closing the Sale by Zig Ziglar (tapes) Selling the Invisible by Harry Beckwith
Solution Selling by Michael Bosworth
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Resources
Solution Selling Creating Buyers in DifficultMarketsby Michael Bosworth
Swim with the Sharks by Harvey Mackay
The Art of Partneringby Ed Rigsbee, CSP(Kendall/Hunt, 1994)
The Discipline of Market Leaders by MichaelTreacy and Fred Wiersema (Perseus BooksGroup, 1997)
True Professionalism: The Courage to CareAbout Your People, Your Clients, and YourCareerby David Maister (Free Press, 2000)
Ziglar on Sellingby Zig Ziglar
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