"We shape our buildings; thereafter they shape us." This quote by Winston Churchill articulates the symbiotic relationship between people and place. Whether it's your home or your business, a building becomes part of your identity, and your identity becomes ingrained in that building. This sentiment is even more relevant today, as the construction industry regains its footing, and new construction is again on the rise. Last year alone, new construction figures topped $698 billion, the highest in more than five years. The remodeling and renovation numbers were equally impressive. Now that the industry is growing again, product demand is growing. Do your product sales reflect that same level of growth? Are your sales and marketing programs working in sync to reach your distribution channels?
Even more importantly, is there more you could be doing to secure a larger market share? Chances are there is at least one area in which you could improve, as shown by the results of an Accenture study entitled "Top-Five Focus Areas for Improving Sales Effectiveness Initiatives," which highlights challenges and potential solutions within both the sales and lifecycle management processes.
We've seen that in today's fast-paced, digital world, there is no such thing as business as usual. Organizations can't go to market the way they did five years ago. By the time buyers meet sales representatives, they are often more than halfway through the buying process. This means other influences, such as marketing and customer service, play a significant role in moving prospects towards a purchase decision. It is more critical now than ever before to make sure that customers are being communicated with at all levels of the sales process - from pre-sales marketing, to the sale itself, to the follow up and customer service post-sale.
Data from the Accenture study shows that the likelihood of customers to switch providers is up between 3% and 8%, depending on the industry. Customer loyalty is eroding, with technology increasing the ability to use multiple vendors and decreasing the need to give or receive referrals. With customers leaving faster than ever before, utilizing marketing, sales and customer service to reduce attrition has never been more important. We have observed that it takes significantly fewer resources to keep a customer than it does to win a new one, making constant communication, marketing and customer service essential to growing sales efficiently.
Communication itself is changing as well. While consistency is important, effective marketing also ensures a customized experience. This study suggests asking customers how they prefer to communicate (i.e face-to-face, by phone or digitally) and following through with a consistent experience that mirrors that preference. Coupling that knowledge with the use of other analytics to fully understand a customer's habits, needs and propensity to purchase allows for data-driven decision making and marketing that can more cost-effectively grow sales.
For over 25 years, Modern Marketing Concepts has been partnering with some of the top building product manufacturers, dealers and distributors to help them realize their revenue targets. We are a leading global sales optimization company that understands our industry's multi-step distribution system and how to leverage data to grow revenue, improve retention, and increase reach – all while reducing overall cost of sale.
Contact Us and learn how Modern Marketing Concepts can optimize the entire sales lifecycle and grow revenue for your business.
Accenture. "Top-Five Focus Areas for Improving Sales Effectiveness Initiatives." (2013): Accenture.com. Web. 19 Feb. 2015