Increase customer base in tough time, says Sanjay Singh

Source: The Hitavada      Date: 06 Nov 2017 09:47:11


 

Business Bureau,

Marketing Forum of Vidarbha Industries Association (VIA) organised a seminar on ‘Double your business in difficult times” here in the city. Sanjay Singh, Founder of Strategic Concepts (India) Pvt. Limited was the key note speaker.
On the occasion, Singh highlighted that the algorithm of doubling a business follows a very mathematical logic.
“It is imperative for all Small and Medium Enterprises (SME) to understand this algorithm, especially in difficult times when external business environment does not seem to be catalyzing organic growth,” he said.


He further added that all new customer acquisition rests on the basic effort to be able to maintain a ‘MNOC’ (minimum numbers of calls per day) quotient for any sales team.
The sales preparedness of the organisation, the ability of a sales organisation to close deals everyday as if it were the year ending and start everyday as if it was the first day in business sums up the ethos of a sales organisation.


“We are talking about an organisation, which treats its salespersons as brave soldiers who actually venture into enemy territory to acquire customers for the growth of our company,” he said.


Singh said that, if one has to hypothetically double his business, there are only two possible logical ways to do it. “One by doubling the billing value of existing customers or by doubling the number of existing customers by adding new customers,” he said.


While going into the technical details of the concept, he explained that in order to double the billing value of existing customers it is very important to understand the marketing concepts of Average Basket Value (ABV), Average Basket Size (ABS), Stickiness of customers, Lapsation of Customers, the phenomenon of ‘Basket Migration’ of customers and RFM (Recency, Frequency, Monetary Value) of customers.


He gave various examples to substantiate his point.
Singh also spoke on the ways to increase the customer base by using prospecting triangle, reference selling, cross selling, tele calling, email broadcast, Whatsapp broadcast, etc. He also highlighted the advantage of effective handling of complains.


Singh further elaborated on the difference between cross selling and up selling. He said that consistency is the key, i.e. everyday is the key word for maximizing customer base.  He said that in India there are lot of opportunities for selling product but one needs to work everyday to generate leads, follow up, retain customers and achieve one’s sales target.


At the outset, Suhas Buddhe, Secretary of VIA welcomed Sanjay Singh with floral bouquet. Opening remarks were given by Shilpa Agrawal, Chairperson, VIA Marketing Forum. The speaker was introduced by Shikha Khare, Convener, Marketing Forum while the vote of thanks was proposed by Dr Hetal Gaglani, Co-Convener, VIA Marketing Forum. Akash Agrawal, Chairpman, Entrepreneurship Forum was also present on the occasion.


The programme received overwhelming response from the participants and was attended by young entrepreneurs, students, businessman, retailers, industrialists and memebers of VIA in large numbers.