Why Wallet Share Should Top Your 2010 Agenda

Introduction

You have spent countless hours developing an opportunity into an actual client. When you first started pursuing them, you entered a number into your salesforce automation software as to its expected revenue. But now they are a client, and you have settled into a comfortable pattern of serving them. You have a significant amount of business with this client, but you aren’t exclusive. You aren’t getting anywhere near your original revenue projection. You’ve moved on to pursuing new clients.

But not so fast! Don’t overlook these clients as a way to improve your 2010 sales.

Five Reasons Wallet Share Is Easy

1. The relationships already exist

Developing solid business relationships takes time. Lots of it. As you scroll down your prospect list, notice how many of them still require the basic development of a relationship that will produce a chance for you to create value for them in 2010. Some of them may not even have a reliable contact name. Yes, you are still going to have to call on all of them.

The difference with existing clients is that these relationships already exist; they are not a prospect, they are a client. And these well-developed relationships provide leverage.

Note: It is more than likely that you have a contractual relationship here as well. Think about the time it takes to go from prospect to contract. Think about the time it sits in legal. Or on someone’s desk. Think about what that contract is worth as it pertains to your time.

2. You have access to individuals within the company

You have something with these clients that you don’t have with some of your prospects; you have access to individuals within the company. To create the kind of value necessary to winning a client, you need access to the individuals with the company. As all of our markets are more crowded, their attention is a premium. You still have to find a way to command the attention of these prospects, but let’s look at the difference with existing clients.

You have access to all the necessary individuals within your existing clients. This is the same group of people who felt strongly enough about you and your offering to choose you. You are not a salesperson anymore; you are their partner (Maybe if you have really low wallet share, you are a vendor. But that is still a step up from nothing). As such, you can easily secure appointments with the decision-makers, decision-influencers, and stakeholders within your client companies.

3. You have access to information

This access to individuals within the client company can be leveraged to gain access to information. What are the client’s 2010 initiatives? What new markets are they entering? In what areas could you and your company make a difference for them? In what areas is there a problem or challenge that you may be able to help them with in the future?

4. You already know how to serve the client

With every new client, there is a learning curve. Getting through this curve is where a lot of the value you bring can be generated, but that is a subject for another post. Because you already know how to serve them, you can eliminate much of that learning curve. You know their preferences, their corporate culture, and their idiosyncrasies.  All of this can be leveraged to allow you to create more value for the client faster than a competitor, and without them having to get through a learning curve.

5. Some of your clients have a greater potential wallet share increase than the value of a some of your prospects

Here is the rub. Some of these existing clients have more potential in a wallet share improvement than some of your prospects have were you to win them exclusively. Instead of spending your time and energy on that small, transactional deal, spend time capturing the difference between your client’s current spend and what they actually spend on your category.

How To:

You know how to increase your wallet share!

Treat them like a prospect again

Remember how you treated this client when it was a prospect? Remember how you worked the relationships within the company to uncover every resource you would need to convert them to a client? Remember how you dug deep to find all of the dissatisfaction so that you could create a massive improvement for all of the stakeholders within the company? Remember how you worked you team to go the extra mile in developing that solution that would knock their socks off and knock your competitors out of the game?

Do that!

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