Hunting vs. farming (acquisition vs loyalty) : How to manage the balance in your prospecting?
Before you can build an account, you have to turn it into a customer. Your focus must be solely on your prospecting actions. Understand the market, define positioning and fine tune the message. The sales representative can begin his prospecting work to open new accounts (acquisition) and expand the customer base of the company.
It’s quite often a very exciting, thrilling moment.
After this stage, we must remain vigilant about customer care. We enter the phase of loyalty. This is an action that may seem obvious and yet can easily be neglected by lack of visibility on a portfolio. It is crucial to be able to monitor all of your accounts in order to prioritize actions. Each client is different and requires a tailored-made follow-up.
The key is finding the right balance between energy put in the acquisition of customers and long-term management of existing accounts. Acquiring an account is expensive and losing a customer is easy. Remember: everything you do not do is done by competition!