The Advisor’s Corner

Do You Have the Courage to “No Quote”?

September 14, 2015/in Extraordinary Customer/Client Service/by Tom Doescher

When I have reviewed client data regarding successful quotes on new business, I’ve generally found a very low hit rate. In reflecting on why this might be the case, it seems that often we (yes, I fall into this trap, too) like being busy, and preparing a proposal or bid feels good — like we’re accomplishing something. In fact, it’s probably a waste of time.

In The Challenger Sale, the authors (Matthew Dixson and Brent Adamson) stated that Challenger reps (their label for the most successful sales reps) continually assess the likelihood of closing the sale. If they assess a low probability of closing, they’re quick to cut the sales effort short and move on to the next opportunity.

In my observation, many companies don’t put a high value on time. I would suggest applying the old adage of “quality over quantity” related to new business.

What’s your success rate on new business quotes? If you were to spend more time on new business opportunities, where you would guess your success rate would be higher, rather than wasting your efforts on creating quotes for low-probability business, would you be better off?

Doescher Advisors Proverb: It is better to be profitable than busy.

Do You Know What Additive Manufacturing Is?

August 31, 2015/in Extraordinary Customer/Client Service/by Tom Doescher

Do you know what additive manufacturing is? Do you know what 3-D printing is? If you make things or buy things that are made, you should probably know. Everyone else can delete this post.

After reading an article titled “It’s Happening, and It Will Transform Your Operations and Strategy” in the Harvard Business Review’s May 2015 issue (I have read many other articles on the subject, but I would highly recommend reading this one), I had a conversation with a buddy who owns a small machining business. I asked, “Bruce, will additive manufacturing affect your business?” He replied, “Absolutely, eventually it will.” Then I asked, “What was the last technological change of this magnitude?” He replied, “CNC machines, which were first built in the 1940s, over 70 years ago.”

I think you get the point. Here are just a few excerpts from the HBR article:

In 2005 there were only 50 patents relating to additive manufacturing. By 2013, the number had grown to more than 600 worldwide.
In 2014, sales of industrial-grade 3-D printers in the U.S. were already one-third the volume of industrial automation and robotic sales.
The U.S. hearing aid industry converted to 100 percent additive manufacturing in fewer than 500 days.
GE Aviation has switched to printing the fuel nozzles of certain jet engines and expects to churn out more than 45,000 a year. The new technology allows a nozzle that used to be assembled from 20 separately cast parts to be fabricated in one piece, which will cut the cost of manufacturing by 75 percent.
In Iraq and Afghanistan, the U.S. military has been using drones from Aurora Flight Sciences, which prints the entire body of these unmanned aerial vehicles — some with wingspans of 132 feet — in one build.

So, do you make stuff? Do you buy stuff that is made?

Let me quote the article: “Smart business leaders aren’t waiting for all the details and eventualities to reveal themselves.”

Are You Easily Accessible to Your Clients/Customers?

August 17, 2015/in Extraordinary Customer/Client Service/by Tom Doescher

A survey cited in The Challenger Sale, by Matthew Dixson and Brent Adamson, reported that the second most important factor (95 percent) driving customer loyalty is accessibility. I have commented on this subject before, in my blog entitled “How Accessible Are You?“.

I believe too many businesses, both large and small, have substantially reduced their accessibility with technology that they hide behind. What does it “really” cost to have someone answer the phone during normal business hours?

Today, you can easily distinguish yourself by simply answering your phone or responding to an email in a prompt and timely fashion.

Have you performed an evaluation of your client/customer touchpoints? Have you talked to your key clients/customers about their experience with your company’s accessibility?

As I mentioned in my 2013 blog, I changed doctors due to the lack of accessibility. I can feel some of you pushing back right now. I know you’re busy, but what’s more important than being responsive to your clients/customers?

Do You Have the Courage to “No Quote”?

Do You Know What Additive Manufacturing Is?

Are You Easily Accessible to Your Clients/Customers?

Contact

Explore

SUBSCRIBE