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There are 2 key statistics that make this framework exponentially more valuable than any type of prospecting you could do:
Sales within existing accounts are 70% cheaper to acquire.
Sales cycles with existing accounts typically take 30% less time.
This framework is a cheat code for prospecting!
If you don’t have a specific plan to bring in sales, you won’t get the kind of results you want.
This is an exercise of just 5 steps that you should make a practice of doing quarterly:
Map out every single opportunity that you have with every account – cross sell, upsell, renew.
Quantify that opportunity – get specific and itemize all the solutions.
Put your opportunities in a spreadsheet by date of when you could close that deal.
Sort the spreadsheet by the value of the deal, from largest to smallest.
Now executes a strategy on the opportunities that are the most valuable.
Most people will find that 80% of their results could come from 20% of their accounts.
If you have this as a separate metric that you focus on and track, it will explode your sales.
Many sales reps will never implement this kind of strategy on a regular basis, but those that do will rise to the top of their organizations.
The bonus that this strategy gives you is that you are now nurturing relationships with your existing clients, so by doing this you get the added benefit of getting referrals from those clients.
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