Don’t underestimate what’s in front of you

Here’s a funny thing I’ve noticed working with lots of B2B companies over 20+ years in the industry …

The majority of their sales activity and marketing content tends to be focused on new customers.

White Space – Blue Sky – Green Fields (Why is it always a colour?)

Don’t get me wrong, I understand the value of new customers and the need for organic growth, but I think sometimes we overestimate their importance and underestimate what’s right in front of us.

Let’s quickly compare …

New vs existing:

• Long sales cycle vs shorter sales cycle
• Often competitive vs rarely competitive
• Higher cost of sales vs lower cost of sales
• Highly price sensitive vs lower price sensitivity
• Lower conversion rate due to number of variables vs high conversion rate
• Trust must be earned vs trust exists.

I know this list represents a huge simplification of a complex issue, but the fact remains …There are so many opportunities with current customers to build in:

• Repeat business trigger events
• To harness the power of referrals and warm intros
• To expand the existing footprint into other departments
• To increase mindshare and wallet share.

In the relentless pursuit of ‘Net New’ prospects, don’t overlook what’s right in front of you.

Cian McLoughlin is the Amazon #1 bestselling author of Rebirth of the Salesman, a regular keynote speaker at sales kick-off’s around the world and one of the Top 50 Sales bloggers in the world for the past 2 years. He is a passionate proponent of an ethical, honest and authentic approach to sales. His company, Trinity Perspectives, is committed to helping sales organizations unlock the latent potential of their customers’ insights with their Win Loss Analysis and Sales Transformation services. To read more of Cian’s sales articles visit www.trinityperspectives.com.au/blog