Let me share a painful lesson that I, Anand Prakash, learnt early in my career.
I was working at Sterling Copper, hitting my targets, closing deals like a champion-but something strange was happening. My sales would spike for a month, then plummet the next. It was like riding a roller coaster blindfolded.
One day, my mentor pulled me aside and asked, “Anand, when was the last time you called a customer after selling to them?”
I stared blankly. “Why would I call them?” All the sales formalities are over.
He laughed, not unkindly. “That’s why you’re struggling. You’re treating customers like one-night stands instead of marriages.”
Crude? Perhaps. But it was the wake-up call I needed.
In this industry, a transaction isn’t just an exchange of goods or services. It’s the beginning of a relationship. Think about it: would you rather walk into a store where the salesperson greets you by name and remembers your preferences, or one where you’re treated like a walking wallet? The personal connection makes all the difference.
The hard numbers back this up. Acquiring a new customer costs five to seven times more than retaining an existing one. Research from Bain & Company shows that increasing customer retention by just 5% can boost profits by a minimum 25%. And...Read more
