Here s a great example: In one of his first jobs Michael sold a sales training programme called KISS - Keep it Simple Salesman. Michael sold this programme to companies with a number of salespeople and found that he was getting three people saying yes for every five sales presentations that he made. Michael would do about three appointments a day. He hated cold calling so he would phone people, qualify them and make an appointment to show them the programme. Then Michael fell in love with a brand new Mercedes 280SL sports car and knew that he had to own one. He quickly realised he needed to make at least 10 sales presentations a day to get his sales target and buy the Mercedes.
So a WOMBAT is a satisfied customer who replicates another satisfied customer. A WOMBAT is also a customer who is so satisfied about your offer or your business communication that they pass it on to those in their business or social network. How valuable are WOMBATS to a business? Michael and his team have done a lot of research in this area and they have uncovered some startling figures about the value of WOMBATS. First of all WOMBATS are 45 per cent less costly for you to acquire. (So this makes sales to WOMBATS a lot more profitable.) WOMBATS are also 28 per cent less price-sensitive. (So you are less likely to need to offer costly discounts to get them to spend money with you.)
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