First Year Voluntary Termination Rate

Category: Sales.

This metric is tightly connected with the one referring to customer acquisition. You probably already know that, when trying to gain more customers that would buy your service/ product, you first have to identify any potential customers.

Obviously, only identifying them does not help at all – you also have to interact with them and give them more details about what your business is about or about your products or services.
Naturally, one of the first and most important steps to do so is to contact any potential new customers. This can be done in multiple ways, such as sending them an e-mail containing the description of your business/ service/ product, maybe an advertisement, or even a call if they have previously been in contact with your business.

The Basics of Potential New Clients Contacted

The sales team and the sales manager usually make use of this metric, as it helps them know the number of people that can potentially return to the website/ store and make a purchase.

If the number of potential new clients that have been contacted is big, then the sales manager could propose a marketing strategy that will persuade the potential customers to actually buy one of the products/ services your business has for sale.

But, of course, the most important part is what happens after you identify your potential customers. You have to approach them accordingly and give them the information they need – rather than telling them they should buy the product you should tell them why they need your product or service.

Approaching Potential New Clients

When contacting potential new clients, you have to make sure that you approach them accordingly. For example, let’s say that your business hosts an event – every person in the room is one potential customer.
Therefore, if someone shows increased interest in your product/ service, you shouldn’t just brush them off and tell them to give you their e-mail or number so that you can contact them later. Instead, you should give them details about your product/ service right on the spot.

Of course, this is not always possible – most of the times, you will have to rely on e-mails or calls. When it comes to these, the marketing team should come up with a strategy of approaching potential customers.
If the potential customers are contacted via e-mail, then the latter should offer them just the information they need in order to make a purchase. When it comes to calls, the call center team must know how to approach a potential customer and change its replies depending on the customer’s answers.

The Bottom Line

Obviously, the first step is to actually contact as many potential customers as possible. If five or ten people deny your offer, you don’t have to give up. Any previously identified potential new client should be contacted and dealt with, so to say.

Remember that, after a successful contact with a potential customer, your profit/ revenue will increase, and they will most likely tell their acquaintances about your business as well. In the end, it’s all about building and maintaining a healthy relationship with your customers and potential customers, as well.

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