To use an old advertising slogan, it really is ‘good to talk’.
When you receive the payment for the completion of a service or the sale of a product, does this signify the end of your relationship with that particular customer?
Do you file or save the information collected during the transaction solely for use by your accounts department or bookkeeper?
If you do this, you are also turning down the opportunity of starting a longer term relationship that will be more profitable to your business than the first transaction with the new client.
- Repeat customers spend 33% more than new customers.
- It costs five times more to sell something to a prospect than to sell that same thing to an
existing customer.
There may not be the same excitement in getting orders from existing customers, BUT this is where the real profits are made. There are many ways that you can unlock the value of your existing customer base, and in this article, I will explore some of those ways with you.
The information below will demonstrate how you can implement a few, straightforward steps to benefit your business. The only investment required from you in the first place will be your time.
Have You Told Your Customers About All the Services You Offer?
Firstly, search through the files you have saved both in your office and on your pc and make a list of all your customers, including current ones and those you have not been in touch with for two years. Next to each of these names list the products and services you have provided for them and any other information you think might be relevant i.e. dates, prices. Dates might be relevant because if you provide training services the qualification the customer gained might be due for renewal.
Once completed you should have two comprehensive lists of all your previous customers and the products and services you have provided.
Now go through your list of customers and against each one, ask yourself if they would benefit from any of the other products and services you provide.
If you are an accountant providing payroll services, do all of your clients with employees use or have at least been offered these services? Perhaps when you started working with some of your customers they were small one-man bands working from home only requiring your booking services, now they have grown in size and employ one or more employees.
Your customers know you and trust you. If you can offer additional services that will be of benefit to them, you will have a better conversion rate than if you were targeting new customers to sell to. Make sure your customers are aware of every service you provide that the ones they currently use.
Communicate With Your Customers and Gain Their Loyalty
You now need to tell them, highlighting the benefits. Select the customers you want to target and contact them via newsletter, email or phone remember to tell them about any special offers, new products or services that will be of benefit to them?
Communicating to your customers on a regular basis will add value to the service you already provide and develop a stronger relationship, and most importantly develop customer loyalty.
If you were to implement any of these actions your business will benefit and the return on investment will be significant.
Try it for yourself or if you would like to benefit from our marketing skills and experience, let’s talk.
