Maximizing revenue growth: Finding new opportunities within existing accounts.

Sep 10, 2023 |

Insights |

Views: 372 |

Reading Time:

Let’s start with some statistics.

Did you know that retaining existing customers is 6 to 7 times less expensive than acquiring new ones? (Source: Bain & Company)
Repeat customers, on average, spend 67% more (Source: Bain & Company)
60% of companies believe they should be generating 25% or more revenue from strategic accounts (Source: RAIN Group)When it comes to increasing sales and maximizing profits, it is beneficial to focus on growing existing customer accounts. While lead generation and gaining new customers are important, increasing revenue from those who already know and appreciate your business is often an easier and better marketing strategy than looking for new customers.
By initiating conversations about upselling or cross-selling with existing customers, you can leverage their loyalty and satisfaction to benefit your business.

Here’s how you can increase your revenue from your existing client base:

1. Customer loyalty programs

Repeat customers are your bread and butter. To keep your customers returning, reward them with freebies or incentives. Most businesses provide loyalty cards to their most valued customers. This helps create a positive buzz for your business and increases customer satisfaction.

2. Offer financial incentives for booking extra work

This is a good approach to getting more work from your existing clients. Whenever you complete a project with a client, offer them financial incentives such as discounts the next time they assign you additional work within a given time period. For example, you can offer your clients 10% discounts for any additional work if they hire you within a month.

3. Select profitable accounts

Not all of your accounts have the same growth or profit potential. Select customers with stronger relationships with your company, operate in specific industries or locations, and are receptive to new ideas, as these clients have greater growth potential. In addition, ask your clients if they’re interested in establishing a deeper strategic relationship with your company, as this can help you identify the right customers that offer greater value to your business.

4. Be proactive

It’s not uncommon to see how companies have lost some of their most loyal customers to competitors even if they could provide them with the same products and services. This happens either because the customer forgot the company and didn’t know the company provided the products and services.

You can minimize this by proactively marketing your products and services to your existing clients and reemphasizing your company’s capabilities to meet their needs. But don’t go overboard by sending them unsolicited pitches.

Rather, focus on building strong customer relationships by providing valuable insights and ideas. This way, customers will consider you over your competitors whenever they want a product or service.

Businesses heavily rely on referrals to acquire new clients. Therefore, Leverage your relationships with your existing clients to make new ones.

5. Be knowledgeable of all products and services you offer

It’s highly unlikely that everyone in your sales team knows everything about your company’s products and services. Consequently, there may be situations where they may not be able to address all the customer queries or identify what a customer wants for a specific problem.

Besides, we also think having in-depth knowledge about the company’s products or services is unnecessary.

What’s more important is how to ask the right questions and single out the triggers that can help identify the customer’s needs and how your company can solve them. Once you’ve done this, you can refer an expert from your sales team who can provide more context to customer queries.

6. Address customers’ unmet needs

To generate more revenue from your existing accounts, you need to have conversations with your existing clients and encourage them to discuss their needs. This will help you better understand their unmet needs and anticipate how you can offer more value. Moreover, this approach helps you gain insights into your products and services, which is essential for developing new products and improving the existing product and services.

7. Share useful and engaging content regularly

Publishing new content, updating existing content on your website, and sharing it all on your social media channels is effective in gaining leads and converting them into paying customers. Once you’ve gained a sizable amount of new clients, it’s important to nurture them.

Utilize email marketing to share useful and informative content with your customers. For instance, you can produce educational articles related to your industry or provide helpful tips on how they can use your products and services. This help build trust and increases customer satisfaction, making them more likely to be repeat customers.

8. Run targeted upselling or cross-selling offers

Upselling or cross-selling to your existing customers by running targeted promotional campaigns can effectively generate more revenue. Instead of just offering discounts, be thoughtful and include new versions of popular items or items complementary to what they already like. For instance, you could pair a premium plug-in for the software they purchased.

9. Respond to user feedback

We already mentioned that new customer acquisition is expensive and time–consuming. Build rapport with your existing clientele who are familiar with your brand and have interacted with it. Set up channels to get feedback from your existing clients, such as customer surveys or data analysis. Ask them why they chose your brand, the value it provides, and if there is anything to improve. Analyze the feedback from these questions to identify areas of improvement and make the necessary changes.

10. Offer great customer service

Finally, offering great customer service is essential to satisfy customers and consistently generate revenue. Ensure your customer support team is proactive and responsive when addressing customer queries. Ensuring that all customer complaints are responded to promptly and addressed appropriately is also critical. Investing in customer service will help build loyalty and ensure customers don’t switch to competitors.

Conclusion

It’s important to acquire new customers, but it’s always easy to reconnect with our existing customers or revitalize our existing accounts with high potential growth potential to maximize revenue. By utilizing the strategies above, you will see a revenue boost and find new growth opportunities.

Latest from Our Blog

Reducing development costs with React JS.

Sep 25, 2023 | Insights

In this discussion, we will explore the advantages of using React.js development for your project and how it can effectively reduce development time and overall costs.

Creating a new website or web app involves a multifaceted process that requires collaboration between you and the development agency. Before embarking on the project, careful consideration of main features, customer requirements, preferred technology, budget constraints, desired timeline, and future maintenance expenses is essential.

While new app development may be a substantial investment, it often proves to be highly lucrative, especially given the widespread use of web and mobile applications by customers on a daily basis. Nonetheless, there are strategies to optimize the process and make it more cost-effective.

Navigating the complex world of data science: Insights and strategies for businesses.

Sep 4, 2023 | Insights

We live in a data-driven world where data science is fast becoming the most sought-after skill by Businesses. From startups to Fortune 500 companies, businesses are increasingly harnessing the power of data science to optimize processes, manage inventory management, and gain better insights into customer behavior to increase their profits.

A guide to Angular project structure.

Aug 27, 2023 | Tech

Angular is a highly popular open-source framework renowned for its ability to build dynamic and scalable web applications. With a comprehensive set of tools and features, Angular simplifies the development process, making it easier for developers to create powerful applications.

Our new HQ makes it to the #1 daily newspaper of the country Prothom Alo!

Aug 24, 2023 | Media

Watch the second episode of our podcast series THE SPRINT if you want to:

a) Do business with Nordic companies
b) Start an AI startup
c) Know more about the global trends on AI

We cannot agree more with Faisal Amin (CTO, Uspy) as he nudges our perceptions saying,

“When starting an AI-based business, prioritize building a solid business foundation. This means creating something valuable that people are willing to pay for, whether or not AI is involved.”

#AsthaIT #THESPRINT #Podcast #Upsy #AI #Nordic

The rise of cybersecurity: Protecting your business from cyber threats.

Aug 21, 2023 | Insights

Think for a minute- what is your business? First, the answer might sound so simple like running a marketing agency that runs trend analysis and brings out the best content, or perhaps, a highly corporate tech firm developing sophisticated software and all the cool stuff. However, a deep realization will show that your business is mostly “data”.
Those trend analysis scripts, spreadsheets over spreadsheets of numbers, your strategy reports, financial documents, electronic records of employees, and software source codes – all of them are data. Now what happens when your data gets stolen and used against you? Your business was booming only yesterday but overnight your data got breached and now you are facing trials as your clients have sued you for the exposed information. Trust us this is not a rare sight at all and also a genuine reminder of why cybersecurity is a must for your business.
There are a lot of misconceptions regarding the concept of cyber-security and cyber-crime as they go much beyond what the cliché Hollywood movies have taught us them to be. If you are a concerned person and want to know about the best ways to safeguard your business with cyber security then you have come to the right place. In this blog, we will take you through a detailed walkthrough of what cyber-security really means and what are the effective ways you can deploy to protect your business from cyber threats.

Recommended for You

What is an MVP and why is it important for your startup?

Oct 2, 2022 | Insights, Tech

Are you aware that almost 70% of startups can go wrong and fail before it even reaches its final form? There are numerous reasons for this and the most viable one is yet to be determined. So how does an entrepreneur prevent his/her innovative startup from biting the dust?

However, we do not want you to take our word for it. In this article, we are going to discuss what a competitor analysis exactly is and what questions it will help you answer, so you can make an informed decision for yourself. (Trust me though, you will not want to miss it.)

How to hire a team of developers without the need for a pesky recruiter.

Nov 6, 2022 | Insights

As the world dives deeper into advanced technology, the need for IT professionals will consistently be on the rise. Also, there aren’t enough competent software developers in the talent pool. This goes for the United States, the UK, and even the rest of Europe. So, how do you hire a team of developers without needing a pesky recruiter to get the job done?

Quantum computing – What it is and how it’s changing our world!

Oct 25, 2021 | Insights, Tech

We all know that technology is changing, evolving. We have come far from the analogue world of landlines and we have even further to go. Progress in the world of technology has only accelerated. Quantum computing is one of those technologies that’s starting a new era. And it’s becoming increasingly important to understand what computing will look like in the near future.

Creating user-centric design: Strategies for developing user-friendly products.

Aug 7, 2023 | Insights

Consider downloading an app. Do you need to read a lengthy manual to learn how to use it? Or, can you easily navigate through it and understand its functions?

When developing products like a website, a mobile app, or software, it is essential to put the customer at the front, center, and end of the design process. After all, it is their experience that matters. This is why user-centric design has become so popular in recent years.

Enterprise solutions: Whats and whys!

Dec 21, 2021 | Insights, Tech

Businesses are becoming more and more complicated every year. More processes, more departments, more teams to manage. And if you don’t have the right system in place, coordination among various processes can easily get lost somewhere down the line. But if you spend your days synchronizing among teams, when will you do the real work?

SHARE ON SOCIAL MEDIA

Services

About Us

Our Work

Clients & Partners

Join Us

More