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
2. Offer financial incentives for booking extra work
3. Select profitable accounts
4. Be proactive
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
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
7. Share useful and engaging content regularly
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.