How to Increase Your Sales Without Having to Find New Customers
One of the biggest mistakes many businesses make is only dedicating their attention to going after new clients while forgetting about their existing clients. If you have been doing business for some time now, you may have likely realized that it can be far more economical to generate sales from your existing clients than to target new ones.
Targeting your existing clients to increase your sales has its benefits:
- Since you have already done business together, there is a sense of trust between the two parties. Hopefully, they are satisfied with your services and believe that you can consistently deliver the same quality over time.
- You no longer have to spend a lot of money on your branding. Since you have already attracted them, you don’t have to keep marketing your brand to them. All you have to do is sway them over with your services. This means that you can save up a lot of marketing costs if you strictly focus on your existing clients. In fact, Ruby Newell-Legner, a prominent customer service speaker, and author, believes that it is six times more expensive to acquire a new customer than to retain an old one.
The Marketing Metric research states that the chances of selling to your existing customer base are 60 to 70 percent, but for new customers, it is only 5 to 20 percent. Above all else, a study by Bain and Company revealed that if your customer retention rate increases by 5 percent, it can boost the revenue up to 95 percent!
These numbers prove that it is extremely beneficial to target your existing clients and increase your revenue without having to find new ones, but the question arises: “How do we do it?”
How can you increase your sales without having to find new clients?
Improve your services
Clients have a lot of options to chose from, and if your service isn’t up to their expectations, they will have no qualms switching from you to a competitor. I am sure you are constantly working to better your services, but understand that no matter what you do, the client expectations and demands will always be higher than your service delivery. This means that you always have to be on your toes when it comes to delivering top-notch services. If you can exceed your client’s expectations, you can be confident that they will keep coming back to you. Here are a few tips on how to improve your services:
- While interacting with your clients (either online or offline), make sure that you have a personal and casual tone. Even if you are doing business, your tone should be empathetic and warm. You should keep your tone personal in order to imply a sense of trust in your clients.
- Keep asking for feedback from your existing clients. This is what I mean when I say you constantly have to be on your toes to improve your client service. Ask for feedback and improve upon the areas that went wrong. If your clients notice that you are taking their feedback seriously, they will invariably end up taking your business seriously.
Stay in touch with your existing clients
It is true that your clients don’t take your business as seriously as you think they do. If you want to leverage your existing clients to generate higher revenue, you have to change this and keep them engaged. You can follow up with them by sending emails, informing them about a new service they might like, or offering an exclusive discount. Stay in touch with them, but beware of getting too clingy. There is a fine line between the two, and you are mature enough to stay on the right side of the line!
Make sure that your employees are on the same page as you
Finally, your employees can add great value too when it comes to providing better service to your clients. Remember that you can only come up with policies, it is the employee that is going to go out there and implement them. They should know how to interact with the client, and how to take the necessary actions to leverage a client up to their full revenue potential. All in all, your employees should be on the same page as you when it comes to targeting existing clients. This can only happen by raising awareness, initiating conversations, and implementing transparency. Your employees are the biggest assets you have. While sourcing new clients, and targeting existing ones, do not forget you have to keep your employees engaged as well.
If you liked this post, check out our Small Business Guide to Sales.
About the Author
Anthony Bergs is a project manager at Writers Per Hour. He always keeps an eye on the marketing sector to implement the best innovations in the strategies that he builds. He’s always open for new connections and partnerships.