When I ask business leaders, CEOs and Managing Directors where does most of their business come from the reply, 99% of the time, is the same.
From our existing customer base.
Yet very few businesses have a strategy on how to continutally engage, upsell, cross sell or sell more to our existing customers. Instead 80% of budgets and usually more, will be spent on attracting new customers.
So let’s turn that on it’s head.
How do we leverage our customer base so it is generating revenue at an optimal level.
The psychology behind increasing sales from within our existing customer base is that they have already bought from you, or at the very least are on your mailing list. You have a dialogue, and from that you can start to build trust.
You will, of course be segmenting your lists of customers to establish at what stage of the customer cycle they are at and how you want to move them along.
No? Well let’s leave that for another day. In the meantime let’s focus on developing a relationship with a client.
Newsletters are dead
Just because it is news to you doesnt mean that anyone else cares. In the 3 second world we live in today, unless your communication instantly speaks to your client they will ignore – or worse – unsubscribe.
The Trust Bank Balance
Trust in you is very low. First you need to start increasing that trust through thought through, deliberate trust building communication. As you repeat this their level of trust in you will slowly increase. Then when you are at a stage where they trust in your AND see the results then ask them for the money.
If you do it before this you are likely to wind up the same as every other company out there – shouting at the customer to try and get them to part with their hard earned money.
There are several ways to do this which I will share with you in a later blog.