It’s Easier To Sell To An Existing Customer
It’s easier to sell to an existing customer, so why are you only interested in new customers when you think about sales success?
Having received many new business targets I have seen firsthand how customer retention is taken for granted in sales teams as they hunt for “new” ensues.
Performance rarely incorporates retention, churn or range…but always celebrates new.
Is this because there’s a belief that once you have a customer on board that customer will stay without much additional effort?
The reality is that is far from the truth, particularly since the social media boom.
I regularly find that companies don’t spend enough time or effort making sure that their existing client base is protected, maintained and feel appreciated.
To that point, targeting the sales force to maintain it and grow it.
Cross Selling and Up Selling
The probability of cross selling or upselling your products or services to an existing customer is around 60-70%.
With the probability of selling to a new prospect is only 5% to 20%.
Don’t just think of a customer staying, consider how else you can help them.
It can make a very large difference to your bottom line.
Look deeper into what you can do to increase retention. from here you can sell your range or repeat.
This article from Plan.Grow.Do. explores the potential within reviews, referrals and repeat business – The Power of The 3 Re’s.
You can also watch the free on demand webinar on the subject by clicking the image below.
If You Do Nothing Else
Over this last month I’ve shared some thoughts in this space and below are Three Top Tips to close out the subject.
1. Use a Project Management or CRM tool.
Remembering all your current customers, what service they are receiving, when you last spoke to them can be difficult.
Fortunately, there are many different software providers out there that can support your business with customer management.
You’re likely to have a company CRM tool and use aspects of it.
Open up the possibilities of using the data to help you retain and grow your existing customer base.
Hubspot, Zoho CRM, Salesforce, Nutshell, Trello, Asana are among some of the most popular providers out there.
Using such software can help you track and monitor your company’s engagement with that customer.
You can set reminders to follow up and automate some of the process such as emails, text or Facebook Messenger.
2. Keep your brand within the mind of your customers.
90% of people will buy from a brand they follow on social media.
This applies even to those who have brought a similar product from another company but have been sold by future advertising and content from a competitor.
Following on from my previous blog we live in a society where switching between competitors, such as energy providers, is commonplace.
If you missed it, it’s here – Why It’s Not All About The Big Six
Because of this it’s really important to maintain a brand presence informing your current customers that you’re still there and that you’re still providing that product or service.
Ask your customers to follow your Facebook business page, connect with you on LinkedIn and add them to your email list.
This way they’ll continue to see the marketing content you send out on a regular basis.
3. Make sure you speak to your customers
Feedback, feedback, feedback. Keep asking for feedback.
One of the most common reasons that people cancel a service is because they no longer feel that product or service is working for them.
Maintaining a conversation with that customer via weekly, monthly, quarterly phone calls or by messaging.
Feedback forms such as Net Promotor Scores, Survey Monkey or HubSpot forms can make sure that you catch issues that may arise and adapt your service before it’s too late.
Additional to this point, never be afraid to call your customer.
Statistics show that only 1 in 26 customers are likely to bring up their complaint on a product or service they receive, the other 25 will just take there business elsewhere.
Customers want to feel valued and will be more than happy to go through their issues or problems regarding your service.
They actually hope you will improve it for them, you often just have to be the one to make the first step.
I mentioned some previous artcles on the subject of customer retention and you can read them here: