Marketing to Existing Customers
Have you heard the phrase “80% of your sales come from 20% of your customers?” It is often easier – and cheaper – than you think to sell by utilizing your existing customers than it is to acquire a new customer. But how many of you have a strategy for acquiring business from your top customers? This should be a big priority and a vital component of your marketing plan.
What are some ways you can sell to or leverage existing customers? Here are some ideas:
1) Up-sell and upgrade by offering additional, complementary products or services, or inquiring about additional service or project needs.
2) Renew and extend service contracts or warranties for an additional time period.
3) Ask for referrals and have an incentive program in place to encourage your customers to refer business your way.
4) Get a testimonial quote or letter from your customer to use on your website, in brochures, case studies or other marketing materials. These are powerful, persuasive statements that can help you attract more business.
5) Show them the love by simply thanking your customers for their continued support and confidence in you. Ask if there is any way that you can serve them better. By showing that you truly appreciate their business, you will do wonders for your customer loyalty.
Try implementing one or more of these strategies into your current sales and marketing program today, and discover the ways you can create new revenue streams from business that you already have.