Often people talk about finding new customers.
They talk about online marketing, social media, content marketing, SEO, advertising, website re-development, email marketing, cold calling sales calls, etc.
New tools are fun, new customers are exciting, winning new business is great.
In focusing so hard on acquiring new customers, it’s easy to forget about your existing ones.
Moreover, it’s easy to overlook the opportunity to grow your revenues from within, without landing any new customers.
Before channelling resources to acquiring new customers, ask yourself:
How can we increase revenue from our existing customers?
Perhaps there is a new product or service you could launch to them, to bring up their spend?
Perhaps, by analysing their past behaviour and buying patterns, you can second-guess what they need, and present them with new solutions and ideas at the critical moment?
One of the key ways to unlock existing potential is to dig into your current customer data.
Do you know who your top 10 customers are, and understand their habits inside out?
What more can you do for them, can you offer them?
If they’re already spending with you, they are already sold on your business; you don’t need to convince them to buy from you.
Often you’ll find that putting more time and focus in developing your relationships – and product lines – with your existing, loyal customers will be a far more effective use of resources than flapping all over the place trying to get new ones.
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