How to increase revenue by selling more to existing customers!
December is the month when most of us mortal beings enter a flashback of the entire year. Our optimistic self will always ask us to learn from the mistakes and thrive more for better things for the upcoming year. Businesses are no different from this and most of us are all excited and pumped up with positivity to fetch more sales in 2017. Getting new customers is always enticing for promotional products distributors. However, in your mission to get new customers don’t make the mistake of not exploring the untapped areas of your biggest asset – ‘your existing clients’.
Following new leads and new prospects is the obvious path most distributors take to increase sales; however that might not be the best choice since you have not yet witness the power of leveraging your existing customer list.
The probability of selling to an existing customer is 60-70% which is way higher than selling to a new prospect which is 5-20%.
Now, if that was convincing enough, let’s move to the ways with which you can convert this mind-blowing thought into an action-plan.
Reaching the Right Audience
Study your clients if it is a jumble of just company names. Dig out the entire customer history and their current status. Keeping updated about your customer’s business growth will lead you to grow your own business down the line. Sift out those who are on a fast growth trajectory or those who are big but have had a limited buying history with you. These could work as bread-crumbs leading you to the right target to pitch your products.
You know them but do they know YOU?
It is taken that you should understand who your clients are. Yet, it is of extreme importance that your clients are also aware of your capabilities and what all you can do for them. Promotional products industry witnesses new trends all the time. With new products entering your catalogue make sure your existing customers are aware of your offerings apart from the products they placed an order for.
Be proactive in suggesting new products that aligns to their marketing goals and is different from what they regularly look for from you.
Be a part of their Vision
What do you discuss with your clients on the call or in person apart from the promotional products? Don’t be robotic while you are conversing with your clients. Ask probing questions which will help you get an insight about their business goals. The more you discover the pain areas or the challenges that they face the more you would be able to provide them with personalized experience.
Communication is the Key
As goes the popular adage – ‘Out of sight, out of mind’, it is of utmost importance to keep communication going with the existing clients. This does not mean to nag them all the time; however a call on special occasions such as birthday’s or if the company has achieved a milestone sending a congratulatory card/message will help you to remain on top of mind when they need promotional products. Follow them on social media to remain abreast of all the latest developments and probably upcoming events for which they will need promotional products.
Build Credibility and get Referrals
Referral marketing will never go out of style. It is one of the oldest and result generating method that marketers vouch upon till date. But before you go ahead and ask for a referral make sure you have established enough credibility with your current client. Go an extra mile in fulfilling their orders with a great customer service and at the end ask for a referral, which a happy client will be happy to share. Start a referral rewards program wherein your existing clients can benefit from the new business you get through their reference.
Share some Marketing Nuggets
Marketing is all about digging deep right to the core and identifying what are your customer’s pain points. While you do so you might come across certain issues that the client is facing in marketing their product or services. Apart from the promotional products throw in some of your own special tactics that might be helpful to them. Trust me, showing empathy and being an angelic problem solver right when they are in the middle of a marketing roadblock will establish an altogether different level of working relationship that will stand you apart from your competitors.
In the end as Seth Godin said – Be genuine, be remarkable and be worth connecting with.
There are plenty of great opportunities which can help you scale your business by nurturing your existing clients. On that note let’s begin 2017 with gusto and hone our strategies for more marketing success.