As business owners, we often underestimate the value that our current customers represent and focus more on winning new contracts. Yet, numerous studies show that 80% of sales come from 20% of existing customers. This article highlights 10 ways to make the most of your existing customer base.
Your client base is a huge asset in your business. Yet it is amazing how many companies focus on chasing new customers and do not pay enough attention to their hard-won client base.
10 ways to make the most of your customer base:
Take care of them by giving them good customer service. Remember the 80/20 rule that 80% of sales come from 20% of your customers. Make sure you differentiate the service to your best customers. All customers may be valuable, but they are not equally valuable.
Develop a customer and prospect database from the beginning of your company. If you do not have one now, then make it a priority.
Communicate systematically with your customers whether this is by email, direct mail, telephone or face to face. This keeps you in their minds.
Put a method in place for upselling your clients to enhanced products and services.
Put a method in place for cross-selling your clients on your other products and services. You will be surprised that your customers are not aware of the breadth of your product range.
Your clients are a wonderful potential source of referrals.
Introduce new products and services to your clients.
Contact your lost customers by email, direct mail or telephone. Make them an offer to encourage them to start doing business with you again.
Identify your wallet share and how to improve it in your larger customers. You may not be getting all the business for the type of products and services you provide to a particular customer. Go find out and address the opportunity.
Make sure you have a back end of products and services that you can provide to your customers.
ACTION POINT
Decide on 3 of the above actions to leverage your client base and go make them happen. If you would like help to implement a more systematic approach to communicating with and selling to your clients, send us an email at info@rathboneresults.com
Jim Rathbone
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