They say it is easier to sell to an existing customer than to attract a new customer. Studies have shown that the cost per sale is markedly smaller when selling again to people who are already familiar with you and your products.
Cross-selling and Up-Selling to existing customers is a proven way to increase your profitability as described in this article from the people at Marketing Donut. You already have a relationship with an existing customer. You know which products they have already purchased from you and you can therefore suggest other products that could be useful to them. Sometimes they might want a certain product but didn’t know that you supplied it. As they already know you and your brand, they are more likely to stick with you and buy from you again.
You look after your customer and get the sale, and they get the items they want from a supplier they trust. It’s one of those win-win situations people crave.
If you are attempting to grow your business then it makes sense to look after your existing customers. Your existing customers are everybody else’s target and if you lose them then new customers will just be plugging the gap. To expand you have to keep your existing customers loyal whilst finding new ones to add to the mix. This Guardian Small Business Network article outlines the ways to keep your existing customers loyal to you and your brand. It’s not about the hard sell, it’s about being useful and assisting your customers to achieve what they want. Along the way you can help them with items and services which will help them get there.
The best payback you will get for looking after your customers along with their loyalty is that they will do your best advertising for you. ‘Word-of-mouth’ recommendations trump all other attempts to reach new customers. The Word of Mouth Marketing Association suggest that offline impressions drive as much as five times as many sales as paid media impressions.
So, the conclusion is ‘Look After Your Customers’. How do you do that? Well, you could keep a stack of paper next to the phone and ring people up constantly asking them to just confirm what it was they bought and when and what they might like next time, oh and could they please mention you to their friends. A few days of that and you would probably be a burnt out wreck.
To look after your customers and grow your business you need the right tools and processes in place. Reaching out to your existing and new customers requires a modern marketing blend of shareable content and advertising combined with the most up-to-date SEO professional assistance. Back in the office you need a custom database which deals with your sales and helps you build customer profiles. Increasing your knowledge about your customers will increase your ability to make successful offerings to them. By capturing their feedback during the sales process you can generate more and more precise targeted marketing.
Working Data specialise in designing and maintaining databases and software systems. To find out how we can help you to look after your customers and grow your business, contact us today.