Do you market to your existing customers?
We are often asked by clients “How can I improve my marketing?” – Often this means – “How can I get new customers?” Indeed, most businesses put most of their marketing effort – and budget – into new lead generation.
However, it’s amazing how few businesses are effectively marketing to their existing customers. Most business owners are sitting on massive untapped potential in terms of their existing client relationships.
How do you unleash that potential?
Try answering these questions:
What cross-sales, up-sales, new products/services could you offer your existing customers?
And when did you last let them know?
In fact, when was the last time you wrote to your customers, emailed them or phoned them? and what kind of response rate did you get?
Or if you doubled the number of times you contacted them what would happen?
One retail client used a brochure to market to his client base and generated hundreds of thousands of pounds in turnover each year from this method. The brochure was sent out once a year, in springtime. We asked him to try sending it again in autumn. Guess what happened!
Play the easy game.
Make sure you have a database with all your existing clients listed. And then speak to them, pamper them, offer them special previews, promotions, and ask them to tell their friends.
It costs six times more to get new customers than it does to increase sales to existing customers
64% of customers don’t purchase from your business a second time because of the perceived indifference with which they are treated.
If you want to reduce your marketing spend, or the cost of customer acquisition, reinvest your pounds into strategies that will retain your customers, so they keep buying from you. Investing in customer relationship strategies – the payback is stunning.