Acquiring new customers is expensive and time-consuming. As a matter of fact, research shows that attracting new customers is 5X more expensive than keeping your existing customers. One of the most effective ways to increase your revenue is to invest more time with your existing customers.
In the early stages of building your business, you use marketing to attract new customers. Once you land a steady flow of customers, your work has just begun. As a small business owner, you need to keep customers coming back. This is why marketing to existing customers is essential for your small business.
Don’t let customer relationships fizzle out after the first sale. We have identified four methods you can use to invest more into your existing customers and to help keep them coming back.
Tip 1: Stay in Contact
Most of the time, your customers are not at your business. It’s important to stay visible by building brand awareness and marketing when you customers are not around.
Tip 2: Address customer needs
When you operate as a small business, you have an advantage over the larger corporations by offering a personal experience. What problems can your business solve for existing customers?
Find out what the customer expects as soon as possible. Ask open-ended questions during your earliest conversations and listen to understand customer perception. Open-ended questions are those that require something more than just a simple "yes" or "no" in response.
Tip 3: Collect data
Data is gold when it comes to marketing to existing customers. You can use data to personalize marketing strategies for current customers.
Find out your customers’ opinions by collecting feedback. For example, you could send a follow up email to a customer to ask if they are satisfied with your product or service. Have a place where customers can submit feedback. Also, set up a process to let customers know how you fill use feedback.
Tip 4: Add Complementary Services to Existing Products
Adding complimentary services or products may help you gain new clients, as well as maintain existing ones. Review the products of your competitors for ideas.
Tip 5: Set up a loyalty program
A loyalty program rewards existing customers for returning to your business. Creating a loyalty program also connects customers to your business.
A loyalty program rewards customers for buying from your business. Set up a loyalty program for your business to encourage customers to keep coming back. Since they draw current customers back to your business, loyalty programs increase your revenue while rewarding customers.
These are just a few tips on how to get more revenue from your existing customers. By implementing these simple tips, you will soon see opportunities you can use to develop or enhance your customer service policies and procedures. The best part about reflecting on your existing processes, is that your customers will benefit and feel that they are appreciated.
Make this a focus of your marketing efforts and you will soon see the rewards come back in the form of increased referrals and increased sales.
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