It’s a well-known fact in marketing that it’s typically much more costly to acquire a new customer than it is to improve your sales with a current customer.
And not to mention, it’s also with your current customers that you can more easily identify ways to increase the value that you provide to them overtime.
Therefore, your current customers are probably the best place to start when looking for new opportunities to improve your sales.
Here are four ways that this can be done:
- Improve your systems to increase lead conversions – You can do this by first defining what a lead is in your business, and then track how many of the customer contacts that you consider to be leads who end up becoming your customers. There may be various points within this process that your customers cross before making a purchase. So your rates at any point along this journey are usually good indicators of performance.
- Improve the systems in your business that help you to upsell – There may be different ways to mix and match the products or services that you sell, but you may have to develop your systems first to make sure you can handle this the most efficiently. And also, your employees should be trained on the system in order to have a consistent protocol to follow. Otherwise, you might come up with these new packages, but no one will know how to sell them.
- Improve your systems that generate repeat sales – Along with upselling, you can also find new products or packages – or ways to market – that cause your customers to purchase from you more often.
- Improve your referral generation system – There are many ways to improve the referrals that you receive from customers, and the primary way that I know is to network consistently and follow up to build good relationships. Refer new opportunities to your customers whenever you have the chance – or find new ways to provide unique value to them in the relationship – and then just remember to ask