It would be very unusual for me to speak with any organisation that doesn’t wish to increase their sales. But what’s interesting is that when I discuss generating new business with companies their priority is frequently bringing in new clients via new lead generating strategies. I am of course not knocking this, new clients are the life-blood of a business, but a lot of the time they do not realise that they are already sitting on a potential goldmine – that is their existing clients.
It is thought that it takes 6 times more time, effort and money to generate a sale from a new client versus an existing client, food for thought.
I guess it’s obvious really, existing clients (generally) will be significantly warmer, they have bought from you before so have already displayed trust and confidence in you to make a purchase. Hopefully they will also be more aware of your products/services and have some sort of relationship with the team.
So, with clients when we discuss generating additional income, we pretty much always look at existing clients first.
I’m a fan of real-life examples as apposed to theory so here’s a cracker:
A few weeks ago, an existing client agreed that they were not engaging their existing database and should be utilising it to generate new sales, here’s what we did….
- Put together an offer that included a good dose of perceived value
- Made it look pretty and had it converted into an email / PDF
- Split their database into categories and identified which categories would likely respond to the offer
- Put together a simple dashboard to measure the effectiveness of the strategy
- Sent out the first 20 emails
- Followed up the emails a few days later to check understanding and reiterate the features and benefits
So, a bit of work but not rocket science eh?
The very first company on the list were approached……and resulted in a combined service / product order for £55,000! (I realise this sounds too go to be true but I promise that is what happened!).
Now, in the real world that doesn’t happen too often! BUT I guarantee there will be 1,000’s, 10,000’s or 100,000’s of pounds you’ve left on the table with your existing clients and if it’s 6 times easier to go get it, what are you waiting for?