All successful entrepreneurs agree that selling more to existing clients is much easier and less expensive than acquiring a new client. Here’s how to increase sales with existing customers! Lead generation and new customer conversion are critical for any business.
However, it’s often wiser—and easier—to concentrate on increasing revenue from existing customers. Instead of attempting to establish a new relationship and persuade a stranger to buy from you, start an upsell or cross-sell conversation with someone who already recognizes your worth and quality.
Selling To New Customers VS Selling To Existing Customers:
Instead than chasing after new clients, this is an opportunity to focus more on existing customers. Changing up your strategy will help you get more bang for your buck with your marketing budget and spend less time chasing down every prospective lead.
- Acquiring a new customer can cost five times as much as keeping an existing one.
- Increasing customer retention by 5% can boost profits by 25-95 percent.
- Selling to an existing customer has a success rate of 60-70 percent, while selling to a new customer has a success rate of 5-20 percent.
- According to one customer experience firm, loyal customers are 5x more likely to repurchase, 5x more likely to forgive, 4x more likely to refer, and 7x more likely to try a new offering.
How To Increase Sales With Existing Customers
You may sell more existing clients by just maintaining in touch with them through content marketing, email marketing, and social media marketing.
- Maintaining contact with your current clientele.
- Customers are reminded of future events and seasonal advice.
- Maintaining a professional demeanor from the inbox through the end of the day.
- Taking advantage of possibilities to contact clients with whom you haven’t spoken in years.
- Increasing the number of referrals sent your way.
1. Market research
Market research and analytics open the door to new opportunities among your current clientele. You can learn more about your customers and what they want by digging deeper into the market you serve.
You may be familiar with your customer avatar, but it’s also critical to get to know your audience after they’ve purchased your product. Create customer avatars for your consumers using demographic and psychographic data, as well as customer feedback, to better understand their goals and issues and discover the goods that would be most valuable to them as cross-sells and upsells.
2. Don’t disappear
Consumers have many choices, so it’s amazing when they choose your products over those of competitors. However, it’s critical to maintain contact beyond the initial transaction in order to develop mutually beneficial connections. It makes sense to follow up with existing consumers on a regular basis by delivering something of value rather than simply asking for a new purchase.
Low-pressure talks should be used to market to current clients. You’ve already persuaded the customer to purchase from your company. Now all you have to do is carry on the conversation.
- Keep your clients informed about what’s going on at your company. Customers appreciate the behind-the-scenes look.
- Share corporate news by narrating a story, such as the tale behind a new hire, the brand’s charity initiatives, or the company’s employees.
- Or honor a customer who went above and beyond, even if their actions had nothing to do with your company.
3. Upselling and cross-selling
Upsell and cross-sell opportunities abound with existing customers.
You’ve already gotten beyond the most difficult part, which was making the initial purchase. You’ve built trust and begun a connection, and the customer has a positive impression of your company. “What else can I do for you?” it’s time to ask. ”
An upsell occurs when you persuade a customer to purchase more than they had anticipated.
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