Lead generation is an important part of any business development strategy. However, new customers aren’t your only source of growth. In fact, it can often be easier to reach out to your current customers—people who already know and love your brand—and encourage them to increase their spend with you.
To find out how, we asked eight members of Forbes Business Council for their best insights on growing revenue from your existing customer base. Here is their advice for boosting business quickly and effectively.
1. Let Your Product And Service Quality Speak For Itself
Diversify your offerings! Most businesses sell multiple products or services, but a customer may have only purchased one. Easier than selling to a new customer, you can offer similar or related products to your existing customers, and if your quality and service was excellent on the first, chances are they will happily do more business with you. Sold products and services are your best marketers. – Rhett Kniep, Centurion 7 Business Advisors
2. Develop Brand Ambassadors
Are you constantly looking for the “next lead,” or are you truly over-delivering to your current customer/client base? Both of them generate sales, but only one of them turns their current clients into brand ambassadors. Business today has to stand out from the competition, and the easiest way to do that is treating your existing customer exceptionally. They come back and tell everyone about you. – Jeff J Hunter, BrandedMedia.io
3. Cross-Sell Your Portfolio
I find that many of my customers know my company for one thing, even though I have a broad set of services. If they bought a blue widget, that’s what they think we do. It’s important to have the “breadth” conversation. “Did you know that my company also delivers red widgets and green services?” Make sure your customers know the breadth of products and services you can deliver. – Norma Watenpaugh, PhoenixCG
4. Give Customers A Great Reason To Come Back
Local business owners can foster customer loyalty and generate more revenue through various methods. For instance, a rewards program, targeted promotional campaign and email marketing can all be effective. The main idea is to give a reason for current customers to make revisit and hopefully spend more. – Will Chen, P.L.A.Y. (Pet Lifestyle And You)
5. Offer Ancillary Services
Revenue growth from existing customers can be achieved by offering additional add-on services through strategic revenue share partnerships. This is generally very easy to set up and could significantly enhance the user experience. The positioning of these services and the timing of sharing the offers with customers are key considerations that can hugely impact the conversion rates. – Nishant Aggarwal, BlueWander
6. Create A Community Around Your Brand
One way to convert customers into patrons is to provide massive value—such that they take pride in associating with you. Once you have built your rapport, you can introduce a membership service and create a sense of community and exclusivity by offering exclusive additional services. You now have a new revenue stream and patrons instead of customers. – Ritesh Dalal, Intellective
7. Make Something People Enjoy
Provide people with something that they want to use or consume, and then share. We’ve found that some of our best customers are the ones who enjoy our product enough to mention it to somebody else in casual conversation. Word-of-mouth holds tremendous weight. – Shobin Uralil, Lively, Inc.
8. Just Ask
It’s like my mother used to say: “You won’t get anywhere unless you ask.” Be honest with clients and say to them, “If you like our work, please refer us or let us know of other partners who might be a good fit.” And offer them incentives, however that might work best for them—and your business. – David Landis, Landis Communications Inc. (LCI)
Source: Forbes – Entrepreneurs