To increase profits, many companies focus the majority of their marketing dollars on attracting new customers. However, there are some pretty powerful statistics to convince us to invest more time and budget on existing customers.
Studies show that it costs 5-7 times more to acquire a new customer than to retain an existing one and that small increases in customer retention pay off in much larger increases to the bottom line. So how do you grow your current customers?
The key to sales success is as simple as a series of small “yes-es.”
Take a good look at your services or products. What do your best customers need and want? What are their pain points when it comes to purchasing? And what solutions are they buying from you?
Once you have the answers, use these three sales strategies to make it easy for a customer to say yes again and again.
Cross-selling is offering a similar or closely related product or service to an existing customer.
The simplest example is an electronics retailer that also sells its customers the necessary batteries and accessories for the product. When you purchase the electronic, the retailer or website will suggest the related batteries as a cross-sell.
Cross-selling is a powerful tool for non-eCommerce as long as the direct sales team or inbound marketing team actually suggest the cross-sell. In eCommerce, cross-selling is often included in the platform – for everyone else, we need to plan it out.
Populr pages provide an easy way to visually make this suggestion to an existing customer. Identify which of your customers are buying product X, create a targeted page to show them product Y, and tell them why they need it. Since pages on Populr have unqiue URL’s, you can share this page with your customer through existing communication channels like email, print (QR codes) and even direct messaging from your sales team.
Upselling is the process of persuading an existing customer to spend more money on an additional product or service.
An upsell strategy often bundles related products or services for an overall higher transaction value. Think of it as offering expanded solutions to your clients’ pain points. For example, if your consulting business offers social media content creation, an upsell would be to offer them an additional monitoring and measurement service.
With Populr, you can quickly create pages to market bundles of related services or products. A great example of this is our Special Promotion page. Send the page to targeted customers, follow-up with a phone call, and land the bigger sales. The conversation is pretty simple: “We’re excited to deliver the product/service you purchased, but also thought these other items could be interesting/valuable”
3. Ask For Referrals
Current satisfied customers are your best low-cost source of new customers. They typically have a wealth of contacts with similar pain points who could benefit from your products or services.
Loyalty reward programs are proven to work, and every company can borrow from this concept in order to gain referrals.
How To Ask For Referrals:
- Thank the customer, remind them of your shared satisfaction, and ask, “do you know anyone else I can help?”
- Send the client a page to complete, which can be added into a form using a program like Google Forms or JotForm.
How To Create The Thank-You Page:
- Create a thank you page as a basis in Populr.
- Duplicate your page in Populr, or if you’re using a team account, turn the page into a template.
- Create a new page and customize it for the client.
- Purchase a digital gift card, upload it as a PDF, and add the gift code or a link to the special URL.
- Send the gift card through Populr to track when they download and use it.
- Immediately follow up – When you see a client access the gift card, follow up with an email or a phone call asking, “Who did you come up with??
Check out this example of a thank you page that you could share with an existing customer.
There are many time and budget benefits to marketing to your existing clients, and according to Marketing Metrics, the odds of making the additional sale are in your favor – in the range of 60 – 70%.
But perhaps the biggest time and budget-saver is that you don’t have to convince them to buy from you – because they already are.