What if you could increase your sales by 125%? The easiest way to increase sales is by servicing and supporting your existing book of business, the people who know you and trust you. Did you know that the probability of closing new business with selling an existing customer is 60-70% higher than a new customer, which is 5%-20%? Do the math, if you focus on connecting more with your existing customers you will see an increase in your profits! In this article we have put together 4 quick tips to increase customer profitability.
1. Profitable Market Segmentation
Market Segmentation allows you divide your database into smaller, more manageable groups. As a result, you are able to:
Create more targeted marketing messages
Build and nurture customer relationships
Increase customer retention
When segmenting your list, think about common desires, needs, and wants that a particular group of contacts have. For example, some segments include: location, repeat customers, on-time customers, by product, similar interests, and so on.
Targeted messages, after sales services, and constant communication with your current and existing customers are key to customer retention, more sales, and as a result, increase in profits.
2. Limitless Opportunities with Email Marketing
Now that you’ve segmented your customer base, you can take it a step further by showing your customers that you understand them. Send out unique content that corresponds directly with what is most likely to motivate each segment.
The possibilities are limitless with targeted email marketing. Give each customer what he or she wants, and see how your customers' interaction, engagement, and interest in your brand grow and expand.
3. Top-Notch Content Marketing
The benefits of content marketing are not always obvious, but it’s well worth your while. Generating a solid catalog of shareable content — particularly content that resonates with your market segments — will yield tremendous dividends both in the short term and over the long term.
Regularly producing top-notch content will brand your company as an authority in your field. It is also a great way to showcase your industry knowledge to inactive customers.
4. Powerful Connections with Social Media
It’s not enough to simply create accounts on various social media. Maintaining a social media presence is an ongoing process that must be addressed at all times. Regular posts will keep your company’s name at the forefront of your followers’ minds. Exceptional content, such as the content marketing pieces you’ve created, will encourage followers to share your posts with an audience that might not otherwise be aware of your products.
Your existing book of business is your gold mine. This blog and its facts established that it is 60% to 70% more likely to close new business when seling to existing customers that an existing customer, so, what are you waiting for? Start by implementing the tips outlined in this blog and... ka-ching ka-ching, see how your sales department boosts their sales!
What successes and/or challenges have you encountered when marketing to existing customers? Have you used any of the strategies mentioned above? We invite you to share your ideas and comments below!