It’s great to get new customers. Everyone’s looking for ‘em. But boy can they be hard to get sometimes.
Pause for a minute though and you’ll realise that there are other ways to grow revenues and expand your order book. We’ve made much progress in Mastermind with several businesses this quarter by paying attention to hundreds of hot prospects that the business owner was ignoring. They’re your existing customers.
Our newer members to EC often look at me blankly when I tell them that the biggest, most valuable asset in any business is your database – your list of current and past customers.
Well, think about it:
- They know you.
- They like you.
- You’ve established some rapport and relationship with them.
- You’ve built confidence and trust.
- You’ve got a history of delivering quality and value.
- They respect you.
- They use, and like, your product or service.
- They will return your call.
- They’ll be more receptive to your presentation and product offering.
- They have credit and have paid you in the past.
- They don’t have to be sold to – they will buy.
So neglecting them completely and focusing all of your efforts on pursuing new prospects is not a smart strategy.
Milk your own cows
Imagine if you were a dairy farmer and one morning you walk past your own barn full of your own cows, who are full of milk, and head, instead, for a neighbouring farm in search of milk. That would be bonkers, right? Well, it’s the same when it comes to making sales.
Why would you go out and cold call a prospect when your present customer base is ready to be milked?
In many cases they’re waiting for you. Dripping with business.
We’ve done it ourselves last month with the introduction of our TEAPs. Those training event annual passes flew off the shelves. We sold many hundreds in just a fortnight – every single one of them to our existing customers.
‘But Nige, what can I sell ‘em?’
Sell Them Something New
People love to buy new things. Your enthusiasm can set the tone. Sell sizzle. Sell appointments. Then, let them buy.
Get Your Customers To Meet You For Lunch
If you’re working B2B and you can get the customer out of their office environment then you can usually uncover more opportunities for them to buy.
Give Them One Referral a Month
When you start giving your customers business it will completely change the way they think about you. When you get them business they will find new ways and new people to do the same for you. I promise you, this works.
Sell Them An Upgrade Or An Enhancement
Bigger, better, faster. Enhancement and upgrades have kept many industries profitable for years. Upselling has built fortunes – just ask any fast food business.
The question “Do you want fries with that?” is worth billions of pounds annually. What’s your equivalent?
Spending some of your 90 minute sessions this month working that out could fix even the biggest hole in any P&L.
The bottom line here is that it really is ‘all about relationships’ and, no matter whether you make a sale or not, contacting and communicating with your existing customers builds relationship and goodwill.
In this month’s front-page article I talk about the importance of sticking with the older, more traditional marketing that’s proven to work, and not being seduced into dumping stuff that’s delivering an ROI in favour of the latest bright shiny object.
The same is true for customers you know. Your most valuable ones are already with you…
