Anyone in the sales industry knows it is a full-time job constantly finding new customers to keep your pipeline full. You have to cold call, network, pass out business cards, talk to family and friends, and spend money on marketing. It can be a tough, exhaustive business. One niche of clientele that salespeople often forget about are past clients.
According to Bain & Company, retaining current customers is six to seven times less costly than acquiring new ones. They also state that repeat customers tend to spend 67% more on average. Another interesting fact from RAIN Group tells us that “60% of companies believe they should be generating 25% or more revenue from strategic accounts.”
Instead of over thinking about if you should be selling more, what if you focus on how you can sell more? Good business leadership and successful small businesses are always looking for opportunities to grow with minimal expenses.
Here are 6 tips to help you increase sales with little expense
Tip #1: Up-Sell. You already have the client’s attention. They’re already purchasing from you so you have more than likely built rapport and trust. Go through their past sales and see what they have purchased already; then think about what other items could help them on a personal or business level. Send the client a personal note or email letting them know you are thinking of them and thought they might find the following products helpful.
Tip #2: Be at the top of their mind. If you lose contact with them, no matter how well they were treated by you, they will forget…unless you remind them. Send the client an email, personal note, or occasional newsletter to let them know what you have been up to. Send a card during the holidays and on their birthday, not asking for their business, but just letting them know they are in your thoughts.
This speaks VOLUMES and will make your clients loyal for life. Don’t overdo it and send them things constantly, as this has the potential to backfire.
Tip #3: Come from a position of adding value. If you’re selling to other businesses, ask the question: “What can I do to help your business grow?” Help your customers build their businesses and in return your own business will grow. Educate your clients to give them knowledge, which in turn leads to building confidence so they can sell more.
Along the same lines, help your clients improve their businesses by helping them find solutions to their own problems.
Tip #4: Offer incentives for referrals. Your clients or other businesses you are working with can send you referrals. Create a system to make this happen on a regular basis. What can you offer people when they send a referral your way? Think about it. If every single client of yours sent just one referral your way, year after year, how much would your business grow in just five years? In 10 years?
Tip #5: Host events for your clients/customers. Have fun with this one. What kind of events could you host annually or semi-annually to help your clients feel valued and help you build a more meaningful relationship with them? Good business is about building relationships.
Tip #6: Find out how people feel about your competition. In order to be above the competition, you need to know how others feel about the competition. Ask questions about your competition and then review your findings and adjust your strategies where necessary.
If you want to run a successful business and you truly follow through on these six suggestions to increase sales, you will see your business go to the next level. All it takes is action. Action will turn into more clients and those clients will turn into more profits.