What is the one move you can make to improve your bottom line that is extremely cost-effective and works well to expand your sales? The answer is improving the business you do with your current customer base. The customers that you already have don’t have to be roped in with expensive advertising campaigns. They already understand your company’s vision and values, and have found something that resonates with them. If you’ve done it right, they’ve already had a positive experience of your products or services. That means it’s a lot less costly and effortful to get them to return to you again. As an easy, cost effective way of boosting profits, marketing to existing customers definitely needs to be a big strand of activity for you. So if you haven’t been focusing on this area quite as much as you should, how do you begin to make it an operational priority?
Provide Extra Value
Successful repeat business all comes down to what value you can add into the life of your customer. Your business is an authority on something that you know the customer is interested in – so how could you capitalize on this? What resources could you develop that help your customer to use your service better, or learn more about a product and what it can do? You can position yourself as a specialist in the field and keep your brand front of mind in many ways with good content – from a relevant blog that keeps people engaged, to setting up an email newsletter or even filming video tutorials and behind-the-scenes action. All of this helps to deepen the connection between you and your customers and is a central theme of relationship marketing.
Leverage Your Referrals
Your customers have used your products or services to solve a particular scenario in their lives. So why not use that experience to spread the word? Customer testimonials are a really powerful way to convert casual browsers into sales, so use your existing customer experience to the full. Try setting up a referrals scheme where you offer a small incentive for customers to share their story, and make sure that you’re using Get Launch reviews and bonuses well on your website.
Invest In Technology
The customer experience is important to focus your efforts on and thankfully nowadays, we have a lot at our fingertips that are worth utilizing. Tools in technology are very beneficial to take advantage of and services like a Los Angeles VoIP Provider are certainly useful to have. These virtual phone systems are a great way to manage incoming calls and making sure every customer is spoken and responded to as quickly as possible. By streamlining your customer support, you’re going to get more out of the working day and it’s going to help keep your customers happy.
Focus On Upselling And Cross Selling
Upselling a service to existing customers is a great way to expand your profitability without taking a risky move such as expanding into a new geographical territory. Do a careful analysis of what they are currently using and create an upsell matrix that recommends complimentary products or offers. Be careful to only direct their attention to things that you suspect they would be legitimately interested in, or you will quickly lose their attention. Explain clearly the benefits of adding on this other option, based on their personal preferences. A good CRM system can help a lot with this, by letting you segment customer data easily to pitch to a particular subset. Then you can run an inexpensive email or retargeting ad campaign to communicate the benefits of what you have to offer.