Step 2: Nurture customer relationships
Growing your business requires you to maintain your current customer relationships while also appealing to new customers. It doesn’t help you to focus solely on one group at the expense of the other. Find a way to sell more to your existing clients while bringing in new customers.
Sell more to your existing customers
Your existing customers already know and trust your business. You don’t have to convince them again of the reasons to buy from you – you’ve already established your reputation. They’re also predisposed to buy from you as they would likely rather buy from someone they know than go through the process of shopping around for someone new.
It doesn’t take a lot to sell to existing customers. You could:
Ways to engage existing customers
Connect using your database
Good customer relationship management software (CRM) enables you to keep track of customer interactions and manage customer communications. Use your database to add value to your customer relationships, by sending a monthly or quarterly high-value newsletter filled with the latest news, tips and industry events. Advise customers of special offers or share product and service profiles.
Spot opportunities using accounting software
Your accounting software can identify your best customers. Generated reports show you which customers spend the most money, which customers haven’t bought for six months, and which ones are the most profitable. Tailor your sales campaigns to engage those customers with specific, customised offers.
Ask your customers what they want
Find out what customers are interested in buying from your business. Ask questions like:
Anticipate customer needs
Imagine knowing exactly when a customer is going to run out of your product – and being right there to sell it to them again. Use your accounting software to analyse customer purchase transactions – for example, you may discover that one customer places an order every six weeks, while another customer buys every three weeks. Use this information to send reminders or offer special deals.
Run a loyalty programme
Customers today expect more attention and increased benefits – you can give them both with a customer loyalty programme. There are many different types of programmes: some reward with points or travel miles, some reward with discounts on future purchases, and others offer free products or services based on spending thresholds. You can even offer unique experiences as part of your loyalty programme, such as a VIP event or weekend getaway package.
You’ll find numerous loyalty programme providers online. You can create your own custom loyalty programme or select a turnkey solution to implement immediately.
Nurture your social media channels
If you’re not already on social media, it’s time to start. Social media is an inexpensive method of engaging your customers. Ask your customers which channels they prefer (Facebook, LinkedIn, Twitter, Instagram) and share interesting, engaging content on those channels.
Get really good at cross-sell and upsell
Learn the fine art of cross-sell, which involves suggesting to customers an item or service to complement their current purchase. For example, if you’re selling website design, offer to write the copy for the website for an additional charge. An upsell is when you suggest a more expensive version of the product or service they’re buying, such as selling a website with more pages. Whatever you offer clients, make sure it fits their needs.
Grow by finding new customers
Once you’ve exhausted your existing customer base, look for new customers with a similar profile to your existing ones.
The first step is to build a profile of your ideal customer. If you already have regular customers, it should be easy to build a customer profile. If not, base your customer profile on your business plan research while taking into account your competitors’ customers.
Once you have your ideal customer profile, make a plan to find more customers just like them. You have many options including: