Don’t overlook your current customers. After all, they’re the ones who give you referrals and potentially come back for future sales.
Marty Nemzow, best-selling author and marketing expert, says that not only does gaining a new customer cost much more than retaining an existing customer, but also that every lost customer costs money to replace.
According to USA Today, it costs 40 times as much to acquire a customer and is does to keep a current one. The U.S. Chamber of Commerce says that for the typical transaction-based business, each new customer costs roughly $800.
The Insurance Pro Shop, which offers marketing tips for insurance professionals, suggests implementing annual reviews, client appreciation nights, and client workshops, which they say are some of the most profitable of all prospecting activities. They say meeting with your existing clients regularly cements relationships, retains business, creates repeat sales and generates high quality referred leads.
Take a look at your email distribution list. Since these people already know you and/or your company, there's a good chance they probably like/use your product or service. What you have in front of you is a potential goldmine of referrals, re-sales, up sales and cross sales.
Jim Peterson, President of The Concrete Network (a website that specializes in residential concrete information and marketing for contractors), suggests these tips for selling to your current customers:
- Continuously let your customers know of the services you offer. Sometimes even a regular customer won’t know you are also capable of doing something else for them.
- Drop all your customer email addresses into a “group” list. Once every month or two send them an email with something interesting and include a note about the services you offer.
- If you don’t already do so, offer complementary products and/or services that are natural companion purchases for your customer. By offering one stop shopping for your customer, you will be providing a valuable service.
Lastly, always remember that out of sight is out of mind. So make sure you are constantly putting your services in front of existing clients through your email distribution list, and you’ll continue to sell.