Most businesses spend so much time and resource on trying to develop new business that they often overlook the low hanging fruit within previous and existing customers.
Here are 3 practical low cost strategies that could add real value to your bottom line.
1) Reactivate lapsed business
Do you have some customers that have stopped using you? Get in touch with those customers to invite them back. You can use an offer, incentive or charm to entice them back.
At the very least find out why they stopped using you, as you may be able to prevent future customer losses.
It’s also a good idea to have a system in place that flags customer lapses so you can act promptly.
2) Educate customers on your entire range
Have you ever heard a customer say ‘I didn’t know you did that’?
Educate your customers on all of your products/services. Think about how you can use your sales team, website, newsletters and courtesy calls to keep your customers informed of everything you do.
3) Categorise your customers and keep in regular contact
Step 1: Categorise your customers
Step 2: Implement a minimum contact schedule that focuses your resources appropriately.
A customers – call / email / visit once a week.
B customers – call / email / visit once a month
C customers – call / email / visit once a quarter.
Step 3: Get the team together, discuss and implement.
It’s much easier and more cost effective to get more from your existing customers than to find new customers.
Which of the 3 suggestions above should you be working on?