The value in talking to your existing customers

Do you talk to your existing customers?

Whilst the internet has unquestionably changed the way we do business some basic business growth principles have not changed. There are only two main ways to grow your business:

  •  Get more customers
  •  Sell more to existing customers

Many businesses focus a large proportion of their time trying to get new customers. There is no right or wrong approach to this as it depends on your business plan and your objectives but it is safe to say that most business need to consider both options to some degree.

I am going to review why you should be talking to existing customers:

The Numbers

It is well known that the cost of new customer acquisitions is much higher (some people suggest as much an a factor of five to ten times) than marketing to existing customers so talking to existing customers is definitely a good value and efficient way of marketing and growing your business.

Its the right thing to do

Loyal customers are the bread and butter of your business. They trust you, they know you, your people and have experienced doing business with you. It takes time, effort and resources to achieve this so it is really critical that they are treated accordingly.

Don’t Assume they know everything you do

Many businesses assume that  their customers know everything they do and are then surprised when the customer buys the ‘I didn’t know you sold this’ service from a competitor.

You know your business inside out and are familiar with all the detail of products and services but often your customers are not: so you need to keep telling them.

Your business products and services are always changing (maybe you’ve added new products, introduced new technology, modified your delivery process) so you need to ensure that your customers are aware of these changes.

You can select your medium/media of choice for this purpose (and it can be more than one) but the important thing is that you keep them informed on changes to your business. Not once a day necessarily and not once a year but somewhere in between that you think makes sense to your customers and your business products and services

Moral of the story

Keep talking to existing customers you’ll be surprised at how much more you can help them with that they may not be aware of.

In the next instalment I’ll discuss what options you have to convey your message effectively and efficiently to your existing customers.