Nurturing Business Growth: The Power of Marketing to 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 two main ways to maximise this:
- Get more customers
- Sell more to existing customers
While many businesses dedicate a large proportion of their time trying to get new customers, it’s vital to recognise the value in marketing to your existing customers to make them aware of everything you do. There’s no right or wrong approach to this as it depends on your business plan and your objectives, but it’s safe to say that most businesses need to consider both of these options to some degree.
The Numbers: Making the Most of Existing Customers
It’s a well known fact that the cost of new customer acquisition is much higher than existing customer retention. It may be as much as five times more expensive to acquire new business thus marketing to existing customers is definitely good value and an efficient way of marketing your business.
Don’t Assume they Know Everything
Many businesses make the mistake in thinking that their customers know about everything they do but 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 details of products and services but often your customers do not: you need to keep telling them. Always be proactive and communicate often with your customers.
Your products and services are always changing: maybe you’ve added new products, introduced new technology or modified your delivery process. You need to ensure that your customers are aware of these changes.
Selecting your medium for communicating your products and services should also adhere to your clients’ preferences, whether it’s through social media, newsletters or email campaigns. The important thing is to keep your audience informed on changes and developments in your business at a suitable frequency so clients don’t feel overwhelmed – or worse, irritated – at receiving your information.
Moral of the Story: Nurture Customer Relationships
The benefits of keeping in communication with existing customers work both ways as you may gain further business from them while their own business portfolio develops. Nurturing this kind of relationship also puts you in good stead to attract leads from your customers as word-of-mouth promotes your care and attention to potential clients.
You may be surprised by how much extra help you can offer your existing customers – and they may not be aware of it.
Regular Contact: a Proven Strategy for Success
Sending regular newsletters is one of the most effective ways to connect with your customer base and is a tried-and-tested method to improve your ROI (return on investment) in digital marketing.
Toltech Digital can help you to organise your customer data, send regular updates to clients and prospects, and show you how to do so successfully without annoying people. Please give us a call for more information.
