Are you looking to grow your business? Traditionally, there are two ways a business can grow:
- Find new clients
- Increase revenue from existing clients
Many businesses put all their time and effort into finding new customers while neglecting the massive potential of leveraging their existing customer base.
Today, I’d like to focus in on how your business can grow by boosting revenue from existing clients. By enacting this advice, you’ll boost your revenue and make your clients happier.
1. Analyze Your Customer List
Begin by downloading your customer list through your preferred accounting software. Export your customer list in CSV format and open it up in Excel or Google Sheets.
Next, identify which clients are receiving which services from your business. Who isn’t receiving all of the services that our business has to offer?
Which of your services generate the most revenue? Focus on finding existing clients that are not presently using those services. Highlight them in your spreadsheet.
Finally, it’s time to pick up the phone! You’ll be talking to people who already know you, like you and work with you; you aren’t making cold calls. Ask them how they’re handling the need that your business can satisfy, and offer to take care of it along with what you’re already offering them.
2. Train Your Team to Look for Opportunities
Your team must understand how to identify opportunities for offering existing clients additional services. As a business owner, this opportunity should not fall solely on your shoulders.
Train your team to look for these opportunities. Every employee should have an understanding of the services that you offer and look for ways to offer these services to existing clients.
Specifically ask your team to look for these opportunities. Better yet, make it part of their job description and let it be known that you expect them to find supplemental services when working with existing clients.
Focus on what your customers need and go from there. Cultivate a company culture of putting the customer first. If a customer is already using your business for one service, it’s likely that they would benefit from another service you offer.
3. Stay in Touch With Your Customers
Depending on your industry, you might only see your customer annually. However, if you send out newsletters, thank you cards and birthday cards, you’ll stay in your customer’s mind all year round.
This is one of the easiest ways to increase revenue from existing clients. Simply stay in their awareness and they’ll come to you for additional services when they need them.
While digital media can be a great way to stay in touch with your customers, don’t neglect the power of traditional media. Isn’t it exciting to receive a card in the mail? Excite your customers by sending them holiday cards or thank you cards.
4. Remind Your Clients of the Services You Offer
As you stay in touch with your clients, remind them what you offer. You can include information about your services on email newsletters, or even put a list of offered services at the bottom of your invoices.
People tend to only remember what you do for them now. Including these reminders will help them think of you when they need additional services, or when they are referring people to you.
Simply put, educate your customers about what you can do for them. You may be surprised how many clients will seek you out as their business grows.
5. Offer Related Products or Services
What can your business offer that is related to your core competency? Find complementary products or services that you can offer your customers.
However, don’t fall into the trap of offering additional services that take additional overhead and a significant investment. It’s easy to start offering new services in an attempt to grow your revenue without thinking of the time and capital investment that go along with it.
Another way to offer related products or services is to partner with another company that is related to your services, but not in direct competition. Ask for a referral fee or commission, and start sending business their way.
Final Thoughts on How to Increase Revenue from Existing Clients
Focus on meeting your customers’ needs. If you can satisfy one of their needs, reach out and let them know! Don’t be afraid to contact your existing customers and see what you can do for them.
Lastly, the more services that you offer a customer, the more likely you are to retain your customers. You’ll keep them happy and make them a fan of your business.
What have you done to increase revenue from existing clients? How many of the above tips have you enacted? Let me know in the comments!