For most businesses, looking for different ways to improve revenue is one of their main priorities. However, many tend to only focus on doing this by gaining new customers rather than gaining sales from existing or previous customers. By only concentrating on getting new customers, sales teams can become stretched, the churn rate of customers can be high and it can seem an endless battle to entice new audiences in. Looking at ways to improve your revenue from your existing customers can change this for the better.
Existing and previous customers can contribute massively to future sales and should not be overlooked as a revenue stream. Provided that the customers first experience with you is good, they are more likely to buy from you again. With this in mind, we have put together some tips to help improve your revenue from existing customers.
Research suggests you’re 60% more likely to sell to an existing customer rather than acquire a new customer. Once a customer has bought an item or service from you, the best thing to do is try to sell them another item in conjunction with the item they have previously purchased that they may benefit from. Cross-selling is a great way to increase revenue as well as strengthening your relationship with your customers.
The key to customer retention is the after-sale communication. Once a customer has bought an item or service, make sure you follow up with an email or newsletter that relates to your services. This could be an email requesting a product or service review or information about a new upcoming product. Another great way to keep connected with your customers is to offer discounts or freebies to encourage future sales and to remind them about your business. You should also encourage them to follow you on social media to keep in touch.
One great way to improve revenue from your existing customers happens right at the time of purchase or just after. A good sales technique is to offer your customer an additional add-on that compliments or accompanies the product or service they have purchased. This is an easier way to make a quick sale compared as this gives the existing customer more of what they want from your business.
An important factor to ensure your customers stay happy after a sale is to listen to their feedback. If they have an issue with their purchase do not ignore this, try and resolve the problem in the best way possible. This will not only encourage them to use your services again but also builds trust between them and your business.
As well as listening to your customers problems and resolving them, take this feedback on board to improve your products and services for the future. You could set up polls on your social media channels or marketing emails to get feedback on certain products or services. This will give confidence to your customers that you are improving your business and may result in them being more inclined to purchase from you again in the future, especially if you have improved a specific service or product.
Get in touch today to find out how Shark software can help you identify ways to improve revenue from existing customers.
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