Business has slowed. You’re looking at ways to give your business a boost. So, what should you do? More promotions to get more customers through the door? Or work on those customers who are already there?
Often when we’re looking at supplementing a shortfall in our revenues, we’ll start by looking for new clients. It feels productive and a new client could be the next goldmine for us. We often overlook the potential of the existing clients we have. Sometimes we’re even afraid to go back and ask for more work from those we’ve got on so well with as clients in the past.
Nevertheless, spending a little time on those existing clients really can pay dividends. Why is customer marketing important?
- You have a relationship with them already. You don’t need to shout from the rooftops and hope someone will hear. You can be very targeted. And you’re less likely to be pitching against other competitors.
- It’s cheaper – the effort required is often considerably less than winning a new account.
- You could convert a client into a true ambassador for your business – get them to do the door-knocking for you by telling the world how great you are.
- You might even choose to do something for an existing client that goes above and beyond what you’d normally do. Increasing trust, increasing loyalty, increasing your brand equity. This kind of activity can pay back considerably in the longer-term.
- And even if you find there isn’t anything that you can do for your client right now, it is unlikely to do you harm when you make a courtesy call to someone who has bought from you previously.
That’s not to say you don’t need to go after the new clients. Just make sure the balance is right and you’re not missing opportunities that are sitting on the table.