When salespeople look for new business, they often bet on new clients or new products. But there is a great potential in current customers. They have already shown they want to buy from you, so you can inspire them to make even bigger purchases.
The key is to increase the amount of customers who will spend on the category of products or services you provide. Salesandmarketing.com published three tips how to do it.
1) Divide customers into groups
Find out how much each customer spends on your product or how his spend differs from other customers. What exactly is the client spending money on at your company and what are they buying at your competitors? Is the amount of spending still the same, is it growing over time or is it going down? After you find out this information, divide your customers into groups e.g., according their usual spending habits. Identify more details, such as the buyer´s values or his loyalty. It makes targeting the next group of customers easy and you can make a strategy which may work across a whole group.
2) Choose the right clients
Now you can start prioritizing customers, not all of them will make your business grow. Focus on clients who are satisfied with you, but do not spend much. They usually divide their spendings among several businesses.
3) Plan
Salespeople usually gravitate toward customers with whom they have friendly relationships. However, these clients usually have a higher spending rate, so you cannot expect further growth. Of course, it does not mean you should neglect them. However, if you want to increase revenues, you have to focus on more challenging customers.
Make a plan who to visit, how often and with what messaging. Increasing revenues from existing customers is an effective strategy which requires deepening relationships, careful preparation and knowing clients. If you add patience, you have a chance to succeed.
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