When you’re looking for ways to grow your business, you could do worse than using tried and tested upselling or cross-selling techniques.
I know. You hate to hassle your current clients. But it makes good business sense, as the cost of upselling to existing customers is so much lower than going out on the hunt for new business.
Conversion rates are usually 16x higher and if they don’t buy anything additional, your call will turn into an account management one
A gazillion (probably not quite – but it must be close) studies have shown that it is much more cost-effective to generate more revenue by increasing sales to existing customers than it is to go out and find new ones.
Obviously, we’re not giving your sales team permission to rest on their laurels and quit finding new customers, but it’s important to not neglect the loyal band of followers you already have. Keep them sweet, and more importantly consistently paying, with effective strategies for increasing sales to existing customers
Sometimes in business, we can be so pre-occupied with chasing down new customers and offering them sparkling deals to attract them in, that we neglect the loyal customers we already have.
In fact, looking after customer relations is vital to building your business. If people are happy with your service, not only will they come back for more, but they have the capacity to become advocates for your brand, bringing more customers through your door without you having to do any of the hard work. Simple, right?
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