- Design campaign. Keeping existing customers interested in your business is important. …
- Maintain contact. Maintaining contact with customers is an important part of offering great customer service. …
- Create additional offers. …
- Provide consistent value.
According to Marketing Metrics, the likelihood of selling to satisfied existing customers is up to 14 times higher than the likelihood of selling to a new client. Although it is much simpler to sell to existing customers than to find new ones, many salespeople lack the necessary skills to do so.
Why You Need To Be Selling To Existing Customers
Benefits of selling to existing customers
The following advantages come with selling to current clients for a business:
Low-cost marketing
Your company can save money on marketing when you sell to existing customers. When a customer is already familiar with your brand and products, you don’t need to spend money on advertising or trying to convert them. Instead, your company can interact with a few customers or extend a special offer to an existing client at little to no cost.
If an existing customer has a positive experience with your company, they might recommend it online, which can provide free advertising for your company. By recommending your brand to their friends and family, existing customers help businesses cut down on their advertising costs.
Save time
Because the marketing team doesn’t have to spend time conducting market research or identifying and finding a target audience, your company can save time by selling to current customers. You already know who they are and their general demographic details, including their age, income level, and gender, for existing clients. This can help you anticipate what your current customers may purchase next or what offers you can make to them to entice them to make another purchase.
Finding and attracting a new potential customer and guiding them to the point of purchase may require more time and effort than concentrating on getting an existing customer to make a purchase once more. Existing customers are aware of your brand, so you don’t need to inform them. Additionally, since they have already made a purchase from your company, you won’t need to waste time persuading them to do so.
Promote company brand
Existing clients can help a company grow its brand and promote it, which can increase sales. A lot of people are more likely to believe a friend or family member’s recommendation than an advertisement. These are the three ways you can use your current customers to promote your business:
Why are existing customer sales important?
The importance of generating sales and acquiring new clients can’t be overstated. Businesses can use their current clients to refer new customers, enhance their brand, and get customer feedback on how to better serve them. Existing customers can also be a great source of new business. When a customer makes a purchase from a company and is happy with the experience and the product, the customer is frequently more likely to make another purchase from the company.
Steps for selling to existing customers
Selling to current clients and maintaining their business relationships with your company are comparable to a prospective client’s purchasing process. To sell to an existing customer, adhere to these four steps:
1. Design campaign
Keeping existing customers interested in your business is important. Make a marketing effort targeted at customers who have previously bought from your company. Set objectives for your campaign to make sure that you are preserving your relationship with customers and actively promoting repeat business. Your marketing campaign could also target clients who are at-risk of leaving your company, like those who have emailed complaints. The following actions can help your business target existing clients who are at risk:
2. Maintain contact
Keeping in touch with customers is crucial to providing excellent customer service. Make sure the client knows your company is still interested in them after they have made a purchase. Here are ideas for how to maintain contact with customers:
3. Create additional offers
Creating additional offers promotes upselling and keeps customers interested in your services. Consider these options when crafting offers for customers:
4. Provide consistent value
Continual customer satisfaction, customer retention, and brand reputation are all boosted by consistent value delivery. Customers who trust a brand and are willing to make additional purchases from it are built through consistent value. Here are ways to consistently provide value to your customers:
Tips on how to sell to existing customers
It’s crucial to keep in mind how valuable your current clients are to turning a profit and building your business’s reputation. Keeping customers and giving them consistent value is important for business success. Here are additional tips to help sell to existing customers:
Create customer accounts
Create customer accounts that classify and distinguish customers in accordance with criteria such as purchasing patterns and demographics. You can come up with ways to better serve your customers by using their accounts. Making accounts for customers who are most likely to make repeat purchases, for instance, enables your marketing team to plan strategies to get those customers to make additional purchases and to develop special offers just for them. Similarly, customer accounts assist in identifying at-risk clients who might require special care in order to keep them.
Be attentive
Be attentive to your existing customers. This entails interacting with current clients, keeping an eye on the competition to ensure your offers are still valuable to customers, and requesting their feedback. Create surveys to determine your customers’ satisfaction to show them you care about them.
Use automated marketing
Automated marketing tools are programs that carry out routine marketing tasks, like sending emails, posting on social media sites, and gathering customer data. Using automated marketing tools and taking into account factors like customer behavior improves customer communication and helps you keep all of your customers happy. Chatbots are a type of automated marketing that can quickly respond to customer questions.
FAQ
What is selling to existing customers called?
Key Takeaways. Marketing additional products to current customers is known as cross-selling, and it is frequently used in the financial services sector.
Is it easier to sell to existing customers?
Selling to an existing customer has a 60-70 percent chance of success, while selling to a new prospect has a 20-5 percent chance of success. When compared to new customers, existing customers are 50% more likely to try new products and spend 31% more.
Can you market to existing customers?
Current customers are generally more reliable buyers than new customers. Existing customers are more likely to buy new products or upgrades as you increase your upsell, cross-sell, and other marketing offers to them.
How do you target an existing customer?
- Survey Customers. …
- Research Your Competitors And Find Out Who Their Customers Are.
- Target Ads. …
- Smart Social Media. …
- Respond to all emails, tweets, phone calls, Facebook comments, and make any necessary adjustments.
- Affiliate Marketing.
