with Simplicity Expert, A.Michelle Blakeley
One of the core sources for business revenue and growth can be found right under your nose. Your customer base has value that is not only monetary, but scalable. Despite trends urging business owners to constantly seek revenue from new leads, it may be more prudent to access that revenue from within. And the bonus could be scalability and growth.
Mine for increased value
Another area to mine is for clients who are the exception. When you have a clear understanding of who your clients are, you can easily see the client profiles that are atypical. These are clients that use your product or service, but don’t fit your client profile.
“Someone is finding value in something you do and it could be a strength that you haven’t yet recognized as such,” states Paul Schwada with Locomotive Solutions.
Client perceived values are excellent indicators for where your time, energy and resources should be focused. It can lead to new products, new services and new possibilities.
Mine for scalability
Two-party products and services give your current clients an opportunity to share their enthusiasm and confidence in your business. For example, PandaDoc is a document sending and signing tool. When their clients use their product, they automatically engage a potential new client. It would behoove PandaDoc to mine their customer base for best practices (i.e. ease of use, efficiency, etc.) and inquire about additional needs and services. The more satisfied clients that use PandaDoc, more new clients can be generated. As they increase their customer base, they intrinsically produce organic referrals. If you have a two-party product or service, you have the distinct advantage of enhanced client generated referrals simply by utilization.
Mine for profitability
Jerry Rackley with Demand Metric defines customer marketing as a strategy for increasing the profitability of each client through cross-selling, upselling and building relationships with established customers. Cross-selling and upselling to your customer base provides a robust customer experience, when done right. It engages your customers in a more holistic experience. Complementary products and services also add value and allow for you meet the additional needs of your clients. They are familiar with your product/services, they trust you, and they come to rely on your capacity to anticipate ways to boost their benefits.
CRM’s like Salesforce can help you segment your customer base and provide refined marketing messages.
“We’ve implemented automated cross-selling tactics with our existing clients. Usually after a client engages our service in a specific specialty area, they will receive an automated email suggesting services in a similar category at a reduced rate,” says Michael Morgenstern with The Expert Institute.
CRM’s are great for managing communications, client interactions, trends, measuring marketing strategies, etc. Many are low-cost, but as you get acclimated to its use, you can upgrade and add premium functions.
People want to do business with people they know and trust. Fruitful relationships require give and take. It is easier and more comfortable for clients to refer you to their sphere of influence, when they feel you are genuinely in tune to their needs and concerns, treat them with respect and know their worth.
“Staying in touch and following up with previous and existing clients leads to additional projects and work,” states Julia Angelen Joy with Z Group PR.
Cultivated relationships can be the gold mine of your business. A lifeline to satisfied, engaged and supportive clients.
Take some time to carefully review and analyze your customer base. Get to know who you are servicing, know the demographics, know their needs. This information can help you anticipate changes, trends and opportunities that can advance your business.
At the very least, mining your database, gives you a bird’s eye view on who your clientele is and why they are coming to you instead of your competitor. Use that information to your advantage, leverage it to for agile growth and opportunity.
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Micro Business Therapist, A.Michelle Blakeley, is a small business professional with over two decades of experience in holistic and sustainable business practices. She has successfully guided new and seasoned small business owners through the daily challenges of operating a small business with practical and relevant small business advice.