One of the most common assumptions made when ‘new business’ is discussed by management teams is that it has to also mean new customers. As a result, current customers or past relationships are neglected. But why?
Common sense tells us that if a company is currently buying from us we have established a level of trust, and we know finding the right new client can feel like throwing darts blindfolded while hoping to hit the bullseye.
Often, it’s the unfortunate way sales and marketing teams communicate. The typical engagement goes something like this;
Sales: How many leads have you delivered this week?
Marketing: Web enquiries were up 50% to 40, we got twelve from the recent event and our next eBook launches next week.
In such an exchange, both parties have naturally fallen into the trap of assuming new business activity should focus on discovering and connecting with entirely new companies.
I’m sure you can tell where I’m going; it’s cheaper, on multiple fronts, and certainly quicker, to mine existing customers or contacts for sales growth compared to discovering entirely new organisations that will convert into paying customers.
PROBLEM: I’m neglecting my existing clients and contacts, plus the revenue growth opportunity they represent
SYMPTOMS: A higher than necessary new business cost and a longer than optimal sales cycle
So, where to start… Normally, the answer is with the data.
Is your data in one place? Is the information up to date? And, incredibly importantly, are you able to track and manage unsubscribes properly?
In one place might mean bringing CRM data stores and / or disparate spreadsheets together, but it really is worth the effort.
For one financial services client, we ran a customer research project where 80% of customers were interested in another of their products. But, if their broker didn’t call with a sales agenda in mind those low barrier, quick converting, sales were missed.
Remember your existing customers and clients are likely to be interested in your company news!
We’re not saying bombard them with product news and weekly emails – all our inboxes need less noise and more relevant high-quality solutions to our business needs – but they are or have bought from you, so they are highly likely to be interested in relevant company news.
A couple of things to check when you build a communication plan;
- Does the content reflect the receiving audience’s interests and needs? For example; case studies are a great way to demonstrate how your product or service solves business issues without listing every product feature and asking for a leap of faith that benefits follow.
- Can you reuse or repurpose existing content – we love MailPoet, a WordPress plug-in, which easily adds live posts into free newsletter templates. No technical skills needed and it manages your subscribers and unsubscribes as well.
- Why not weave in content from partners or thought leaders in your industry to add credibility to your expertise on the topics shaping your sector?
- Don’t forget the sales call to action – it’s ok to say ‘If you want more information, please do X’
CURE: Prioritise cross and up-selling by treating existing clients and contacts with the respect their propensity to spend deserves. Prioritise staying close to them with an efficient re-use of content designed to leverage the trust that already exists to grow the relationship.
Matrix Marketing has a team of experts that can help you review your current marketing activity focussed on optimising profitable growth and strong ROI from marketing spend. We help entrepreneurial businesses thrive by providing smart marketing support with benefit led content that connects and converts customers.
Get in touch at [email protected] / +44 (0)1273 385671