The most challenging part of working with clients is finding them.
Going through the steps of signing a new client can put you and your firm through a range of emotions; excited, nervous, stressed to name just a few. Though tiresome, client generation is vital to any growing and developing business because it means you’re more likely to hit your growth and revenue goals, but it isn’t the only option.
Something a number of firms are guilty of is overlooking the additional revenue from an existing client. Upselling is a powerful route to business growth and requires relatively low effort from you. Maintaining and building relationships with your clients is the first step to achieving this.
What better way to avoid the stress of attracting new clients, than to upsell additional services to the clients you already have? They are already familiar with your firm and service/product offerings, and should be comfortable with how things work. It will also save your firm time, money and resources.
“The probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5-20%” (Source: Marketing Metrics)
Quick-win ways to upsell your services to an existing client:
- Go above and beyond from the outset
- Offer them a personalised experience
- for example, take them out for coffee or drinks instead of a conference call
- Ask for feedback, and act on it
- Keep in touch and be available, which we’ll look at in more detail now…
When reaching out to your existing clients to boost sales, the one thing that’s most important is to stay in touch.
This goes beyond keeping them in the loop with the work you’re currently doing for them (which should be a given for an service provider worth their salt). You should be doing more if you want more. If you see a gap in their strategy or a real business opportunity they could take advantage of, stick a pin it and make a point of discussing it with them at their earliest convenience.
Avoid being ‘just another agency’ and become ‘a partner firm we rely on’.
So next time you’re putting lots of money and time into client attraction remember…
“It costs 6-7 times more to acquire a new customer than retain an existing one” (Source: Bain & Company).
And, if you have built a strong enough relationship, they’ll likely recommend you to another business.
Are you interested in getting more from your current clients? If you’d like to make more money, for less and would like to upsell your services, get in touch.
A member of our senior team will be available to talk through a strategy that can help you get more from your current clients without-pushing them into the arms of the competition..