Have you considered that one of your largest revenue boosts is right under your nose? You can increase revenue from existing customers and it is often one of the most missed opportunities in increased sales. Instead of focusing your energy on looking for new customers, focus your time and energy on nurturing the customers who have already bought into your business.
As you continue to provide value to your customers long after their initial purchase, your endearment leads to one of the most effective marketing tools in the industry: happy customers. Happy customers are the best route toward continued business and revenue growth.
So how can you leverage your business with those existing customers? Below are our top four tips on how to increase revenue through your current customer base.
Reward Customer Loyalty
Loyal customers have proven themselves by engaging with your service or products and trusting you enough to buy into your offer. Rewarding their loyalty is only going to grow that existing relationship. However, to show your appreciation and continuously generate revenue with those same customers, you need to incentivize them.
Customer loyalty programs are just one of the ways you can show your appreciation. By spending money with your business, customers can earn rewards, including
- Special offers
- Exclusive releases or merchandise
- Referral incentives
- Customer differentiation
Loyalty programs are not the only way you can reward your customers. Sending custom-tailored content and freebies to previous customers is another way to reward them.
These incentives encourage your customers to make additional purchases with your business. They also help customers spread word of mouth about your business and bring in new customers.
Engage with Customers Regularly
When a customer purchases a service or product from you, that is the first pivotal touchpoint in your customer relationship. To maintain loyal customers, you need to engage with them regularly.
Staying in touch with your customers is critical to maintaining that relationship. So, how do you check in with past customers?
- Email marketing: One of the most powerful automations you can have in your business is email marketing. Creating campaigns behind the scenes that nurture your customers post-sale will help you leverage your business and make additional sales off those same great customers.
- Follow Up with Cross-Selling & Upselling: Utilizing incentives and discounts, engage in customers’ positive experiences with your business by cross-selling similar products or upselling additional products or services that you know they’ll love based on previous purchases.
- Provide ongoing communication via blogs or social media: Websites and social networks make customer engagement one of the easiest and most effective ways of staying in front of your loyal customers. These channels allow you to provide unlimited, complimentary value to your customers.
Letting your customers know you understand their wants and needs is one of the most flattering and empathetic ways of engaging. And, if you are wondering how to increase revenue from existing customers, this is a surefire way to make that happen.
Ask for Reviews and Case Studies
Have you ever heard of social proof? Social proof is a psychological phenomenon that happens when people are uncertain about a product, service, or something else they see; they then look at people around them for guidance and reassurance on said products or services.
You can find varying levels of social proof, but in terms of your business, you will need to rely on your customer base to be a sounding board and offer solid social proof for you. One of the best ways to establish positive social proof is to ask for and use reviews to your advantage.
Customer reviews and word of mouth are the most effective and budget-friendly ways of leveraging your existing customer base to grow your revenue. Many people who have worked with us at Boldheart have done so by reading success stories from people who have already leveraged their businesses with our methods and coaching to help them.
If you’ve positively impacted your customers and proven yourself to have integrity and excellent business practices, your customers will happily provide reviews and case studies. Sometimes, all you need to do is ask for them.
For many businesses, word of mouth is a huge part of their growth strategy. Taking time via email marketing or social media to remind existing loyal clients that their recommendations are crucial to your business is the best way to grow your customer base. This indirect route of revenue growth is one of the best ways to create a consistent pool of potential clients.
Listen to Your Customers Unmet Needs
The not-so-obvious piece of leveraging your existing customers is listening to their unmet needs. However, it may be the most critical. By solving their unmet needs, you can solve the needs of customers to come and provide a better customer experience.
The success of your business, and the strategies you use, are only as successful as your most satisfied customers. The flip side? Customers with unmet needs will not promote your business, services, or products. Customers with unmet needs are not going to deliver rave reviews. You have to meet their needs and then some.
So how do you listen carefully to your customer’s unmet needs? Take time to have conversations with your customers: an actual phone conversation, a virtual live Q&A, social media comments/direct messages, or any other form of communication. There will often be shared frustrations among your customers. Listen to their problems and gain insight and knowledge into how you can better serve their needs.
As you listen and offer solutions–via products or services–you will build a foundation of trust that converts into revenue over time.
Boldheart Can Help You Leverage Your Existing Customers to Grow Your Revenue
Knowing how to increase revenue from existing customers is the beginning of understanding how to grow your business to 6 and 7 figures. At Boldheart, we confidently and consciously help you leverage your existing customers so you can increase your revenue. Boldheart has dozens of success stories from women like you who want to have it all. And why shouldn’t you?
At Boldheart, our signature program helps you do more than leverage your existing customers. That is just one facet of your business. We will help you discover how you can reduce the overwhelm that comes from running a successful business, regain control, and scale your enterprise.e
Schedule your complimentary call today, where we spend 30 minutes connecting deeply with you and understanding how we can help you unlock your potential to achieve your biggest goals.
We can’t wait to learn more about you, your business, and how we can help you at Boldheart!