Leveraging existing customers to secure leads is one of the most effective strategies to increase sales. It has also been proven to be more cost-effective than finding ways to attract new clients. That does not mean abandoning efforts to find new customers. However, it is essential to spend some time and effort in ensuring customer retention.
Best Ways to Leverage Existing Customers
An advantage is that current customers are already aware of the pain points of the company’s leads. They know which products or services suit their situations and address their needs. They can also help in attracting new leads.
To help companies get started, we have listed the best ways to maximize existing customers’ value.
Delight your Customer
Customer satisfaction is a must. The company should make an effort to continually delight its clients. Doing this can help convince them to keep coming back to your company, which helps increase sales. It is best to aim to exceed customer expectations in all of their interactions with you. Doing this consistently can help secure a client for life.
For instance, giving a loyal client a gift. If they happen to enjoy reading an article on your webpage or a section from a book created by the company, consider making it into a gift. Give clients a reason to stay and spend more on your products and services instead of moving to a different vendor.
Send Birthday Cards
As simple as this may sound, it can go a long way. People can appreciate little things. While social media provides access to certain information like birthdays, not all companies take advantage of it. Take an extra step and send a card for a special occasion. Sending it by mail makes it seem more personal. Doing this gives clients the feeling of being appreciated.
Call with Purpose
Calling customers is one of the best ways to increase sales. However, spamming them with calls is not the way to go. People are busy. So, it is necessary to ensure that the company sales team does not waste its customers’ time. All calls need to have a purpose. If there are new products, services, or special deals, it would be better to give the customers a heads-up before calling them.
Ask for Feedback and Referrals
Existing customers are excellent sources of information. They can provide helpful feedback that will help improve the company’s products and services, which can help increase sales. Not knowing what clients think about the company and its products or services prevents implementing any necessary improvements or adjustments. Regularly ask clients for objective advice in the form of feedback.
If current customers are satisfied with what the company offers, they are likely to endorse the products or services to friends and family. They can also be great sources of referrals. If they happen to give good referrals, consider giving them rewards for their efforts. A gift voucher or handwritten card can show them how thankful you are. Even a simple phone call to thank them is a good gesture.
Building Trust and Credibility
Trust is an integral part of successful businesses. To get current customers’ loyalty, the company has to consciously make attempts to initiate a relationship and provide opportunities for them to trust the company. Ideally, a company can increase sales by building trust using customer behavior data. This way, they are more likely to see the product’s value and continually support it.
Enhancing the credibility of the company is also essential. It can start with the content it releases. Establish the expertise of the company in the industry by producing reliable, relevant, and valuable content. It should be valuable enough to help customers learn something about the business, its products or services, or the industry.
Once the company successfully builds and grows trust, current customers are more likely to advertise and promote the brand without even asking for compensation. They are confident to recommend the products or services because they have experienced using them firsthand.
Read reviews, check if there are any concerns or queries, and answer promptly. Let them know that the company is ready to listen to what its clients have to say. Communicate with customers.
Provide Guarantee and Warranty
Warranty refers to a promise that a specific product is free from defects and will perform its function properly. Meanwhile, a guarantee is quite similar. However, the difference is that it assures buyers that the product is of high quality and could withstand the test of time. Companies use both of these to provide customers the assurance that they are getting quality products free from defects. In some cases, these can also apply to services.
These are effective ways to increase sales and retain customers when they might otherwise consider going to another company that offers similar products or services. The company should provide a reasonable guarantee that tells customers where and how they can complain. It should also make them feel that raising a concern is not a waste of time and effort. Ensure that they know that the company cares. The guarantee should also be easy to understand to prevent any misunderstandings.
It is also helpful for companies to show existing customers that their loyalty is appreciated. One way of doing this is to have a loyalty program. Not only will it further promote brand loyalty, but it is also one of the best strategies to increase sales with the help of the company’s best clients.
Properly designed and executed rewards systems create a vital link between the company and its customers. It also helps improve customer satisfaction. Here are some common rewards companies offer for their loyalty programs:
- Preferable or discounted rates
- Bonus product or service
- Promoting multiple purchases, such as but one get one free or the likes
- Loyalty points that let them earn points for every purchase that they can exchange for a reward after garnering a certain number of points
Maintain Relationships with Your Customers
Keeping in touch with existing customers allows companies to establish and maintain a good relationship. It also helps promote trust, which could motivate a customer to continue supporting the company’s products or services. Among the best strategies to increase sales that a company has to consider are the following:
- Staying in contact through email, phone, hardcopy newsletter, or anything similar
- The frequency of contacting them should be consistent, either monthly, quarterly, or when there is a special event
- Talk about important industry information, sharing tips, providing access to useful resources, or keeping them up-to-date about how and what the company is doing.
There are various ways to increase sales. One of the most effective is to leverage current customers. With the right strategies, a company can succeed in turning an existing client into a loyal one.
Additionally, satisfied customers do not only make repeat purchases. They can also serve as advocates to promote the company’s products or services to other potential buyers.
Existing customers can also be a source of relevant information. They can help a company figure out any areas that require improvement. They can turn into a secret sales force that keeps a business running.