In Part 1 of this series, we identified two ways to maximise business profit by investing in your existing customers. Already the foundation of your business operations, your best bet is that the customers you already have are going to make up the majority of those coming back for more.
In addition to taking into account marking up the price for goods and/or services in exchange for furthering the customer experience, here are another two ways to maximising your existing clientele.
3. Increase the amount of referrals you get from them
Your customers may be fans of your business, but are they telling their friends and family about you? Increase tain your3.ferrals by making it easier for your customers to share your details and actively encourage them to tell their network about your business.
Start with having easy-to-find contact details on your website, or a link on your newsletter that lets recipients share it with their network, including social media connections. Many businesses also have a hybrid business/referral card that clients can hand to people in their network. You can offer a bonus for successful referrals via this method as well.
4. Retain your clients for longer
Loyalty programs are a good way to formally recognise the relationship you have with your clients. On a basic level, this could be as easy as offering a discount or bonus for frequency of purchase (e.g. coffee cards) or longevity of patronage (e.g. gym memberships).
If you want to do something special for your long-time clients, personalise the gesture: take them out for dinner or give them a gift of appreciation—they’ll be fans for life.
Existing clients are already buying your product or service. Finding out why they do business with you and investing in that relationship is often a better move than focusing all your efforts on acquiring new customers. Make sure your customer relationship management strategy involves both.