Did you know that it costs five times more to bring on a new client than it does to retain a current one?
That’s a lot of money you could be wasting!
Plus, you don’t have to constantly prove yourself with an existing client like you do with a new one. Your existing clients already know how awesome your business is and how awesome you are at doing it.
Many businesses fall into the trap of forgetting about their current clients because they are too busy chasing new ones.
Here is why that is a mistake…
Chasing New Clients
While it is an attractive thought to have new clients flocking to your business, they can actually be hard work. Not only do you have to spend large amounts of advertising dollars to catch their attention, but you have to work really hard to get them over the line.
It takes a lot of trust to buy from a business, and trust does not come easily. It takes a long time to earn. That trust can take up to 12 months to build. But you need income now!
How do you get it?
By focusing on the clients you already have.
Why You Shouldn’t Forget About Your Current Clients
Aside from the cost benefits to your business, maintaining your current clients aligns with your business values. We all have a purpose. Our businesses solve real problems for other people. By ignoring the clients that have helped you build your brand you are not aligning with your own values!
It really doesn’t take much to nurture the relationship with your current clients. Stay in touch, manage their expectations and always deliver on your promises.
This will result in:
More Targeted Offers
We all want those sweet products or services that people are lining up to buy. When you have a dedicated bunch of clients, you get a true understanding of their needs and wants. That understanding will mean that you can develop the kind of products and services they need.
You can virtually guarantee the success as you are giving them what they asked for – without them having to ask. Unless you truly understand your clients, you will not be able to do that.
Once you nail the recipe, they will reward you with their trust and loyalty.
Encourage Referrals
Referrals are one of the best forms of advertising for your business. Think about how you feel when someone refers a business to you. Automatically, you feel like you can trust them, as someone you trust has used them before.
Turn that thought process around to focus it on your business. If someone has been referred to you, half of the sales process is already done before you even speak to them. You are starting on the front foot as they already have an element of trust in you.
Remember, referrals are not going to simply fall in your lap. You have to nurture your current clients so that they become your biggest raving fans. That way, they do your advertising for you and it doesn’t cost you a cent!
Increased Lifetime Value
It makes sense that the longer a client stays with your business, the more they will spend. They are also more likely to take your higher priced offers as their trust and love for you grows. Suddenly you are achieving higher revenue and higher profits without the advertising spend.
Repeat business is another one of those gold nuggets that you want to uncover. You want to encourage your clients to return to your business again and again.
How can you do it?
It doesn’t have to be a huge gesture. You don’t have to offer them a discount. Small incentives and loyalty programmes are a great way to increase your customer experience. And because you know them so well, you can offer them the kind of incentives that really matter – further cementing your relationship.
So if you are ready to grow your business by focusing on your current clients, then I am ready to help you with the strategy to do just that. Get in touch today for the marketing strategy to grow your business without the need to constantly chase new clients.