How leaky is your bucket?23rd November 2020
One of the biggest challenges we hear when we talk all things marketing with prospects and clients is the immediate desire to land new clients.
Let’s face it, no matter what industry you’re in, getting a new appointment or landing a new client is always a buzz. The thrill of the chase, the new pitch, doing the deal – getting the ‘yes’. And whilst it can be a bit daunting, it’s a great sense of achievement.
And then it’s off on the next crusade…
Meanwhile we assume (never a good idea) our current customers are quite happy. After all, they’ve never said anything, they’re paying their invoices so everything must be rosy right? But are we checking in regularly to make sure everything is ok? Are we asking them the strategic questions – what are your plans for the future or what else can we do for you?
Taking a step back
If you think about it, without a strategic plan, new business activity can be a bit like trying to fill a bucket with holes in it. We’re going after loads of new leads to fill the bucket up, but we’re not looking after what’s already there, and so they fall out of the holes.
Meanwhile we assume (never a good idea) our current customers are quite happy. Well after all they’ve never said anything and they’re paying their invoices, so everything must be rosy.
Plug the gap
Here’s the thing. Clearly, it’s really important to have a new business strategy. But it’s equally important to have a customer retention strategy to fill the holes. And there’s never been a better opportunity to talk to your existing customers.
Over the last few months, the playing field has somewhat changed. We’ve all no doubt had to look at our own business and how we operate. And for some that has meant reviewing our services, moving from offline to online, or it has been an opportunity to develop new products and services.
Here’s the question – have you let all your customers know about what you’ve changed?
Why you need to talk to your existing customers
Keeping your existing clients happy should be your number one priority. They’re the most important ones.
Are you serving your customers as best you can? Are you making the most of the opportunities you have?
OutboundEngine have got some interesting stats :
- Acquiring a new customer can cost five times more than retaining an existing customer.
- Increasing customer retention by 5% can increase profits from 25-95%.
- The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.
It stands to reason then that asking our existing clients how they are doing, taking an interest and listening, may well be better than chasing that nice new shiny client.
When was the last time you looked at your customer retention strategy?
One of the key things about getting your customer retention right is making sure you have your customer journey mapped out. Making sure you’re really clear on all the interactions you have with your customers. We call these touchpoints.
Is your customer’s experience with you as good as it can be?
Have you got a plan to work too?
Let’s chat. We know the importance of having a marketing plan in place to help you get the customer journey right and have all the right touchpoints in place.
That’s why we’ve put together our online course ‘Create a marketing plan that converts into sales’.
It helps you get the focus you need for your business.