The top 1% of companies understand that the ROI with new business from existing customers is massive.
Growing a business can be challenging, and more or less impossible without having the core principles in place, one of which is growing the customers that you already have.
Yet virtually 99% of business makes one or two of these mistakes when thinking about growth!
Chasing new customers at the expense of looking after the ones you have.
Of course you have to go for new business but your existing customers are more likely to buy from you again and recommend you to new customers. Thinking in terms of sales rather than the lifetime value of your customers. If you do a great job on your first sale, people are more likely to stay or buy again. What will retaining customers mean for your future sales?
Underestimating the importance of repeat sales.
It takes a lot of time, money and effort to get that first sale, but how much are you investing in repeat sales? Repeat sales can come through good communication, i.e. telling customers all of your other services and products you produce.
Less effort and more sales. It's what everyone wants right?
Failing to understanding your customers future.
Like everyone, we all have goals and aspirations, so to be included as a real asset, you must know what problems your customers may have to help them get through to a better place. Creating greater understanding means that you create a stronger bond, which helps to ring fence your services from competitors.
It's quite common to ignore what you already have, but making a strategy from improving your existing customers can generate at least 10% more revenue, delivering greater ROI.