Gaining new business without compromising existing clients
Your customers are an invaluable asset to your business. They can refer your business repeatedly, which can prove to be a cost-effective, low-cost strategy for marketing. It’s essential to build strong relationships with them to retain their loyalty. Small businesses tend to spend more time on finding new customers than they do nurture their existing customers. This is despite the fact it is five times more expensive to acquire a new customer than to keep an existing one. It doesn’t need to be that way, as these business founders discovered.
Referral schemes
Repp Media, a global PR agency that works with public figures, is committed to attracting new customers and ensuring the success of their current customers. The solution to this delicate balance was to give rewards to existing customers via a referral program.
Director Matt Alexander said that “if they refer someone and work with them,” their current customer will receive between 10% to 20% of their retainer. That could be worth thousands of dollars. This will strengthen your network as you work with people connected in some way. Additionally, you have the opportunity to help your customers by using an existing customer’s expertise.
Repp Media, for example, began working last year in partnership with a musician who needed a model to record a music clip. Alexander says that Alexander had several models on their books and introduced the parties. This resulted in a great deal for both. “The model was well-known and paid. The musician, on the other hand, had an evident model to film their video. It saved the client so many times searching for someone.
Pro bono work
WOAW, a personal branding agency, was established in 2018 and has seen its monthly revenues rise from PS9,000 in 18 months to PS50,000. Many of the original clients, such as CEOs and founders of major businesses, are still with the agency. However, new clients join via LinkedIn. Joe Binder is a personal brand builder.
Binder suggests that entrepreneurs offer pro bono work to help them build and keep a customer base. He says, “We did it previously in return to testimonials, and those were priceless in signing on other clients ever since.”
Data-driven customer engagement
The goal was to transform the traditional way in which brands offered samples. According to founders, the key is to build engagement and research into customer journeys to understand what makes people tick and to tailor your offer accordingly for different audiences.
Mehta states that digital experiences like a quiz or feedback survey with a prize incentivization can offer more meaningful opportunities for the individual while simultaneously helping to collect valuable data. In return for your data, prospective customers might be eligible to receive a free sample, which could encourage them to return. A free sample may be offered to returning customers as a reward or incentive for repeat business.
His advice to business owners is to offer incentives that reflect their interests.
He states that businesses must treasure information like gold dust. They can use this data to personalize future interactions and target customers at the right moment, in the correct place, with the best product or service. “This is how newcomers can be converted, and existing customers will remain loyal: by continuing engagement and data-driven personal touches to add value and show customers that you care.
Customer Service Dedicated
While many entrepreneurs are driven to find new business and close the next deal quickly, it’s also essential to think about the needs of their customers. Fabrik Invest employs a dedicated team of after-care professionals whose job is to ensure its existing customers are satisfied, valued, and kept up-to-date.
Dale Anderson, Managing Director, states that little things such as remembering customers’ birthdays and sending personalized gifts can make all the difference. Sales departments can be too focused on creating new business and getting new leads. This is a mistake, according to my experience. Maintaining a good relationship with clients and developing a trust can lead to 50% more sales, particularly in the property sector.
