How can you identify opportunities to renew your customer base?

Staying connected with your customers even if they are dormant or not investing currently is the most effective way to stay relevant and value adding. In fact customers love a human touch even if they have experienced a bad experience in the past with the organisation. When it comes to selling, nothing can beat a good connection with the customers. Even if your products are priced on a premium, even if the product is nothing new, but you can strike a deal every time, just by creating that bond of "Being There" for your customers.

In order to identify opportunities to renew your customer base, it is important to start with understanding the customer needs, motivation, goals and their feedback 1. Have a regular dialogue with your customer. quarterly/annual CSAT surveys are always useful to get a broader view on customer satisfaction 2. Critically analyse all the data points, reflect on the trends, patterns emerging, and create tailored comms plan addressing individual needs, their pain points, tailored offerings, service improvement plans etc. 3. Reach out to every customer with plans tailored to them, start regular cadence, track and report change

Para identificar oportunidades de renovar sua base de clientes, mantenha um diálogo ativo, analise feedbacks e comportamento do cliente, acompanhe tendências de mercado, segmente clientes e ofere?a incentivos personalizados para promover a renova??o e a lealdade à marca.

Looking after and more importantly, adding value to the customers you’ve already got makes you more likely to be referred to new ones. I often think that time is focused in the wrong place and when we learn to really listen to our current customer base then we deliver what our customers want. I work in a service profession and so this may not chime for other professions of course. Learning to ask questions to listen to the answers rather than to respond is key to good customer base growth.

It's simple and rare with all technology surrounding us. "Hunger for sucess" defies all myths and tactics. This is simple fix for all growth & ambition we nurture at present or in future.

La segmentación es clave que identifique grupos de clientes distintos, accionables y rentables. La segmentación estratégica impactará en el dise?o de la propuesta de valor, la experiencia objetivo, el tipo de venta/asesoría y canales; luego se podrá identificar subsegmentos con fin de captar mayor valor

The next step is to segment your customers based on their characteristics, behaviors, and value. You can use criteria such as demographics, location, industry, purchase history, loyalty, profitability, or potential. Segmentation will help you prioritize your customers and allocate your resources effectively. It will also help you create targeted and personalized messages, offers, and solutions for each segment. You can use tools such as customer relationship management (CRM) software, analytics, or dashboards to segment your customers and track their interactions.

Some of the ways to identify opportunities are as follows: 1. Renewing your customer base involves leveraging data analytics to monitor client behavior and preferences. 2. Regular feedback sessions and surveys help gauge satisfaction levels and uncover evolving needs. 3. Personalized communication and proactive engagement are key in addressing concerns and offering tailored solutions. 4. Utilize technology for targeted marketing initiatives and provide exclusive incentives to retain valued clients.

Segmenting your customer should always be done on keeping organization perspective, i.e. Vision & Mission of your organization Potential & Profitability should be the main points to be remembered while segmenting, as if, it will help you to have CLTV Customer Lifetime Value relationship

Customer Feedback and Surveys: Regularly collect feedback from your existing customers through surveys, reviews, or direct communication channels. Analyze this feedback to identify common pain points, suggestions for improvement, or areas where customers express dissatisfaction.

How to know my UVP in case of competitors customer ? The best way is to meet and listen, listen, listen to the customer. Be less sales man and moratuwa student you were before your career began. Have in mind: the strongest currency is INFORMATION. Gather and use it to define the real needs of the customer, then formulation of our UVP is much easier.

Its always important to keep an eye on your competitors however not at the expense of focussing on your strengths and vision!

Another step is to monitor your competitors and their activities. You need to know who they are, what they offer, how they market themselves, and how they perform. You can use sources such as websites, social media, reviews, reports, or industry publications to gather information. Compare your strengths and weaknesses with your competitors and identify your unique value proposition (UVP). Look for opportunities to differentiate yourself and showcase your competitive advantages. You can also learn from your competitors' best practices and mistakes and adapt accordingly.

Keep a close eye on your competitors' activities, including their product offerings, pricing strategies, and customer engagement tactics. Analyzing competitor data can help you identify gaps in the market and areas where you can differentiate your offerings to attract and retain customers.

Always be your toughest customer, Pressure test your current and future planned innovation pipelines. Be critical and find the faults. There is nothing wrong with reviewing your current go to market strategies, products, sales pitches etc as the more you review the more you will improve everything you do and in turn win more with your customers

Innovation needs not just a good understanding of the customer needs , but building real value can happen if we involve the customer in the process - a joint sense ownership gets developed and the customers are also invested in what we do …

Innovating your offering is critical to the growth of your organisation. Often the changing market dynamics and customer behaviours require us to continuously innovate our offerings. To understand the market pulse and customer demand 1. Use techniques such as design thinking workshops, surveys, round tables, brainstorming, research, prototyping, A-B Testing, user-testing 2. Create Customer Advisory Council (CAC) comprising of your top customers. Involve them to not only capture the changing nature of demand, but to also help innovate the offering 3. Use business model canvas tool - it helps you stay focussed and create a strong value proposition

Implement mechanisms for self-improvement through ongoing training on new data and feedback from users. These are just a few examples of how I can innovate my offerings to better serve users and adapt to evolving needs and technologies.Implement mechanisms for self-improvement through ongoing training on new data and feedback from users. These are just a few examples of how I can innovate my offerings to better serve users and adapt to evolving needs and technologies.

One more step is to innovate your offerings and create new value for your customers. You need to keep up with the changing needs, preferences, and trends of your customers and the market. You can use methods such as brainstorming, research, testing, or prototyping to generate new ideas and solutions. You can also involve your customers in the innovation process and ask for their feedback, suggestions, or input. Innovating your offerings will help you attract new customers, retain existing ones, and increase your revenue and reputation.

Value statement should be such that it meets customer expectation and addresses their key pain points. Once we have the value statement, communicating it effectively is critical to the success. 1. For mass reach out, key note speaking at an event or round table event, webinars, coffee mornings, etc. helps position the offering with the right value statement 2. I have used storytelling, video testimonials of customers endorsing the value propositions to effectively grow customer enquiries and pipeline 3. LinkedIn / Social media campaigns are another effective medium I have used to target a specific set of target customers 4. Look out for strategic event such as AWS connect, Money 20/20, Mobile Congress, WEF.. to exponentially multiply reach

Keep your value statement clear and simple, it should reverberate internally with your teams and outwardly with your customers. It should be easily memorable! In this day and age ensure that whatever channel you decide to utilise whether it be Email, Instagram, Facebook, TikTok, Twitter and even by snail mail. Make sure its what will deliver with your customer base. Fish where the Fish are!

The final step is to communicate your value and benefits to your customers. You need to inform them about your new or improved offerings, how they can help them, and why they should choose you over your competitors. You can use channels such as email, phone, social media, or events to reach out to your customers and engage them. You can also use strategies such as storytelling, testimonials, or case studies to demonstrate your value and impact. Communicating your value will help you build trust, loyalty, and advocacy among your customers.

It is essential to communicate with your customers and make them aware of all new business opportunities & range of choices that they may take advantage for their benefit and all these steps are important for business growth!!!

To renew your customer base, effectively communicating your value proposition is crucial. Clearly articulate how your products or services meet the evolving needs and challenges of your customers. Use targeted messaging that speaks directly to each customer segment, highlighting benefits and solutions that are relevant to them. Employ various channels — email, social media, personalized content — to ensure your message reaches your audience where they are most engaged. By demonstrating a deep understanding of your customers' needs and showcasing how your offerings provide unique value, you can attract new customers and reinvigorate the interest of existing ones, leading to a renewed and vibrant customer base.

As mentioned previously, the strongest currency invoke work is information. And so much is not gathered even we have the opportunity. One example: customer visits through our sales. Quite often the current situation at customers facility is not properly communicated, perhaps the CRM does not foresee to enter details on the equipment or it is assumed to be too much work to do so after the visit. But sales shall always prepare status report of customer facility - ?Customer Recognition Report“ ans internals sales to enter into database or update the existing data.

Identifying opportunities to renew your customer base involves considering factors such as customer engagement metrics, feedback, usage patterns, renewal dates, customer interactions, lifetime value, competitive landscape, customer segmentation, upselling and cross-selling, and renewal incentives. By implementing proactive strategies based on these factors, you can effectively renew your customer base and maximize retention rates.

In order to renew your customer relationships, you have to build trust with each client and consistently overachieve on expectations. There are many options in every field for your customers to choose, so setting yourself apart is important. Certainly, each of these steps is important and needs to be done. But without trust, it becomes much harder to keep the customers you have and build them further. Gain your customers trust consistently throughout the relationship, and your renewals will come easier over time.

The most important thing is you have to have a roadmap. Once you enter an account with a technology then you have to have an insight for upsell and cross sell. For this I keep myself updated about the road map of the OEM's. What next technologies can fit in the account. Probably OEM discussions can help.