Do You Want More Revenue Opportunity or Just “New Leads”?

Generating more revenue from existing customers may not look as impressive in the pipeline as having a ton of new leads. But it sure does look good for your cash flow!?

Your existing customer base should always be one of the first places to look for more sales opportunities. When it comes to generating more revenue fast for our clients, we start by exploring how Marketing can help upsell and cross sell within existing accounts and not just on how to get more leads.?

Why? It’s easier to sell to people you already serve vs. people who don’t know your brand.

Statistics to Know

• It's costs 5X more to acquire a new customer vs. keeping an existing one.
• The success rate of selling to an existing customer is 60-70 % vs. 5-20% for a new one.
• Existing customers are 50% more likely to try a new product or service you offer.

Statistics are cool, but what about real world stories? Here's one.

Client Experience: Activating Existing Customers to Buy a New Product/Service?

Here’s a quick example of a cross sell campaign for one of our small business clients.

The back story: Our client recently added a new product offering for the purpose of attracting net new leads. But they forgot to tell their existing customers about it! I discovered this by doing voice of the customer interviews while I was helping refine their brand message.?

This was a simple fix. We built and launched an email campaign to educate their existing customer base about the new offerings and activate their interest with a special offer. You can see the results below.

• The open rates were extremely high at 43-48% (revealing a high level of trust and rapport).?
• 25% of recipients opened emails multiple times (indicating interest in the new solution).
• The offer email alone generated 10 sales conversations (including a couple of new sales opportunities and the potential for more in the future).

The Value of Proactive Follow Up

With this particular campaign, recipients opening an email more than once was the trigger for Sales to give customers a call and have a conversation. This is a much more proactive approach than relying on click throughs as the only indicator of interest.?

If you’re serious about generating more revenue, having Marketing and Sales on the same page around how to activate your existing customers is critical.?

Initial Steps toward Marketing to Existing Customers

1. Begin with an exploration of what your customers already use and find ways to remind them of why they love your brand.
2. Make a list of the products/services you offer that they might not know about (or may have forgotten you offer) and determine what value these solutions bring.
3. Find ways to make it as easy as possible for customers to say, "Yes!" to new offerings or upgraded solutions.

Campaigns and collateral may look like a blend of:

• Educational efforts (lunch & learns, videos, emails, product literature, etc.)
• Special offers (discounts, contests, loyalty rewards, etc.)
• Early access (beta-testing & pilot program opportunities, being featured or showcased in a video case study, etc.)

Learn to Love Upselling & Cross Selling?

At Blender, we track net new opportunities and upsell/cross sell opportunities in our CRM since having a strong mix of both is what makes businesses robust and resilient. We help our clients to do the same by actively cultivating existing customer relationships with ongoing marketing.

Want to talk about generating more revenue through marketing in the next 90 days??

Grab a time on my calendar.