Selling More to Your Existing Clients
Did you know?that it costs between five and seven times more to get a new client than to keep an existing one?
This fact alone should make?selling more to existing clients?a top priority for you.
One of the easiest ways?to drive growth is by doing more business with your existing clients.?
So why don’t more professionals sell more to their clients?
The reason is simple: most do not have a process.?
I recommend using a four-step ‘away services’ process, with the following elements:
Finding
This is the key to making the entire process work. The best method is to have an annual planning process. For each client, it can be as detailed or as simple as you like.?
The aim?is to complete a services balance sheet that shows the services you provide to your clients and also those handled by others.
This sets the stage for you to have an overview across your client’s portfolio of all services, not just those handled by you.
Acquiring
For each client, keep a services balance sheet (electronic or hard copy) and update it annually. Look at your clients’ services as though you were managing them, incorporate the ‘away services’ into your conversations with clients and develop a strategy to bring those services to your firm.?
?Elements?of the conversation can include:
?Develop a strategy?to bring these services to your firm.?
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It can include:
Update your CRM?with this information and refer to it as part of your client contact. Share ideas about why the client would be better off having you handle these services.
Tracking
Keep track of where your clients hold other risks and track the products and services clients hold with your competitors. Then you can use your conversations to maximise the opportunity of providing more services to existing clients.?
I suggest?using a spreadsheet to keep track of these services. List each of your category A and B clients by name and, next to each name, list the services being provided elsewhere.?
This will show?how big the opportunity is.?Using a list is a good way to be aware at all times of how many services your clients are purchasing elsewhere and how successful you are in acquiring them.
Updating
Use your?continuation process?to have a regular discussion with your key clients. Bring along your services balance sheet and explain to the client the services they have with you and those ‘away’ from you.?
Explain to the client?you need to update this list to make sure it’s current. It will surprise you to see how many other services can come into a client’s life in a year.
Working in Your Comfort Zone
Capturing the services?your clients are currently purchasing from other firms is a smart way to drive organic growth with?zero acquisition cost.
You will also be working?within your comfort zone.
Clifton Warren