Webinars in words – Marketing Tips Part 2 - Getting more business from existing and dormant customers
WARNING - this blog drags on a bit, but trust me, it’s worth the read.
Businesses have a 60-70% chance of selling to existing customers.
And only a 5-20% chance of selling to a new one.
Are you missing opportunities to generate more revenue from your existing customers? That’s a rhetorical question by the way...of course you are.
A gentle reminder before we start...no one likes being sold to.
Pushing your products and services onto an existing happy customer who has already committed to buying something from you is likely to backfire and leave them feeling disrespected, unappreciated or just annoyed. It is therefore essential to strike a balance between offering further support or advice and driving customers away with unsubtle sales tactics.
So how do you sell more to your customers without being overbearing?
By using strategies that deliver value, benefits and create a better overall experience. Selling, when managed well, can actually make customers happier and feel more connected to your company and brand. Here are my top tips:
1. Only make relevant offers (that are also helpful and beneficial)
Before you try to upsell any customer, first ask yourself if the sell is relevant? Make sure the new offer is not only relevant to the original purchase but also beneficial and helpful.
2. Sell with SPIN!
Spell out the Situation
Present the Problem
Introduce an Idea
Notify them of what’s Next
SPIN is a subtle way to bring your customer’s attention to a problem (see 3. below) or opportunity they may not know they had.
3. Present the problem and your solution
This is like telling a story, allowing you to bring your customer along on the journey. You describe a scenario for them and they can imagine their part in it and you show them the solution that you can offer. If you can clearly show how it will generate ROI, who’s going to say no?
4. Use limited-time special offers
I’ve discovered that everyone loves a deadline and drawing a customer’s attention to a time-sensitive deal can encourage them to take action and add on to their original purchase. Think of how successful Black Fridays are. Give your customers reasons to buy more!
Offering special offers for a limited time encourages people to take action because it triggers a sense of urgency, they don’t want to miss out.
5. Offer a win-win
When your customer makes an important purchase, they want to get the most value for their money. You can help them and upsell by providing additional products and services for a smaller additional cost. For example, when a customer asks for a product or service, offer to include an additional complimentary item at a reduced price - it’s a win, win.
6. Always ensure you provide value
The skill of a successful upsell is about providing your customer with something they value. Do your research and try to identify solutions that will either make them look good, or make their lives easier.
Smart businesses know that it’s more important to focus on customer loyalty than customer acquisition because it’s much easier to sell to existing customers rather than attract new ones.
So, how do I re-awaken dormant customers?
Existing customers are not only more likely to buy, but they also spend an average of 31% more than new ones! When customers stop responding to marketing efforts, many businesses give up on them. But why abandon a customer who has already done business with you or is at the very least aware of you and your products or services?
Here are a few ideas I use to try to reawaken those old customers:
1. Stop thinking direct mail is ‘dead’
If your digital marketing isn’t bringing the responses you want, try putting something physical into non-responsive customers’ hands. Create a segmented list of unresponsive customers and send them something unique in the mail.
3D mail gets 20x more penetration and generates as much as 75% higher demand than flat mail.
Mail has incredible response rates, achieving up to 600% higher response rates than all digital marketing channels combined. Receiving a marketing gift in the mail is the stuff of VIP treatment and can ignite a lapsed customer’s interest by making them feel valued.
2. Keep in touch via the power of LinkedIn
I don’t need to tell you why you should be using LinkedIn because you already know. By adding the ‘Stories’ feature recently, LinkedIn is the prime place to connect with and keep in touch with your customers (and it’s far more personal than email).
TOP TIP: Spend a few hours going through your client list and invite them all to connect on LinkedIn, drop them a personal message to say hello and BOOM, another place to help you stay front of mind.
If, however, you’re connecting with someone on LinkedIn that won’t recognise you, here are a few things to keep in mind:
Customise your invitation - Stand out in the crowd and don’t use the generic “I’d like to connect with you on LinkedIn” message. If you don’t put thought into your reach out, why should they be interested?
Tell them who you are - Let them know about anything you might have in common. Were you referred to them through a mutual contact? Are you in the same LinkedIn group?
Indicate your reason for reaching out - What do you want to achieve by connecting with this person? Let them know what piqued your interest when sending the invitation. If there’s no actual reason and you’re just connecting to build your number of contacts, then you’re really not using LinkedIn correctly.
Extend your value proposition - How might this person benefit from being connected with you? Include any details that might influence a yes decision to accept your invite.
3. Create a customer survey
Customer surveys are great for a number of reasons;
It’s another way to start a conversation with a client
You’ll find out areas where you and your team can improve
You should get some great testimonial quotes for marketing and sales to use
You may be able to identify areas to sell new products or services when reviewing their responses
When surveying customers, don’t be too keen! Ensure you’ve worked with them enough before asking them to shine a light on your performance, the last thing you want them to say is ‘well, I don’t really know yet’ or ‘I’ll tell you when we’ve seen some results’.
TOP TIP: Customers are FAR more likely to give honest feedback to a third party. We’ve done internal and external surveys and trust me, using a third party works better every single time. We partner with a specialist in this field and can hook you up with them if you would like an introduction.
4. Send them a video
When was the last time someone you used to work with emailed you to ask how you’re doing? Or to have a ‘catch up’ because it ‘would be great to work together on a project again’... last week? last month?
Now ask yourself, when’s the last time you received a video message asking you to work together again? The chances are you haven’t. And that’s exactly the point, a video message cuts through the flow of boring emails and the customer will actually get to see, hear and feel your passion for working with them again.
You’re probably asking, why did a marketing agency just give me a load of sales tactics?
You’re right, this blog was mostly about sales tactics, but these days sales and marketing should be completely aligned. As an agency we deliver marketing solutions designed to help your business grow and in most cases, that means increasing sales.
If you found this interesting or learned something, why not get in touch and we can talk about your marketing and sales activities? Here’s my personal diary, let’s chat.