The Importance of Existing Customers in B2B Sales
Posted on September 09, 2017
Customers are the key part of any successful business, and finding new customers is usually one of the aspects of business that is focused on the most. However, one fatal flaw that a lot of business make is to prioritise growing their client base over actually making the most of the clients they do have. Focusing on your existing customers can be a much more successful task than running around trying to convert prospects into buyers. In this post you will find a few clear reasons why focusing on your existing client base is a lot more beneficial than you may think!
Trust is a huge part of sales. A client that trusts you is much more likely to buy a product or a service from you. And trust can be a hard thing to gain. In fact, the only way a customer can be sure they can trust you is if they have already had positive experiences with you. Once you make a sale, and then provide exactly what you offered to the customer in the first place, that customer will have trust in you for life (that is, unless you ruin the relationship at a later point.)
So when you are trying to make sales, who would do you think it would be wiser to focus on? The customer who already has trust for you and with who you already share a relationship, or a completely new prospect you are trying to sell to and that you will have to start working on from scratch?
Opportunity for Upsells
If you want to make the big bucks, you are going to have to learn how to upsell. This is especially true when it comes to BSB sales. The more positive experience a company has dealing with you, the more comfortable they become in making larger investments into your services.
Long Term Is Better Than a Single Deal
When you really think about it, managing to attract a customer that is willing to pay money for your service, and throwing them to the wayside after the first deal so you can go off in search of another customer, is quite asinine. Instead of starting from scratch after every successful deal, try fully monetising your existing customer who has already proven to be very receptive to your sales techniques.
Lack of Consistency
Despite all these great benefits of focusing on existing customers, there is actually a shocking lack of effort made by many business to leverage existing customers for future deals. According to a study done by Bains & Company, it has been found that anywhere between 60% and 80% of customers who were satisfied with a company, did not go back to do any more business with them.
How is that possible? Clearly, many businesses are failing to keep onto the customers they have already attracted and are losing out on a lot of money because of this.
In conclusion, the advantages of prioritising existing customers are more than clear. Whenever in doubt, remember the saying, “Make new friends, but keep the old. One is silver, one is gold”. And in the world of business, this can’t be truer.