Many business owners and entrepreneurs believe that in order to grow revenue, they need to expand their business, products or services or grow their customer base. However, there are usually some untapped methods to get more revenue from current customers.
Before launching new products or services or looking for new customers, there are some simple ways to tap into the ones you currently have. Below, seven members of Business Journals Leadership Trust discuss some of the simplest ways to get more revenue from current customers and why they’re effective.
1. Find complimentary services.
Find complementary services that can help you grow or reach your campaign goals. Never sell unnecessary upsells; keep them essential. By doing this, you will then continue to be considered a thought leader by them. – Christopher Tompkins, The Go! Agency
2. Offer top-notch customer service.
In business, if cash is king, then revenue is queen. One simple way to get more revenue from current customers is to meet and exceed their expectations through top-notch products or services with executive customer service. This approach has a two-edged sword impact. First, customers are more likely to come back to buy more. Second, they will refer others, thus creating more revenue. – Emmanuel Eliason, Eliason Wealth Management
3. Match previous energy and passion.
Use the same energy and passion for delivering products or services used when pursuing customers. Delivery excellence is not simply meeting contract terms but going above and beyond contractual obligations. It may sound counterintuitive, but do not focus on the next thing you can sell. Instead, focus on creating and delivering the highest quality deliverable possible. – Quoc Nguyen, Arthur Lawrence, LLC.
4. Ensure it’s love at first touch.
The best way to ensure the highest revenue per customer is to ensure they love your product or brand from the first touch. This will lead to a purchase with them becoming a repeat customer and drive lifetime value. – Jessica Hawthorne-Castro, Hawthorne Advertising
5. Preserve service consistency.
As a service business, it is as simple as treating them well! Be consistent. Meet your deadlines and maintain accuracy. Their trust in you will grow and they will inevitably ask you to do more. – Zane Stevens, Protea Financial
6. Deliver incredible experiences.
Share best practices, deliver an incredible customer experience and give them a reason to want to do more business with you. You get what you put into it! – David Wescott, Transblue
7. Maintain regular communication.
The easiest way is to retain existing customers for as long as possible. To do that, you must maintain regular communication with them to ensure that your product is still adequately meeting their needs. In our ever-changing world, the needs of customers are also always changing, so you need to understand them well and ensure that your product evolves with these needs in mind. – Peter Abualzolof, Mashvisor