How To Turn Your Clients Into New Business Machine
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Oftentimes, brands tend to hyper-focus on acquiring new business from the outside rather than acquiring new business from retaining and upselling current customers. While new clients are great for a business’s bottom line and portfolio, there’s only a 5-20% probability of selling to a new client or customer, according to research from Invesp. On the flip side of that coin, upselling a current client or customer has a substantially greater probability of 60-70%. This is important for businesses to recognize, because failing to do so means more budget, resources, time and effort are focused on finding and converting new clients at a substantially lower close rate.
Now, while a business obviously wants and needs new clients, it’s important that more effort is put into retaining and upselling current clients. It’s not easy to up and change decades of the same sales business mentality, but there are ways that businesses can make adjustments to their marketing efforts, as well as shift to focus more on current client relationships to acquire more new businesses.
Chris, thanks for sharing!
Chris, thanks for sharing!
Great article! The old adage a bird in the hand is worth two in the bush is absolutely true when you are talking about customers. All businesses need to focus more on taking great care of the customers they have. Resell, cross-sell, up-sell. So much easier once they have gotten to know, like and trust you.
Nice work Chris!