If you want to increase revenue, focus on your existing customers. Consider this:
- Retaining current customers is 6 to 7 times less costly than acquiring new ones (Source: Bain & Company)
- Repeat customers, on average, spend 67% more (Source: Bain & Company)
- 60% of companies believe they should be generating 25% or more revenue from strategic accounts (Source: RAIN Group)
True customer loyalty, and their willingness to buy more from you, does not come without consistent effort. A salesperson’s relationship by itself is not enough. You need to prove that you and your entire organization are focused on the priorities of your current customers and are fully devoted to their personal and professional success.
If you are committed to building customer loyalty and selling more to existing customers, you need to start with these 4 areas:
- Identify and Focus on Ideal Target Accounts
- Know Exactly What Your Target Accounts Need and Want
- Align Front-line Staff to Your Target Accounts
- Never Take a Customer for Granted
How can you grow existing accounts faster? By delivering world-class solutions and support for your ideal target accounts every day. Do not become complacent. Keep current on your customers’ needs, follow through on commitments, and continue to invest in adding customer value.
Do you have a strategy to grow existing accounts faster?
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