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Don’t You Forget About Me: Driving New Revenue from Old Customers

Everyone likes shiny new customers. They’re new! They bought something! They add a tick to your customer numbers! They have so much potential! That is, until you forget about them in favor of the next new customer that comes in.

Um, perhaps you’ve also forgotten that it costs you five times more to attract new customers than to keep existing customers, and that 80 percent of your future revenue will come from 20 percent of your existing customers. So… shouldn’t you be giving your existing customers a whole lotta love? Wait, let me answer that for you: yes, yes you should.

Just like a relationship, driving new revenue from existing customers requires effort to continually make them feel special and valued. Here are some ways you can help them feel the love (and encourage them to keep purchasing from you).

Have a customer retention program. This is like loyalty marketing 101, but it has to be said. Marketing to existing customers can’t be something you do when you feel like it, or when your quarterly revenue goal needs a bump. You should have a strategic plan for consistently marketing to customers with targeted offers and loyalty rewards.

Reengage old customers. Dive into your CRM for a list of people who haven’t purchased anything in a while and create a campaign that updates them on your newest products or services and presents them with a special offer for coming back.

Create long-term on-boarding campaigns. Say you sell software. You probably have a short-term campaign that offers links to training materials and other how-tos that gets customers up and running. But what happens when that campaign ends? Consider a longer-term on-boarding campaign that offers materials that increases at the same level of proficiency and includes promotions for services to help them along the way.

Bone up on your customer support. Surprised by this one? Don’t be. A Gartner study found that 69 percent of respondents view access to customer support as extremely important in maintaining or growing their relationship with a company. And if your support is lacking, that could spell trouble for your retention numbers.

If it helps you to get inspired to create customer revenue strategies, you can always fist pump the air like Judd Nelson in The Breakfast Club. Go ahead, try it. Feels good, right?

Looking for more info on making customers count?  Check out our Best Practices area.

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