A large client base is a goal for a company, it establishes the business and generates profit, but also comes at a price. Acquiring new customers takes time, and you can’t rush the process because without earning the trust, you risk losing valuable connections.
Depending on your business model, it also requires a lot of financial investments. When you run a field service business, the acquisition is even more challenging, as you always have to keep alert with existing clients and their requests. On top of that, it’s necessary to optimize your sales funnel, find ways to attract leads, and turn them into buyers.
Instead, you can increase the company’s revenue from existing clients. Acquiring a new client costs five times more than retaining the old one. Yet only 18% of companies put client retention as their priority.
You might think that trying to squeeze more from existing clients can cost you a customer, but you don’t need to push them. Instead, there are plenty of different ways that can benefit your customers and generate more revenue for a company.
We made a brief list of five ways to get more revenue from existing clients. And trust us, it will bring value to not only you but also them.
How to Get More Revenue From Existing Clients?
1. Find your gaps
You work with some clients for years and don’t have a clue that, for example, they need additional services your company provides. Avoid situations like that by checking in with your clients occasionally.
Perhaps, since the time you made a partnership, your business expanded, and you can offer them more features. If nothing seems to fit, go through all your products or services and find out how you could customize them to meet customers’ demands and update your offerings.
It’s also useful to research the market and see what your target clientele is looking for. It will give you ideas on how you could fill gaps in your offer and increase customer satisfaction.
2. Communication is key
And we don’t mean checking in with your clients only when you have that special offer. A relationship between your team and customers should be genuine and based on mutual trust. To make that happen, you should always be available and provide excellent customer support. However, it’s not always possible, especially when you run a field service business, and you need to handle a large client base.
One of the ways to guarantee free information flow, consistent feedback, and clear communication is to build a platform where you, your team, and customers could share insights.
Tasker business operation management software has a Customer Portal platform. The platform is designed in a way that your clients could access all needed information within a click, wherever they have an internet connection. It increases customer engagement and helps to keep communication open.
3. Upsell and cross-sell
When you have a close customer relationship, clients tend to get back to you in case they need a service or product, which is a great opportunity to upsell and cross-sell.
For instance, if you run a heavy machinery company that sells farm equipment, you can integrate supplementary service features. When a client buys a tractor, you can upsell and offer regular maintenance service. For cross-selling, check-in with the buyer and make sure to offer a harvester or similar equipment, too.
4. Follow up with feedback
Every business grows on feedback, ask that Microsoft or a local brewery in your city – without knowing your strengths and weaknesses, you can’t succeed. And who can tell it better if not your clients?
The problem is that without an immediate response, valuable feedback can be forgotten. Tasker Customer Portal functionality changes that by providing real-time task assessment. A client assigns a task and can follow up with progress. They can see how much time it takes and what problems occurred during the process. Also, they can fill a customized questionnaire, detailing their feedback and comments.
Customer platform also accelerates the upsell process, because your team can see when the task is finished and add recommendations of additional services.
5. Create loyalty programs
Although it’s a more extended approach, loyalty programs show your appreciation to clients and your partnership. You can develop a reward system, where regular customers would be able to collect points and exchange them in some perks.
The club-based promotion gives the feeling of exclusivity, and everyone wants to be exclusive. At the same time, it encourages customers to buy more products or order more services from your business and collect points. Points can be exchanged in discounts or freebies, which won’t cost much to the company but will play out smoothly in the long run.
A great relationship with customers is the core of a successful business. You don’t need to turn your company into an acquisition machine because working smarter can bring more benefits.
Despite these five steps, we also believe that to show exceptional attention to clients, it’s important to always seek enhancement. Technological development helps to save time and improve efficiency, which in the end, brings more revenue for you and your customers.