How to Get New Business from Old Customers

Summary

The article emphasizes the importance of nurturing existing customer relationships to generate new business, suggesting that current clients can be a valuable source of additional sales.

Abstract

The article "How to Get New Business from Old Customers" by Jacquelyn Lynn underscores the significance of focusing on existing customers as a source of new business opportunities. It advises salespeople to not only close the initial sale but to also cultivate the relationship by understanding the customer's needs and the reasons behind their initial purchase. The article stresses the importance of consistent and meaningful communication, suggesting that service calls should double as sales opportunities and that personal touches can transform customers into friends. It also recommends fully penetrating the account by engaging with all potential buyers within a client company and seeking referrals. The balance between nurturing established accounts and prospecting for new ones is highlighted as a key strategy for maximizing sales potential.

Opinions

Regular customer interaction is crucial for developing repeat business and should go beyond mere service calls.
Understanding why a customer chose to buy can inform strategies for selling additional products.
Celebrating personal milestones with customers, such as birthdays and anniversaries, can strengthen relationships and encourage loyalty.
Salespeople should actively look for opportunities to solve new problems for their customers, thereby helping them to be seen as problem-solvers within their organizations.
Referrals from satisfied customers are considered high-quality prospects for new business.
A balanced approach to time management is essential, ensuring that existing accounts are nurtured while still pursuing new clients.
The article suggests that focusing on current clients for new business can be more rewarding than traditional cold calling methods.

Salespeople are always on the lookout for qualified prospects. Don’t overlook the very best prospects of all: buyers who are already customers.

Without qualified prospects, your business would come to a grinding halt, so it makes sense to invest in the process of developing new business. But don’t look exclusively outward for that new business — you may find a substantial portion of it can come from existing accounts.

Closing your first sale with a new customer is just the beginning of your relationship.

You know the customer has a need for your product; now it’s time to develop and expand on that need.

Find out what uses the customer might have for your product beyond the initial purchase. Take the time to understand why they bought from you in the first place. Was it quality? Price? Delivery time? Your charming personality? Or because you just happened to be there when they needed something?

Once you understand the reason, you can appeal to that decision-making process to sell additional products.

It’s an ongoing process

“Service after the sale” should be more than a slogan. It’s absolutely crucial to the development of repeat business. After every order, send a confirmation and express your appreciation. Follow up to see that the order is shipped and received on time. And once the product has been delivered, make sure the customer is using it properly and to its fullest extent.

Regular contact with your customers says you are interested in them as people, not just as commission checks. Keep track of customers’ birthdays, anniversaries, hobbies, and other personal information. Sending a card or a small gift once in a while helps turn customers into friends — and people like to buy from their friends.

Other ways to get new business from old accounts include:

Your service calls should also be sales calls. You won’t get an order with every customer contact, but you want to make sure the opportunity is there.

Completely penetrate the account. Be sure you are talking to everyone at the client company who has the need for your product and the authority to buy it. Ask your current contacts for names of others you should be talking to.

Help someone be a hero. Watch for opportunities to create a new need. When you see a problem that your products can solve, share the information with your customer. Help the buyer be a star within the organization because he or she was smart enough to recognize — and then purchase a product to solve — the problem.

Let people help you. Referrals are great prospects for new business. Let your satisfied customers do you a favor by giving you the names of their friends and associates.

Strike a balance. Manage your time so that you nurture and grow your existing accounts but also continue to prospect for new ones.

Looking for new business among current clients is often more interesting and satisfying than making traditional cold calls. More important, it’s usually easier and more rewarding.

Thank you for reading. This article was originally published on my site at CreateTeachInspire.com. You can reach me there or email me at [email protected].

How to Get New Business from Old Customers

Your best prospects may be existing accounts

Salespeople are always on the lookout for qualified prospects. Don’t overlook the very best prospects of all: buyers who are already customers.

It’s an ongoing process

Other ways to get new business from old accounts include:

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