This is the third of a series of five steps by which business owners can increase their gross revenue and their net profitability. Visit http://strategicvisionbusiness.com/blog to read the rest of the articles in this series.
Business owners devote substantial amounts of time and money to the process of locating new customers. They’ll explore every possibility and run down every trail that shows the least bit of promise. And don’t get me wrong, this isn’t a bad thing, as long as it is done strategically and systematically. But the mistake is that, while devoting so many resources to turning up new leads, many of these business owners fail to tap into a huge potential source of new business that is right in front of their noses! I’m referring to their current customers and clients.
Think about it—your current customers do business with you because they appreciate the value that you provide. You’ve already done the hard part. They see the value in your products or services, they trust you, and they are willing to pull out their wallets and pay you. So why on earth wouldn’t you try everything in your power to bring them back time and time again?
Increasing the amount of repeat business that your company generates will have an immediate impact on your bottom line, but how do you go about accomplishing this goal? It’s about your mindset. Stop separating the functions of sales and fulfillment. Understand that every time you provide a service or a product, you are marketing to your current customer. You are asking him or her to return! What this process looks like varies from industry to industry—it could mean an increased emphasis on product packaging or it could mean better customer service. Whatever the case may be, the key is to identify tactics which will make your current customers more likely to become repeat buyers. From there, you create a system to ensure that your process is consistently implemented.
It’s great to generate more fresh leads, but don’t ignore your current customers! Now that you have gained their trust and brought them through your front door, you’re in prime position to get them hooked. Think through the experience you create for each of your customers, and work to refine the process into a system that works consistently. Increasing the amount of repeat purchases that your business generates will directly impact your bottom line. How can you get started with this process? Feel free to reach out to me if you’d like to discuss this subject further!