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Partnering with Current Customers to Grow Sales

Businesses are always looking for ways to grow. By partnering with current customers you can improve your business and grow in new ways.
Customer Partnership

You’ve worked hard to grow your sales. Now, it’s time to focus on retaining those customers and expanding even further. That’s where the real money is: the value of a repeat customer is five times greater than that of a new one, according to Forbes magazine. Ninety percent of your profits will come from just 20 percent of your customers — but how can you know who those 20 percents are? The answer lies within your existing customer base — if you take steps to partner with current customers creatively, you’ll find new opportunities for growth where none existed before. Here are some simple strategies for partnering with current customers:

Embrace Shrinkage

In business, shrinkage refers to a loss of product from inventory. This can be caused by theft, damage, or loss. Shrinkage is a normal part of business; however, you can use it as an opportunity for growth.

If you’re a retailer or wholesaler who sells products on Amazon FBA (Fulfilled by Amazon), you may have experienced this phenomenon first-hand: 

When you sell something through your website and ship it directly to your customer yourself, avoiding the Amazon fulfillment process altogether, you suffer not only from lost sales volume but also those customers who would have purchased additional items because they were satisfied with their previous experience with your brand.

Incorporate the Big Picture When Partnering with Current Customers

You will learn much about your customers and their points of frustration in your customer development process. One of the best ways to help your customers grow is by looking at the big picture and asking yourself: “How can I help my customers reach their goals?” 

This might sound obvious, but it’s not always easy to pull off, and it requires that you keep in mind what they’re trying to achieve while also keeping an eye on their other needs and aspirations. 

You’ll have to resist getting sucked into solving only one problem for them because if you do, there’s no way for them to reach success in all areas of their business or life goals.

Take Part in a Group Brainstorm

Incentivize customers to collaborate. To encourage your current customers to work together, you can offer a discount or prize for the best ideas they come up with. 

A small reward can motivate individuals to share their insights and experiences, allowing them all to benefit from new perspectives and ideas.

Another option is to hold a contest where entrants submit their best idea on how your business can improve customer satisfaction in some way. 

This type of contest encourages customer collaboration so that everyone has a chance at winning something valuable (like free services).

Partnering with Current Customers by Encourage Reviews and Testimonials

The next time you have an opportunity to interact with a customer in person or over the phone, ask them to review your business on Yelp or Google. 

You can also email customers after they’ve made a purchase and ask for reviews there.

But don’t stop there—you must encourage customers to leave reviews on social media channels like Facebook, Twitter, and Instagram. 

In addition to being a good way for people to share their experiences with others, these platforms are increasingly being used as discovery tools by potential customers who find businesses from friends or followers.

Use Customer Success

Customer Success is a critical part of any business. It’s the very nature of your relationship with your customers, and it can help you grow your business by increasing customer retention, reducing churn, and increasing customer lifetime value.

Customer success helps organizations understand how to best serve their customers based on what they want from the relationship and how much they are willing to pay. 

Get Customers Involved 

Customer involvement is a great way to get feedback. Customer involvement is also a great way to get ideas for new products, services, and marketing campaigns.

You can use customer involvement to engage with customers in several ways:

● Surveys – This is one of the easiest ways for your customers to share their thoughts about your brand or business. You can use surveys in many different ways, from asking them what they like about you to researching how their experience was when dealing with an issue (and what you can do better).

● Focus Groups – Focus groups are similar to surveys but are usually conducted face-to-face rather than online. The advantage here is that it will give you more details about why people feel the way they do about certain aspects of your business–you might even learn something new.

● Social Media – Some people don’t want their contact details shared publicly. Social media channels like Twitter and Facebook are ideal places where they’ll feel comfortable giving honest answers while remaining anonymous if necessary (which may not always happen with other methods).

Adapt to Fit Customer Needs

You’re a wise business person, so you know that customer needs change over time. But here’s something you might not realize: the needs of different customers can also change from one customer to another.

Take my friend Bob. Bob is a great guy who loves his software engineer job but is terrible with money. 

He makes good choices in how much to spend on food and fun stuff, but when saving for retirement or paying down his student loans, he always decides “this month” is better for him than the next month. 

If we were running a retirement planning service where people paid us $20/month (and we were), we’d do fine with Bob as our client. Until he changed jobs, got married and had kids, or decided suddenly that now was when he needed some extra money for home repairs or whatever else might come up in life. Then, our service would suddenly become very desirable—and just as quickly lose value again in several months! So partnering with current customers to figure out what their needs are, and how you can adapt to fit those needs is essential to growing your business. As you do this customers will realize that you care and recommend your business to others.

Look to Customers for New Products and Services

In many cases, the best way to find new ways of doing things is by looking at what you already do well. 

Identify your best customers and ask them why they bought from you in the first place. What made your product or service stand apart? 

Consider what specific features appealed to them, and talk with other customers who are similar in some way (e.g., demographics, location). 

You may discover that a particular feature was significant for this group of users—and that’s precisely where you should focus future development efforts.

Partnering with Current Customers Holds the Key to Your Future Success

Your current customers hold the key to your future success. They can generate new sales, provide information that improves your product or service, and help you develop new product and service ideas. 

Your existing customers are also a great source of revenue because they already know and trust you, making them easy to sell to again.

Finally, when it comes time for expansion, who is better than someone who already knows how well your company performs? 

In addition to providing a steady stream of sales now, these past clients will be able to recommend you as you branch out into new markets or industries.

Conclusion

We hope this article has given you some ideas to return to your business. There’s no doubt that partnering with current customers is a great way to grow sales and increase customer satisfaction. 

Customers are the lifeblood of any business, so why not use them as part of your marketing strategy?

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Hi, I’m Crosby Jeffler. This blog will discuss my methods for creating multiple income streams. I generated over $2M of sales in the past two years, and I’ll share how I did it.