Are you leaving money on the table by ignoring your existing customers? - Q-Zone Tech

Are you leaving money on the table by ignoring your existing customers?

Published by admin

Monday, Sep 19

Did you know that it not just costs 5X more to acquire a new customer than closing an existing customer on new sales, but increasing just 5% in customer retention can increase your profits by at least 25%? 


In our work with many business owners, we have found that there are a few common reasons why it is tempting to try to get more new customers, instead of engaging existing ones:


One is that you assume that your existing customers are unlikely going to buy from you again. 
This could be true if your products or services aren’t as good as what your customers expected. If this is the case, then it is important to measure customer satisfaction, and plug any prevailing gaps. 


If your products or service have received good comments, yet you’re not engaging them on a regular basis, then you’re likely assuming that your existing customers would not buy from you again. 


The truth is that the chances of getting an existing customer to buy from you again are between 60% and 70%. This is vastly different as compared to a 5% to 20% chance of closing a completely new customer. 
So never assume that your customers will only buy from just a single occasion.


On the other side of the spectrum, never assume too that customers who will buy again will remember you and come forward, and hence there is no need to re-engage them. 
To stand out amidst saturated and competitive markets, it is vital that you remain top-of-their-mind, and that will require regular and consistent engagement efforts. 


The second is that you do not have supporting mechanisms that can engage your existing customers systematically. 
When you have a long list of customers, it can feel challenging to organize the data, segment them by profiles, and automate processes that can engage your customers systematically and in a targeted manner.   


While it can feel overwhelming, all it takes is the first step: make a decision to be committed to engaging your existing customers.  


With this decision, you can then put systems and processes in place so that you can leverage your existing customer base to increase your sales. 
This will help you avoid common mistakes of leaving money on the table by not proactively engaging your existing customers. 

So how can you start engaging your existing customers?

The good news is that even if you have your customer lists that are not organized for regular engagement, all it takes is to have an integrated Customer Relationship Management System (CRM) to do the job for you. The good news is that even if you have your customer lists that are not organized for regular engagement, all it takes is to have an integrated Customer Relationship Management System (CRM) to do the job for you. 


Based on our years of work with Small and Medium-sized businesses, we have developed Web360, an integrated CRM system that helps you populate your existing customer lists easily, without you or your staff doing data-entry work all over again. 

We have also focused on empowering you to channel your leads from different lead sources into Web360, a centralized system, where you are able to engage various customer profiles according to categories.  
With supporting systems and processes in place, you can start creating engaging content to nurture long-term relationships with your customers and close more sales!

Get in touch with us to learn more about how WEB360 CRM can help bring your business to greater heights. Till the next time, cheers to your business growth and success!

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