How to Leverage Customer Relationships for Increased Revenue
Companies that put all their money into advertising and sales may be missing a potentially valuable source of revenue. You have an additional option to maintain customer connections and increase sales: leveraging your relationship with existing customers. Even the strictest privacy laws allow you to contact leads who have demonstrated a strong interest in what you have to offer. And the longer you can keep a conversation going, the more likely you are to be rewarded with a purchase—or even a long-term loyal client that will spread the word about your company!
Leverage Customer Relationships
Happy customers are far more likely to leave a good review, recommend you to a friend, or help you out in some other way! But don’t forget that preexisting customers are likely to buy from you again if they like what you have to offer. Even if you don’t get a new client out of the deal, retaining a particularly profitable one can be just as good.
A few ways to leverage customers include:
- Keep existing clients engaged. For example, a customer is more likely to click on an email sidebar for a product they’ve shown interest in.
- Offer rewards for referrals. Anyone who refers a new client to your company might get a gift card, a discount on future products or services, or some other reward. (Some companies may also offer incentives for positive reviews.)
- Write a success story with them. Invite the client to talk about how your product or service improved their own business. A professional success story lends significant credibility to your brand.
- Continue nurturing your customers. Stay within reason—obviously, no customer wants to receive sales calls or emails every day. But a customer that has already purchased from your brand is a potential repeat customer. Upsell related products or services they’ll appreciate.
Leveraging customer feedback is a relatively untapped source of potential promotions. Don’t ignore it!
An Additional Source of Revenue
Existing customers who appreciate your products or services will spend more money with you. Especially appreciative customers will happily encourage a friend to check you out or share their success story with you for promotional purposes. And in an increasingly competitive world, every potential avenue for marketing should be explored. How are you leveraging your customers?
Finally, remember it’s not just products or services that make customers happy with you. Professional communication that plays to their interests goes a long way. If you’re struggling to determine who needs communication and when, based both on local privacy laws and the customer’s own interest, we can help! Our privacy compliance software, 4Comply, will keep your customer communication plan profitable and legally viable. Get in touch today to learn more and get on the path to higher profits.
This blog post is an excerpt from our white paper “Reinventing CTAs in a Privacy-Conscious World”. Download and read the full white paper here.
