How to Increase Revenue from Existing Customers: 10 Proven Strategies

Acquiring new customers is an expensive affair and a time-consuming process. In fact, research shows that acquiring new clients is five times more challenging and expensive than retaining existing customers. Then how can you expand your business and boost revenue? If you are wondering that, then here's the easiest solution for you: Your existing clients! Below are ten proven strategies that will guide you on how to increase revenue from existing customers and promote business growth.

10 Successful Strategies to Increase Revenue from Existing Customers

1. Know your target audience

Market research and analysis provide opportunities for new business ideas among your existing clients. You may learn more about your existing clients and what they want by delving deeper into the market you serve.

The following are some techniques from a range of sources for optimizing your knowledge and understanding of your customers:

• Collect client data by researching and analyzing your industry.
• Gather feedback from your customer base through focus groups, surveys, and interviews.
• Mine information from Google Analytics to understand crucial elements such as multi-channel attribution.
• Read industry-related publications and trade articles.
• Listen to what existing customers and potential customers say across social media channels.
• Study and analyze data from the Economics & Statistics Administration and the Bureau of Labor Statistics.
• Understand and analyze the average order value (AOV) segmented by geographic and demographic attributes.
• Market the seamless customer experience you provide to share your brand's story on social platforms, via email and live chat, and any other medium where you can gain any amount of customer engagement.
• Research and use keywords that will drive traffic to your website and create a rank for your business in the search engines.
• Set goals that reflect the ROI (return on investment) or, more precisely, the ROAS (return on advertising spend) of specific actions on your webpage. This will assist you in calculating the ROAS from each advertising message and channel, as well as the performance and effectiveness of your landing pages and the impact of other segments on your website.

Studying your audience allows you to analyze your existing customers' cognitive processes, common paths (journeys) leading to sales, and stumbling blocks in their journey. It even helps you in discovering unmet requirements that offer opportunities for you to differentiate and establish yourself from the competitors.

2. Survey customer pain points

Knowing a customer well enables businesses to upsell and increase sales of additional goods or services successfully. The ability to meet customers' requirements and understand their pain points leads to more effective marketing, targeted promotions, an increase in referrals, and a consistent increase in revenue from existing customers. Therefore, customer feedback is critical in determining how customers perceive your products, services, or company in general. To accomplish this, you must do proper customer surveys.

Once you've gathered data from your surveys, it's time to develop a strategy for increasing customer satisfaction and eliminating the scope for poor customer service. You must take advantage of this chance to demonstrate to your current customers how much your business values them. By doing this, you'll build a stronger rapport with your repeat customers, show goodwill, and increase trust and brand loyalty. The more a client trusts your brand, the more beneficial it is to your company's success.

3. Create a customer loyalty programs

Existing customers are more likely to buy from you when they feel valued. You attract more repeat customers by offering an incentive for choosing your company. Through a customer loyalty program, you can reward your loyal customers for buying from your business repeatedly and showing customer loyalty.

The loyalty program will not only enhance revenue but also customer lifetime value and help you get a greater return on investment (ROI). You could create the program by distributing cards or by using software to track customer purchases and rewards. When a client buys a service or product from your company, they usually earn reward points. Once the customer accumulates a certain number of reward points, they are rewarded. The reward could be whatever you want, such as a discount, a coupon, or a free gift. Through this system, you can increase your company's profitability by encouraging your clients to come back and do business with you.

4. Upsell and cross-sell services

You've already cleared the most challenging roadblock, the initial purchase order.

You've built trust and a relationship, and the client has a favorable impression of your business. Now you have to think about what more you can do to increase your business with them. Are you familiar with upselling and cross-selling services and how they work?

When remarketing to increase revenue from existing customers, upsells and cross-sells are incredibly valuable. The more a customer spends at a business, the more likely they are to return.

5. Stay up-to-date and follow-up

Customers are likely to forget about your company if they never hear from you. And, if your name isn't at the top of their mind the next time they need a service provider, they might contact a competitor rather than you. Be in touch with your customers even if they are not actively looking for your services.

While you don't want to harass your clients with email marketing messages, keeping in touch every now and then acts as a reminder that they've previously worked with you. And, when they need service again, you'll be the first person they think of.

6. Use effective marketing strategies

An effective way to improve sales, attract new customers, and increase revenue from existing customers is through marketing automation.

You can begin by analyzing data on the product preferences of customers and their purchases. Thereafter, develop targeted promotions for a specific customer base with promotional offers and ad messages. There are a lot of successful marketing strategies that you can employ to bring your products or services to light, such as:

• PPC (pay-per-click) advertising
• Website content
• Email marketing
• Content marketing
• Social media marketing through ads and posts
• Public relations
• Traditional marketing through posters, flyers, and billboards

It can also be beneficial to assess and review marketing data from prior years to see which techniques and channels are most effective for you.

7. Offer discounts and rebates

When discounts are properly advertised, they offer an incentive for customers to begin purchasing. Discounts on limited products, such as quantity discounts on multiple products, special deals, seasonal discounts, or discounts on all products in a store-wide sale (both in physical and online stores), are all feasible. A rebate, sometimes known as a deferred discount, is given after the product is purchased as part of the cash price. The announced discount increases revenue sales while the low reclamation rate reduces costs.

8. Be a customer-centric business

Having a customer-centric organization indicates that you appreciate your customers and are prepared to put them first. A customer-focused organization requires:

• Listening to customer feedback
• checking if clients ever experienced poor customer service
• Following up on client feedback
• Being proactive with intelligent actions
• Empathizing with consumer issues
• Respecting the privacy of all clients
• providing how-to guides
• Training staff to provide excellent customer service
• Improving customer experience
• Adapting to the demands of existing and new customers

Current customers who feel appreciated and important are likely to share excellent reviews and ratings for your organization on review sites and social media platforms. This also affects new customers' future purchasing decisions, as most first-time buyers check online reviews before selecting a product or service. With this, generating revenue from existing customers and from prospective buyers through their influence becomes easy.

9. Superior customer service support

Customer service is the lifeblood of any online business. As per a survey conducted by Right Now Technologies, 89% of buyers have stopped purchasing from online stores after receiving bad customer service. Poor customer experience and service will not only discourage a client from making another purchase but will also encourage them to leave negative reviews about your services on social media and other review sites.

The following are some ideas for providing excellent customer service to your existing customers:

Keep track of all client interactions

Tracking all client interactions saves time for both your staff and your clients. It also makes it easier for customer service representatives to resolve issues efficiently.

Pay attention to what customers are saying on social media

Social media bridges the gap between the buyer and the seller. According to a reliable source, 46 percent of online shoppers expect businesses to provide customer support on Facebook.

Prioritize prompt responses

Customers demand fast replies, whether it be by email, phone call, or via social media. Retaining existing customers is beneficial for your business. Cost of new customer acquisition is five times more than keeping an old one. It is considerably quicker, simpler, and less expensive to get satisfied customers to buy from you again than it is to persuade someone completely new to do so. Therefore, act fast to gain the trust of existing customers and increase customer retention instead of purely focusing on new customer acquisition.

10. Identify the unmet needs of your customers

In this era of intense competition, it is crucial to design a product or service that meets customers' expectations. Therefore, you must identify your clients' unmet demands in order to close the market gap and set your product or service apart from your competitors. If you don't want your product to get overlooked, you must first figure out what your buyer is looking for.

Here are a few methods for identifying unmet client needs in order to uncover better business opportunities:

Create a customer journey map

Create a customer journey map by identifying your client's pain points, complaints, and struggles. It will assist you in visualizing the many steps that a customer goes through before purchasing a product or service and give you a competitive edge.

Leverage information about existing customers

Obtaining first-hand information about existing customers is not difficult. You can compile the queries and concerns they express about your service or product to gain a great deal of information about them. Using digital monitoring tools, investigate their purchase history, product reviews, phone calls, chat logs, and social media interactions. It will assist you in understanding the services and features they must be searching for.

Listen to the Voice of the customer (VoC)

Voice of the customer (VoC) is a critical metric utilized by call centers, BPOs, and customer support divisions in a variety of businesses. You can also learn about VoC using surveys, which provide insights and real-time client feedback about your goods and services.

Conduct a competitive analysis

Getting to know your competitors' products and their marketing strategies will allow you to stay relevant to your target customers and also help increase revenue from existing customers.

How InvoiceOwl Aids to Improve Business Growth and Raise Profit Margins

We hope that this blog summarizes all the essential ideas that will help you increase revenue from your existing clients and grow your business. But let's not forget a major aspect of growing your business, which is, managing several work processes such as creating error-free invoices and estimates and storing client information. You can do all of these tasks efficiently and with automation with user-friendly software, like InvoiceOwl.