Earlier this month I led Hosted Network’s ‘Prospecting best practices’ webinar.
As my very first webinar, I was excited to present on the topic of prospecting and new business development. What surprised me is how often businesses overlook the value of their existing clientele in unearthing new opportunities, so I wanted to investigate
Your existing customers and database are a FANTASTIC resource for additional business and here’s why:
1. Acquisition costs
Whether it’s cold calling, content marketing, or events, getting people into your sales funnel and persuading them to make their first purchase is often not as easy (nor cost effective), as selling to customers that you have already sold to before.
2. Pre-existing loyalty
Your existing clients will be much more open to doing repeat business with you as they have already shown loyalty to your company. Just don’t forget to show them some post-sale love and corporate brand cues so they don’t forget about you after the deal is closed!
Think about the bulk of your top clients; in most cases you would have landed their business through word of mouth. Nurtureyour existing clients well, and they may continue to feed your business ecosystem with new referrals!
4. Lifetime value
The value of a customer should never come down to their first sale, but the progressive up-sells and cross-sells made over the length of the customer relationship. This is known as the “Customer Lifetime Value” (CLTV) and this is where as a Managed Service Provider (MSP) it is integral to build a strong service portfolio or product stack.
Are your clients able to source all their IT needs from one provider- you?
This is where partnering with someone like Hosted Network is a smart business move as you get to focus on what you do best, while securing cloud opportunities that were previously out of reach.
Looking for ways to grow customer spend and your cloud foot print within existing customers? Take a look at my webinar premier; Prospecting best practices HERE.