How to maximise revenue from existing customers

Trying to find new customers can be very tricky, especially in a market downturn.

There are plenty of opportunities out there, but often sales teams focus all their energy on bringing new customers through the door, forgetting to step back and consider how they might be able to maximise the revenue gained from existing customers.

In this webinar, Daniel shows you how to do just that and become a much more efficient and profitable business in the process.

Top Three Takeaways

• Most companies have the potential to double or even triple their revenue without bringing in a single new customer.
• When comparing the win rate of getting a new customer or upselling an existing customer, the win rate is 60% higher selling to existing customers, based on 580,000 unique business opportunities, and 20% quicker.
• Board chairmen tend to sit on multiple boards, providing opportunities for new introductions and more work.

Double or Even Triple Your Revenue Without Bringing in a Single New Customer

Daniel believes that many companies tend to neglect the value of their existing customer base, instead focusing all their efforts on gaining new clients instead.

“Most of the sales teams that I talk to have a very acquisition-based focus,” he explains. “And often, the teams tasked with handling existing customers don’t have the same sales-focused mind. I think there are several reasons why businesses neglect their existing customer base, but that is the main one.”

The Value of Collecting Referrals

Daniel also explains the value of garnering referrals, stating that the win rate for referred leads over other leads is twice as high.

But how do you go about getting these referrals?

One technique Daniel suggests is to use “The Family Tree.” With this technique, you must study the data of all of your companies that fall under the same group, and you will discover plenty of companies that are sister companies to your clients. 

Daniel also has advice on approaching these companies. “I’m leaning more towards, just do it,” he explains, rather than asking the permission of your existing clients.

Chairmen tend to sit on multiple boards at once

“CEOs and chairmen tend to also sit on other boards, and it is a very effective way of using existing customers to find new leads,” Daniel explains.

Find Obvious Upsell Opportunities

If you offer multiple products or services, map out who bought product A but not product B. “52% of customers who plan to leave a company do so because they thought you didn’t offer a service or feature, but you did,” Daniel says. “We assume customers know everything we have to offer them, but in reality, they don’t.”

The way to solve that is to look at who has bought product A but not B, compare your best companies and see what they are purchasing, and then offer those services to similar companies in that industry.

Maximise Your Share of Wallet

Take your list of customers, and look at the best ones in each industry, studying how much of their annual turnover they spend on your industry. Once you have that figure, review other customers from those industries who are spending less than that percentage, and establish how you can upsell them to a similar service.

Event-Driven Sales

Daniel champions spending your time as effectively as possible. That includes automation, Google alerts, and subscribing to financial events for your customer, which will allow sales reps to save time and not miss obvious opportunities. 

For example, if a Sales Director leaves one of your clients, you want to immediately start talking to their replacement, to continue the relationship, if not improve it.

Prioritising

When time is of the essence, prioritising it correctly is crucial. Spending time with the right customers allows you to be as efficient and effective as possible.

For example, if a client has lots of buying potential and hasn’t bought a lot, more time should be put into them compared to those that have a low buying potential and has already spent a lot with you.