Expanding Your Business with Existing Customers - Warm Thoughts Communications
Back to Blog

Expanding Your Business with Existing Customers

Posted on April 3, 2019

businessRemember the old verse, “Make new friends, but keep the old; one is silver, and the other’s gold?” An important lesson, it still rings just as true with customers. With marketing essentially becoming synonymous with ‘acquiring new customers,’ small business owners are often challenged with how to attract new business. And while yes, it’s true that every business does need new customers, it’s important to realize that the easiest, most predictable and often, profitable source of new revenue is closer than you think – from your existing customers. A recent report found that existing customers who stay with your brand over time spend 67% more than new customers1. And with so much revenue at stake, it’s important to retain these customers.

Luckily, securing more business from existing clients doesn’t have to be difficult. In fact, research shows than its actually about 50% easier to sell to existing customers than to brand new prospects2.

Expanding business with existing customers makes sense for a number of reasons:

So how do you maximize your business opportunities with existing customers? Here are a few best practices to get you on your way to longstanding, profitable customer relationships.

Make it Personal
When it comes to servicing customers, there’s no such thing as a one-size-fits-all – or even a few. In today’s customer-centric world, one-size fits one, and it’s all about seeing each customer as a unique individual – not just a number. When customers feel that you are treating them individually and personalizing your service offerings, they become more inclined to continue their relationship with your business. Consider factors such as what services or equipment your customers buy, when they buy, how much they spend, and how motivated they are by discounts. The more you know about your customers, the better you will be able to personalize your outreach and tailor your approach accordingly. Whether it’s a special discount on their next fuel delivery, a free tune-up or a limited-time offer on a new piece of equipment, highlighting your products and services unique to their needs shows that you understand them on an individual level.

Foster Customer Loyalty
Everyone likes to feel appreciated – including your customers. And what better way to show your appreciation than by rewarding their loyalty?! Having an effective customer loyalty and retention program, you can easily identify, track and sell more to your best customers – the ones who are most likely to become your long-term sources of revenue. From lower service rates to a points program that’s rewarded on every purchase or even a free service for loyal customers, there are plenty of ways to extend your appreciation. And when executed correctly, these programs provide a vital link between your business and your customers, improving satisfaction and ultimately, increasing sales.

Add Value
There are a lot of propane, heating oil, and HVAC-related services out there – including in your own service area. So what’s to keep your customers from taking their business elsewhere? It’s all about providing your customers with something of value. From fast service to better deliveries to easy options for ordering, and even friendly, helpful CSRs, there are endless possibilities when it comes to creating value. Once you determine what’s most important to your customers, you’ll have a clearer understanding of where and how you can add value – and where they may be willing to spend more. And while increasing sales and revenue is the ultimate goal for any business, you should prioritize increasing customer happiness and satisfaction above all else.

Keep in Touch
Even after you complete a fuel delivery or sell a piece of equipment, the sales cycle doesn’t end. Customers are most likely to keep using your business if you have a strong relationship – and at the heart of any relationship is communication. So keep in contact! From ongoing after-service support to sending regular print or email newsletters alerting customers to new products and service offerings, it’s all about keeping lines of communication open. No matter how you choose to keep in touch, be sure to collect customer contact information and keep updated records for your outreach.

Winning new customers and expanding your client base is always important – but local businesses that shift their focus to building long-term relationships with existing customers ultimately experience more sales from them time and time again. Fostering a culture of loyalty only helps increase your bottom line. Once you make this a central focus of your marketing efforts, you’ll reap the benefits – in the form of increased referrals and sales.

Warm Thoughts manages over 150 websites and digital campaigns for propane, heating oil and HVAC-related businesses across the country. Access to proprietary data shows us what works best to create experiences that drive leads and communicate your brand in a way that resonates with customers. Contact us today to see how Warm Thoughts can help you retain more customers and maximize sales.

1. https://www.business.com/articles/returning-customers-spend-67-more-than-new-customers-keep-your-customers-coming-back-with-a-recurring-revenue-sales-model/
2. https://www.forbes.com/sites/alexlawrence/2012/11/01/five-customer-retention-tips-for-entrepreneurs/#60961d105e8d

300 Broadacres Dr. Suite 205
Bloomfield, NJ 07003

Best Web Design Companies In New Jersey

Fill out my online form.