Repeat vs new business

The low boredom threshold of entrepreneurs means they are often like a cat on a hot tin roof, hopping from one project to the next.

Launching a money-spinning idea or chasing new sales is all well and good, but mining your existing customer base and getting repeat business should always be a priority. Go for the low-hanging fruit – it’s less expensive and time consuming than trying to establish fresh sales leads.

Consider the following:
• When a purchase is made, try to up-sell by offering sensible discounts for multiple purchases

• Put forward special offers and incentives

• Consider a discount or loyalty bonus for long-term customers (without damaging your bottom line too much)

• Keep an eye on what the competition is doing so you’re never left behind.

While not appropriate for every business, try to bring in some kind of contractual agreement. The recurring revenue will strengthen your business no end.

• For new sales, you need to do effective marketing:

• Break down your customer base and focus accordingly

• Establish your unique selling point

• Offer a guarantee

• Arrange references and testimonials for your company

• Send out emails and newsletters

Train your sales team (don’t underestimate the damage that can be done to your brand by salespeople who don’t understand your products and/or services)

A guarantee on what you provide can also set you apart from the competition by demonstrating real confidence in what you do.

Offering incentives and launching marketing campaigns are all well and good. But, the rule is to get in contact with people and find out what they want directly – never second guess your market.

Related Topics

Sales productivity

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