Look To Your Existing Clients To Grow Your BusinessPosted: October 15, 2014
Many business owners find themselves struggling for new leads to drive revenues, but what if I told you that, although new lead generation must be a part of all business practices, additional revenues may be lurking in your own backyard. In my years of experience as a business advisor to SMBs, I have found some incredible results by emphasizing growing your business with your existing clients. Why exactly? Let me explain.
Maximizing your business with current clients is not only cheaper, but also boasts a shorter lead time meaning better customer service, brand messaging, and customer loyalty. When you reduce the cold calling, sales pitches, and tradeshows, you’re left with an additional amount of valuable time to invest in your clients that already trust you.
There is a greater risk with targeting new business. Your time and resources are limited, and trying to turn leads into clients can drain you of both of those. You and your business will benefit more with having two existing clients that you can work more with than having ten questionable prospects who you need to invest time into with no results.
It is important to note that investing in existing clients can also provide you with new clients! When you build relationships with clients, you foster their loyalty and trust in your business. In turn, they will be more likely to refer you to others and provide leads that you wouldn’t have received otherwise.
While going after new business is something all business owners must do to some extent, understanding the benefits of growing your existing client base is very important.
Have you had greater success with focusing on current clients or targeting new leads? Let me know in the comments!