The value of using client referrals to help you secure new business is clear – this we know. What is frequently overlooked, however, is leveraging referrals to increase your business within your existing client base. Highly satisfied clients are excellent resources as you look to expand the value you offer and increase overall wallet size.
Whether it is software modules or service offerings, you need to augment your business value to existing clients. They initially purchased your service/software to solve a specific business need – now the opportunity is to increase your depth or breadth. Be a partner that they rely on rather than simply a vendor that they purchase from.
Before you can farm your existing client base, you first need to be absolutely sure that you are addressing their primary business drivers, the ones that they bought your solution for in the first place. This was discussed in our previous blog posting: Are Your Clients Really Satisfied with You? This is a key indicator of the likelihood that you can expand your business within each client. If more business needs are met, your footprint is increased and you’ll become more entrenched in their bloodstream.
It is imperative that your clients know what other products/ services you provide. You will be surprised how many of your clients do not know this. If they don’t know what else you offer, how will they know to come to you? Leverage your existing clients to help you do this. A great way to ‘advertise’ your solutions/services is to use existing clients as a case study to show your other clients how they should be leveraging more of your offering(s) and the clear, tangible benefits other clients have achieved. Use these success stories to highlight how a client can improve their business from a given service or product. Engage some marquee clients to share their experiences and how they are receiving value from a particular product or service with your target client base.
Of all the business challenges that you solve, have you asked your clients which are their highest priorities? What’s your method to uncover this? If your client attaches little importance to certain business challenges, then don’t waste your time, effort or money by taking a shot-gun approach to convince them.
Over the years, we have developed a client intelligence methodology to more accurately identify areas of opportunity within the existing client base. By knowing the following information, you can easily identify which offerings you should be marketing to given clients:
- How do your clients rank the urgencies of the challenges you solve with respect to their businesses?
- Of the clients who have purchased your solutions, what percentage of them are referenceable?
- Of the services you offer, which ones have a high urgency yet fewer of your clients are using it?
For a given business challenge – finding the intersection between high business priority, lower client usage yet high satisfaction amongst those who do- you find a product/service that you need to be marketing.
Once you know which offerings you should be marketing, leverage your existing and satisfied clients to help you do just that.