We often overlook where the potential for the most sales growth lies because it is hiding in plain sight. Keeping existing customers is a lot more profitable than opening new accounts. I've often marveled that the job of "New Business Development" is so common and the the title and job of "Director of Business Retention" is so rare. So yes, keeping existing customers happy (better yet - raving fans) is the best investment, here are a couple of other ways to make growth an inside job.
Working with your existing buyer what new work can you offer them? Are they buying recognition from you and trade show services from someone else? Your existing buyer may not be thinking of you for work they buy from someone else. Look for opportunities to evolve to a fuller portfolio of solutions to offer your existing buyers. Be sure to approach it that way — remember find the pain, be the aspirin. Ask them about what problems they have and provide them with your solutions.
There are three ways to grow your business with an existing buyer. You can do new work with them. You already to the length of service program for them, you position yourself for new recognition programs or maybe a birthday program. You can expand your business with existing buyers by doing different work for this buyer. Instead of being the recognition source, you are now helping execute their trade shows. The third way is to do more of the work with your buyer. You're actively recommending additional solutions for their problems and opportunities within the niches you are already valued for doing for them.
There are also three ways to grow your business with new buyers at an existing end user company. You can extend your reach by finding out who else in the organization has the problems you are currently solving for your key buyer. You're basically doing the same work but for a different buyer. You're already set-up with the company, have gained trust and a good reputation. This makes extending your influence much easier. The second one is to reach out to new buyers offering new services. Your existing client is buying marketing solutions and you use your knowledge of the organization to speak to human resources about solutions that you can offer them. The third and most challenging but doable is to be innovative. Because you know their organization and it's challenges well, you realize you can offer new solutions to a new buyer. You leverage your relationship to get the opportunity to present brand new solutions and new work that you haven't done at this company previously.
In larger accounts there can literally be scores of potential buyers of solutions that you can offer. The key is to be open to innovate, to evolve and expand your offerings. This takes some courage and lots of confidence. But if you have a proven track record of trustworthy service, you have a huge advantage over your competitors. Also, by starting to plant seeds with new buyers within a company you're already calling on, your next in line when for whatever reason, the competitor gets shown the door or otherwise disappears.
Business growth can and should be an inside job.
Paul Kiewiet MAS+ is an industry speaker, writer, consultant and coach. He serves as the executive director of MiPPA. Kiewiet was inducted into the PPAI Hall of Fame and the MiPPA Hall of Fame. He served as Chairman of PPAI in 2007. A former distributor, he founded Promotion Concepts, Inc in 1982 and worked with some of America’s most valuable brands including Coca-Cola, Kelloggs, and Whirlpool.