While new consumer acquisition is important, existing ones are not at all worthless. It is important to emphasise the new acquisition, but one should remember that existing consumers play a valuable role if utilised properly. Besides, it is quite tricky to attract new customer while old ones are manageable.
Most of the time, it has been observed that even after having a good customer base, a company suffers a loss due to less scope of business. As a result, there is no option left but to search out for 100% guaranteed loans. Instead of searching multiple options, if one focus on the existing customer base, you can solve the fund issue.
Therefore, here we will discuss such smart tricks to earn revenue from the existing customer base.
6 smart ways to earn revenue by using the current customer base
- Stay updated with the market:
Usually, the problem arises with a lack of hold from the market. Being an owner of the business, you should not do this because whenever one loses hold from the trading market, he fails to offer products as per the recent trends. This is the main reason which works as a catalyst and brings financial crisis.
However, by staying updated with the market and analysing the changing demand of people, a business person can easily get back to his current customer base. Represent them with new trendy products, which will increase their engagement with that company. Therefore, minimises the toil of a businessman searching for new customers and easing him in generating revenue in a quite simple way.
- Arrange for gifts:
Customers who remain for a long time should be rewarded with gifts. It is a gesture of regards and gratitude towards the consumers. It makes them feel valuable and compel them to get back to your company whenever a cause of demand arises.
Start with a loyalty card which will be full of offers. When a consumer gets discounts on every purchase, he will definitely knock at your shop first instead of selecting others.
- Don’t disappear from the market:
Whether your company has earned fame or not, you should not maintain regular communication with each and every existing customer. This will make them feel special and resist forgetting about the company. Remember, competitors, are always ready to surpass you.
Therefore, if one businessman failed to connect with valuable customers within an interval, it would be like providing them with the chance to forget about the entity. We have seen many large entities who always keep in touch with every consumer by maintaining good frequency. Thus, the chance of earning revenue will increase.
- Work on demand and supply chain:
It is an undeniable fact that with the advancement of time demands of people changes. For instance, a few years back, the demand for keypad mobile phones was in peak. Whereas, now the demand for Smartphone with a touch screen are on demand.
Therefore, different mobile manufacturers are focusing on the transformation of demand. Although it is a massive instance of change in demand, it is applicable to understand common and small changes in demand of people. Try to understand the changing demand of your existing customer base.
Therefore, talk to your existing customers. Ask them about their recent purchase. Keep updated with the change in demands. If you found out there is a change, then try to reshape the products as per the needs so that you can resist the existing consumers from choosing the competitors.
- Offer 24*7 services:
Congratulations on completing the 5th foundation day of the company. Undoubtedly it is a matter of pride. But have you ever got back to your existing consumers during the last few years? Do you remember when you last communicated with your first customer?
If you are unable to remember, then it clearly indicates missing opportunities. At the initial stage, you may not open your company 24*7. Now, with increasing demand and to grab more customers, you may have started round the clock services. Well, you should cater this information to the existing customers as well as old ones.
When they know about such convenience in contacting your company, they will get back to the same company repeatedly. Therefore, the provision of earning revenue from old customers is always there.
- Value the customer by providing low-cost offer:
If a businessman can handle the data of the current customer base in an appropriate way, then it will never stop serving a company. Therefore, the question of the financial crisis will never arise. Getting back to the existing customer and making them believe that your company value them means a lot.
As old customers are the ones who trusted you at the very initial stage, a company should return the value of trust by offering them low cost and personalising facility. It will also attract new customers.
Things to avoid during the approach current customers to generate revenue
Although above mentioned are some effective measures to be considered an important part of generating revenue from existing customers, few things you should avoid. It includes,
- Don’t bother too much:
A huge customer base might be a mix up of everything. From angry customers to nagging consumers, everyone comes under the list. Some may attain your call while others may not.
While few customers may give you time, others disconnect the call. However, we suggest not bothering a customer if he does not welcome your re-approaching.
- Don’t send sales representatives repeatedly:
Sales representatives often become the cause of irritation to consumers. When you are in requirement of valuable relationship, there is no need to send sales representative again and again to the same house. It will make a customer irritated and results in losing the scope of possible revenue.