Almost all B2B companies are missing out on a huge opportunity.
Most are either not paying attention or don’t know how to apply it to their specific situation. What is the opportunity?
Using inbound marketing principles to influence and grow with your existing customers.
We know it takes 5 or 7 or 10 times more investment of time and marketing budget to generate a net new customer than it does to keep an existing one.
Yet your budgets and the allocation of your time do not reflect that fact.
Why would you go out looking for new clients and virtually ignore the ones who’ve already entrusted you with their attention? They have so much to offer you as well. If you’ve built up goodwill with them, you can learn from them, ask them questions, and look for other goals or outcomes you can influence in their business.
One of the first things I ask my prospects is, “How do you continue to help your existing customers?” Followed by “How often do you promote new content to them?" or "How often do connect with them to make sure your products are still working as they expected?" and just for fun "Do you share videos with them about new ways to get value from the product or outline ways to troubleshoot if they run into a problem?”
Usually, these questions lead to blank stares and a quiet room.
Most of the companies that come to us are not proactively marketing to existing customers. They may send the monthly update emails but I am talking about paying as much attention to them as you did when they were your best hot prospect.
Most companies are reactive. Salespeople and service teams wait for the phone to ring and then they respond. Of course you have to answer that call, but if that’s your strategy for engaging with your existing customers, you’re missing out on a huge opportunity. You have the opportunity to deepen your relationship with your existing clients by expanding and increasing the value you deliver to them.
Why does using inbound principles to engage your existing customers work so well? Because you already have their trust and attention and that trust and attention is your best resource. Your competitors don't have it. That means their attention is your best competitive advantage with your existing customers.
You only have a relationship with a customer after the sale is made. That is when the relationship building begins. Do not take it for granted and do not ignore it. Keep helping and educating and you will earn the right to sell to them again!
Check out this podcast where I dig into this idea in detail.
Topics: Marketing
