7 Ways to Generate More Money from Your Existing Clients
Are you in need of some extra money, and you want to make it fast?
You’ve been trying to get new prospects to buy from you, but that doesn’t seem to be going as fast as you would like. I’ve got news for you. You’ve been going at it the wrong way. Getting new clients is very important for any business but it is expensive and time-consuming.
However, it’s wise and easier to focus on increasing the revenue you’re making from your existing clients. Instead of trying to forge a new relationship and persuade a stranger to buy from you, you can start upselling or cross-selling those who already sees your value and quality.
Just in case you still need some convincing, here are 3 reasons why your existing or previous clients are vital.
- They have already bought from you, so as long as they had a good experience, they might buy from you again. You already know that acquiring a new client is much more expensive than selling to an existing one, so continuing to sell to existing clients will save you some money.
- They can give you invaluable feedback on how you did. Was your product/service good enough? Did it meet their expectations? Was it a good value for money? And so on.
- They continue to save you money because they should be your major source of new business as they refer others to you. So through them, you can gain access to new clients who already know about you and have a positive opinion of what you do.
With the right strategies in place, you can leverage your current customer base to increase your business’s profits.
So rather than running around trying to get MORE customers, I’m going to share with you 10 ways you can make more money from your existing clients, by offering them more value!
1. Reward Loyalty
Loyal customers should be rewarded! Offering freebies or incentives will keep people coming back. Implement a quality customer loyalty card will make your customers feel special and they will be excited to come back and pull out their loyalty cards. This will make your customers became cheerleaders for your business and it will work splendidly. It’s a win-win for both parties. You enjoying the continued business and they enjoyed the freebies.
2. Bundle Existing Services
This is simply the re-packaging of your existing services into new formats or bundles.
For instance, if you already offer personal financial planning, accounting services, and money mindset coaching, why not package all of these services up into one offering? Packaging it up as a bundle, you are simply giving existing clients added value, a way to get help in all these areas, all at once!
3. Hold a Flash Sale
If you need cash – IMMEDIATELY– promoting a limited-time promotion is a great way to get more money from existing clients.
This could be something like:
“Signup in the next 48 hours and get a complimentary 60-minute consultation”
“Today only, all products/services 35% off”
“Subscribe for a 1-year package today and you will receive an extra month free”.
These are not the type of offers you do often, but it can be a great way to make cash on command, right when you need it!
4. Leverage Existing Relationships To Make New Ones.
Customer referral is one of the most powerful selling and marketing tools available. For a fact, it is the best source of new business you can get from a satisfied customer. Getting referrals can be the biggest part of your business, and by telling your existing loyal clients that they should refer you to others like them, you open the gateway for your clients to suggest and recommend your products/services to their network. Now, this might be an indirect increase in revenue on existing customers, but it is one of the best ways to create a replenishing pool of clients and new revenue streams.
5. Cross Promote with Another Business.
Collaborating with a complementary business in your niche to cross-promote each other’s services is another way to get new clients and also get your existing client to buy again.
For example. Let’s say you currently offer wedding planning services. Your clients often ask you for recommendations for a photographer, and normally you would just recommend someone off the top of your head.
Get in touch with your favorite photographer, and ask if he/she would be interested in cross-promoting each other’s businesses. This means you would recommend their business when someone needs a photographer, and they would recommend your business when someone needs a wedding planner. It’s a win-win!
If you are a product based company and you sell women’s clothing, partner up to your favorite accessories store. Again it’s a win-win whichever kind of business you are into.
6. Run Targeted Upsells and Downsells
Run a targeted promotion to your existing clients up-selling and down-selling them on offers. You would need to be very strategic and I’m not telling you to just offer discounts. Try adding variations of your products or complementary products/services to your bestselling products/services.
For example, a jacket that pairs with their pants or a premium plugin for a software product or content creation services after they have done their website. Once you’ve tried one channel, expand to others, like running social media ads in addition to email marketing.
7. Create Online Courses or a Membership Site
Want to help your existing clients as well as new clients meet their goals, without burning yourself out by offering only one-on-one services while also making guaranteed, recurring income for yourself?
Creating online courses or a membership site is a great way to do this!
What are the problems your clients frequently come to you with? What are the questions they keep asking, again and again?
Create an online course that answers these questions, and then promote it to make more money from your existing clients whenever you need to make cash on demand.
Your membership site will give your clients to access to:
- A full library of tools and resources that can help your clients in their life/business.
- Getting them to connect them with like-minded people through a private Facebook group or forum.
- Having a regular members-only webinar or Facebook Lives that your clients can learn more from you.
- Get discounts on your other offers (e.g., “Join the membership program and get 20% off my coaching services”)
All that said, if you only connect with your clients when they reach out to you, you’re leaving a lot of money on the table.
Reach out to them regularly to stay top of mind. You can do this by sending regular email newsletters, posting on social media, and checking in with them individually via phone or email.
This way, the next time they need the services you offer, it’s YOUR business that comes to mind!
Your existing clients already know and love you, meaning the next time you’re looking to generate more money from your existing clients, they’ll be more than happy to buy from you because they know the value you bring.