Increase Profits by Keeping Your Hard Won Clients

Comments Off by in Articles
December 19, 2013
Increase Profits by Keeping Your Hard Won Clients

According to a recent Gallup Global Management study it costs five times more to win over a new client than it does to serve an existing one. Yet I see so many business owners, especially coaches and consultants, spend all of their time, energy and marketing budget on getting new clients instead of keeping the ones they already have!

Rather than draining your energy on always trying to enroll new clients, starting all over trying to learn about them and getting them to take positive action, it’s actually easier for you to continue offering a more expansive service or product to your existing clients. If you’ve been listening to their feedback, questions and concerns, you already know them and the challenges they face and where they are on target to achieving their goals.

When you concentrate on asking the right questions, really listening and coming from a place of service to assist your client in their next big challenge it won’t come across as pushy. Actually you are being of disservice to your client by not offering them the opportunity to continue working with you. Make the offer and let your client decide if she wants to continue to work with you or not.

How can you feel comfortable offering more innovative and unique ways to work with your current clients? Here are three objectives you should have with all your current clients that will increase the value of your services and your profit:

Objective #1 – FOSTER THEIR AWARENESS

Do your clients know about ALL of your services? Are you utilizing a variety of methods to communicate these services, e.g., newsletters, webinars, phone calls, emails? Have you created a follow up schedule that keeps you connected with your clients? Importantly, are you tracking and keeping your clients fully aware of their progress so they understand the value of working with you?

Objective #2 – CULTIVATE THEIR LOYALTY

This is what really puts easy money in your pocket. Research shows that repeat customer spend 67% more with you than a new client. You cultivate loyalty by getting into the mind of your clients and really understanding their problems. That will allow you to intuitively develop new solutions that are EXACTLY what they’re looking for. Also think about ways you can reward your return customers. Is there a complementary service you can offer? Can you lock them in at the old service rate when you raise your fees? Offer them a discount? Give them a lifetime bonus of 10% off of a special service they enjoy?

Objective #3 – UPSELL THEM NATURALLY

One key thing to remember…don’t sell your services/products, instead offer solutions to their problems. How you upsell can be anything from offering a new consultation, a product, an innovative online program or a more intensive, longer coaching/consulting program. If you want to upsell existing clients into one of your higher packages be sure to spend some time educating your clients and sharing your value through increased benefits they will receive, and then they are more apt to trust and buy from you.

You and your client will be more comfortable if you prepare yourself to have a deep conversation. Review her challenges and the victories. Talk about these and your willingness to keep working together. If you’re really listening and determining the gaps in your business, you’ll be able to reinvent your business by offering more expanded products or services to help your clients in their journey. This concept will force you to reevaluate your offering and see if you need to personally step it up a notch and learn about a new service so you can be of service to more clients as well as your existing client base.

All of you are building trust and rapport with your clients, so be mindful of finding time in your normal client sessions to have these enlightening conversations. You’ll find that it won’t only be enlightening to you but also to your client because they’ll be verbally acknowledging the value you bring to the table. And when you get the art of having a deep client conversation right, your clients sells themselves into more services versus you feeling like you’re pitching your services.

Let me show you how easy an upsell can be…because I want to reward the valued members of my community, I’m offering YOU my brand new self-study program Blueprint Secrets to Predictable Business Success™ at a low introductory price. Check it out now so you can create predictable results for your business in the upcoming year.

Predictable Results™ Assignment

Dig deeper into what your clients need most by listing five of your current clients who generate the most revenue and write down some powerful questions you can ask them to explore what they see as the next step in their progress or how you can help them from a different angle.



As a pioneering and visionary innovator, Sarah is a certified professional image consultant and brand strategist, speaker, trainer and author. Her company, Illustra Business Coaching, provides leading-edge business building strategies for small business owners & entrepreneurs who wish to take their company to the next level.

Illustra Business Coaching
Copyright © 2013, Sarah Hathorn, AICI CIP, CPBS
1-800-267-3245, info@illustrabusinesscoaching.com
This article may be reproduced only in it’s entirety, including the above bio.


You may also like:

Comment on Facebook

comments

Tags: