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PH NEWS

Brand New customers only? Or extra opportunities from our own customers?

When we start our first session with a new business, we always start with a wish list. This normally contains the usual needs for greater efficiency, better profitability and of course, the ability to delegate or take time off.

The next stage is always about the needs of the business to achieve those aims. The first thing on the list is often “more sales from more customers”. And this is true, most businesses will always be looking to seek new customers and often take for granted those existing clients who already “like their product/service.”

However, there is another important issue that is often missed and that is working on strategies to get your existing customers to spend 10% more. This sounds tough at first but consider what impact just a 5% increase in turnover would make on your business.

A current client was desperate to gain new customers. Their plan was to double their sales. Yes they had a great product and there was a huge market for it, but they already had a large customer base who were using their service for parts of their own businesses. To help with the process, we planned the following steps:-

·        Diarise and carry out regular account reviews with every client. This didn’t need to be a huge meeting, but a touching base and taking cookies or treats to the staff each month.

·        Identify and create a simple sales presentation identifying the benefits of their product and the potential financial benefits to their clients.

·        Identify how much of their product the company was using in comparison to the available market (in some cases, their customer was only using their business for 20% of their total product).

·        Get feedback from their clients on what was good or bad about their service.

The net result? Well its ongoing, but the relationship and loyalty from their client bank has already started to increase. In addition, they discovered some negative feedback which they addressed and have subsequently implemented the changes necessary. As a result, they have started gaining recommendations and testimonials from those who were satisfied. This has already started increasing volume from existing clients, while the recommendations are starting to gain those valuable new customers.

It may seem simple, but only by taking a step back and looking at the business from the outside was this possible. This business has some amazing innovative ideas for development and now that income is increasing, they will be able to achieve their goals quicker.  

To explore some of these ideas in your business, you may well benefit from a business coach.  The first session is offered as a taster to see if your business can benefit, so what have you got to lose?

admin@phaccountancy.co.uk

www.businessgrowthcoaching.co.uk

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MPH Accountants

We offer a friendly and professional service to our clients. Our client base is wide and varied ranging from small one-man bands to large limited companies, and our business principle is the same in that each client, no matter what size, has their own individual requirements.

Whitstable - 01227 277 667
Thanet - 01843 230 256
Email: admin@mphaccountants.co.uk