Forbes – Leadership: 11 Ways To Earn More Revenue From Your Existing Customers

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Many business owners assume that they must continually find a steady stream of new customers to grow. However, existing opportunities are often already right under your nose.

Rather than investing your time and energy in generating new leads, consider growing revenue from current customers. We polled a group of Forbes New York Business Council members to find out how local businesses can build on the relationships they already have. Here’s what they had to say.

Forbes New York Business Council members share how businesses can earn more money without investing in finding new customers.

Photos courtesy of the individual members.

1. Focus On Your Client’s Holistic Needs




A value-based strategy is a notion that you choose to understand the holistic needs of your client, not just their symptoms. It conveys to your customers that you understand their needs better than anyone. That also affords you the chance to see gaps or opportunities that other consultants might miss. Underlying all this is the client relationship. Revenue will come when you put their interest first. – Scott Amyx, Amyx Ventures

2. Conduct Quarterly Or Semiannual Reviews

Performing quarterly or semiannual reviews are great. They allow you a chance to ensure you are keeping your commitments to your clients, but they also keep you in the loop for changes that might be new opportunities. It is also a great time to re-suggest a service they passed on from your initial engagement if they are happy with you. – Robert Depalo, National Financial Network


3. Ask Their Opinions On Future Product Offerings 

Wal-Mart.com USA, LLC

Customers who have previously purchased from you already trust you and love what you offer. Connect with them and let them guide you to your next best product release by surveying them, giving them options of items that you are thinking of offering and allowing them to rank them based on whether they will actually buy them or not. The winner will be clear and so will the waiting list for it. – Krista Barnett, Boot Band






4. Offer Loyalty Incentives

When I had just started my business I handed out a thousand customer loyalty cards that offered my customers free things if they frequented my shop over five times. The customers loved it, it kept us on their minds when looking in their wallets and they appreciated that we wanted to offer them something as a thank you for choosing us time and time again. Everyone wins! – Hoda Mahmoodzadegan, Molly’s Milk Truck + F’in Delicious Beverages + BAḴT Global

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5. Retarget Them On Social Media

The best way to grow revenue from your current customers is a no-brainer. Retarget them through Facebook or Instagram. Although you might have spent more money initially on lead generation or conversion campaigns to first acquire customers, simply offering existing customers an attractive discount by running a brand awareness or reach campaign will yield significantly lower CPM and increased CLV. – Dean Scaduto, Dino’s Digital Marketing & Advisory Firm

6. Pace Your Product Release

Pacing your product release can be a good way to grow revenue from your existing customers and also to develop a longer-term relationship with them. It needs to be planned upfront though. While you may know what your customer wants, you don’t necessarily need to give them 100% all at once. Leave room for them to upgrade or accessorize, and give them a good excuse to come back for more! – Ching Au, Durabrite, Inc

7. Keep In Touch With Clients

A client is someone who has a bond with you. There are a credibility and trust bridge with this former stranger. Stay in contact—as their business changes, their needs do as well. Like yours, they are agile and growing. If you don’t keep close touch with your clients, someone else will open the door for themselves. You don’t want the trust bridge to be built with a competitor. You were there at first! – Nic Faitos, Starbright Floral Design

8. Improve The Buying Experience With Better UX And Data




Increase purchase frequency and share of wallet by creating “frictionless” experiences and collecting customer data. A tech ecosystem enables reasonably priced delivery (e.g. Seamless and GrubHub), takes orders in advance of store pick-up and predicts purchase needs (e.g. running out of detergent or ink toners). The longitudinal data allows one to launch new products and services to meet current customer needs. – Karthik Krishnan, Britannica Group (Britannica, Merriam Webster, Britannica Knowledge System and Melingo)




9. Add Service Offerings

At my public and media relations firm, we have great long-standing client relationships. They kept saying, “You are our friends and trusted advisors, can you build me a website, do graphic design, etc.?” After turning away projects for some time, we added folks to our team who have talents beyond PR and spun off a digital marketing and advertising firm, therefore expanding our offerings. – Warren H. Cohn, HeraldPR




10. Follow Up After A Project Or Contract Ends

Anytime you wrap a project with one of your clients, make sure to touch base with them a month later to see how the project turned out overall, even though your role has ended. Was it successful? Would they do it again? Stay engaged in what matters most to your clients and you will stay top of mind down the road. – Jill Strickman, GENUINE: The Real People Company

11. Fully Understand Their Journey With You

Although the stats vary by industry, it is generally accepted among marketers that it is easier to gain incremental revenue from current customers than acquire new ones. It is critical your current customers are happy with you. A smart thing to do? Walk in their shoes—understand their experience with your products and services. Know their journey and you’ll know how to sell them more. – Andy Seibert, Imprint




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Source: forbes.com

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