There’s no business like old business
The art of looking after your existing customers
When you’re trying to grow your business, it’s likely that your first thought is expanding your customer base. Bringing new people in on lucrative deals (then seeing how you can upsell and cross sell to increase the deal value) can make a real difference to your yearly figures.
It makes sense. Business thrives on acquisition.
And salespeople thrive on finding new clients and growing their portfolio. For many, bonuses are structured around new business and bringing a prospect over from a competitor is always going to be lauded in competitive industries.
The trouble is, what if an undue focus on the new distracts you from providing great service to the customers who are already on your side?
It’s true that no one ever rings a bell or sounds a klaxon when a loyal partner decides to stick around for a few more years.
But those deals are every bit as valuable as new ones – sometimes even more so, with happy existing customers also likely to review, recommend and provide material for case studies and customers stories. Not to mention, retention is the best proof point of great service there is.
Successful channel resellers get that. It’s why they’re at the top of the tree, retaining a lucrative base of committed customers then adding to that with the new. They’ve made retention of old business an art – something everyone else would do well to learn.