If you are trying to grow your revenue, are you looking in the right places? That’s a question I ask during most of my client strategy sessions because, in my experience most organizations seek new business growth (i.e. new customers, new clients) but pay little attention to the opportunity that exists in growing revenue of existing customer accounts.
Focus more on existing customer accounts. By venturing deep into a customer’s business you can increase your knowledge of their needs. This information will provide more cost effective solutions to growing revenue.
Consider for example a company like Bayer. A large player in pharmaceuticals who has spent years focusing on building strong relationships with doctors and hospitals to understand needs. Bayer invests hundreds of thousands of dollars in research and development in new products that meet the needs of the very doctors and hospitals that they serve. By doing so they build the best marketing vehicle around – word of mouth. All constructed around venturing deeper into their existing customer’s businesses.
What opportunities exist for you to venture deeper into understanding your customers business? How can you empower your customers to become more involved in the buying process, thereby building a stronger relationship and increased opportunities to sell your products or services?
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Find new sources of business growth in existing customer accounts:
- What potential relationships exist in your customer accounts today that you have not yet serviced?
- How might you tap into additional opportunities or additional relationships? Who should you connect with or who can connect you?
- What companies or service providers currently support your customers? Which of these might you also provide products or services too?
- What other companies are in your customer’s network that might benefit from the value you are offering?
Before you invest any money or time in acquiring new customers, ask yourself whether you have ventured deep enough into your existing customer relationships to deliver more value. You’ll find untapped growth opportunities in places you might not have considered before.