Regardless of what your sell, customers are the key to growth. Retention and recruitment are key strategies frog growth, so lets discuss some tactics to help your business grow.
Find Your Product
Whether you are selling phone service or cosmetics, in order to position yourself in the market you must first know what it is you are offering to your customers. “The core of our platform is actually open-source,” says Patrick Sullivan, Co-founder of 2600hz, “and the reason we did that is that we want to keep ourselves accountable for what we’re building.” The founding principles of 2600hz rely on their customers providing feedback, and that two-way street is a great driver for not only innovation, but also customer loyalty.
Related Blog: Developers Need Salespeople Who Understand the Product
Accountability Drives Respect
Patrick continues, “we have a world-wide community that has given us amazing feedback, which has really driven the direction where the product is going.”
“We are not building things in a vacuum, we’re getting a bunch of feedback everyday from our community.” The assessments they receive are not universally positive, and that’s ok for Patrick. “Our product team can take those reasons [for dissatisfaction] back, then redesign and make it into a much more effective product.”
Respect is Key to Retention
It is easier to retain a customer than find a new one, for sure, and retention should be a focus for your sales team as well as your customer service division. According to SmallBizTrends.com it is more likely to grow your business from existing customers than recruiting new ones. They have come across two key insights:
- The probability of selling to an existing customer is 60-70 percent, while the probability of selling to a new prospect is 5-20 percent.
- 80 percent of your future profits will come from just 20 percent of your existing customers.
By positioning yourself as a partner with your customers, and letting them have feedback on your product or service, you can optimize the growth potential within your existing customer base.
Loyal Customers Can Recruit New Ones
But you will still want to add new customers in order to grow. You can leverage your loyal customers in the form of testimonials and partnerships to extend that respect and accountability outward.
Sujan Patel’s marketing blog suggests finding a competitive advantage. As Patrick from 2600hz has indicated, by holding yourself accountable gives you a huge advantage. From Sujan’s advice: “Identify and focus on the one thing that makes you different and better than your competition. That’s your selling point. That’s what separates you from the crowd. That’s what is going to grab their attention. And that’s what is going to grow your company.”
Focus on what you do well, which should be customer service, and use it to attract new business.