Watch our latest video blog where Kelly talks about how expand selling best practices can generate new revenue and build brand loyalty.
Did you know that acquiring a new customer can cost you up to 7 times more than retaining an existing one? Did you know that a 5% growth in customer retention can increase profits – up to 125%?
Your current customer base is your business’ biggest asset. But still, you could be failing to capture new revenue opportunities. This problem can be fixed through expand selling tactics. Expand selling means finding ways to increase the lifetime value of your customers by helping them reach their desired business outcomes. But how do you do that? Through data.
Data is essential for a successful expand selling strategy. Look at what your customers are buying, when they buy, where they buy, how often they buy. By understanding who your customers are, you can discover new revenue opportunities.
There are 4 critical steps to achieve a successful expand selling strategy.
Step 1: Collect. Collecting all your customer data is essential. This may reside locally or with your channel partners. Look in your ordering and purchasing systems, your CRM, your entitlement systems and maybe even your marketing automation tools and bring all that data together.
Step 2: Cleanse & manage the information. Get rid of those duplicates. Make sure the data is then accurate; this is the biggest effort as data changes daily, and it needs to be managed. The more details you can gather about your customers’ transactions, the better you will be to drive new sales motions in the future.
Step 3: Have your data team analyze the information. You can then identify buying trends that may lead to opportunities for follow-on sales and marketing campaigns. Check out your consumables, how much your customer is buying, and when your customer is buying.
Step 4: Finally, find an easy way to organize and share the opportunities with your sales team. If they have regular guidance on buying patterns, your sales teams will be able to contact customers at the right time and with the right offer. The customer’s experience and your brand will improve in this process.
Your customers buying behaviors are changing – so keep up with them and be smart about your data. Use the data you have to predict what they need.