Prepare for Take Off: 5 Ways to Make Extra Cash From Existing Clients
Posted on 4th May 2017 in Advisory
Written by Freya Hughes
The old phrase, ‘it’s cheaper to keep an old customer that to find a new one’ is too true. Imagine you’re a plane on the ground – where you want to be is in the air, not hanging around the airport, failing to get up to where you want to be. In this blog, we’ll explore how you can get up there efficiently – no more cash spent on marketing, just simply listening to what your clients want and need from you. Spending time and money on trying to ‘woo’ prospective clients through inventive marketing ploys is, frankly, a bit of a waste of time. Your clients already know you, already know your firm and have (hopefully) given a fantastic customer impression. This means you could be doubling your monthly take without really doing an awful lot – a very good thing for your upward trajectory. While you’ll still need to work on clients, it might be easier than you think to boost your income each month. Prepare for take off!
If a positive experience is had by clients, this could easily be your means of marketing your firm. People talk, and that doesn’t exclude business owners. In this blog we’re suggesting five ways to make more money off your existing clients, which is going to save you time and money across the board. Spending an additional five minutes explaining why your client would do well to expand the services they receive could make a huge difference. Don’t wait for clients to ask you about services like advisory, or even the cloud, get out there and start telling them.
1. Sell what your clients actually need
They need your knowledge, so you’re selling yourself, really. You don’t need to be promoting the software you use – those businesses have their own marketing and sales team. To your clients, you represent confidence and assurance. It’s your knowledge that clients should be paying for these days; you’re automating administrative tasks therefore not wasting time or money sorting that out. You need to be asking your clients where they want to be by this time next year, working out how you can plan to get there. Being an advisor places you as the gateway between a business owner and their data – your job is to help them understand it all and suggest strategies as to how they can get there.
2. Upsell and cross-sell
Upselling is an incredibly efficient way of earning more revenue without having to spend too much time on doing so. The people that this will work on are already sold on you and your firm, so just suggest you show or explain one or two more services when you see a given client.
Imagine yourself at a restaurant. We’ve all been encouraged to get a starter or side we didn’t really need, but sometimes service with a smile can be rather convincing! Just suggesting other services, or dropping them into the conversation, can make a client start thinking about how they would like to get more out of you. If your advisors are well versed in your services, this won’t be a challenge at all. Rather, it’s going to come quite naturally.
Giving clients the option for a bespoke package of services will make them feel appreciated as an individual business owner, and they’ll feel cared for. Your team can in turn mix and match their services and price it out in the best way for your firm.
3. Obtain customer referrals
As human beings, we tend to trust what we’re told by those closest to us – that kind of advice usually sees us land on our feet. That, and being told to do something by someone that’s a key figure in their industry, is basically free marketing. There’s a clever way of getting referrals, suggested by Jetpackworkflow.com, which says to give each client three of your business cards and just say, ‘if there’s anyone that could benefit from our firm like you have, please feel free to share my card.’ This fairly organic way of spreading your name won’t position you as keen advertisers desperate for clients, but rather a more trustworthy firm that doesn’t need but wants to help clients.
4. Leverage what you know about your clients
Once a client has had some work done for them, you know what they were looking for. This will arm you with the information you need to then predict what they will want and need in future. If a client has bought a service from you in the past, it’s likely they’ll need it again. Or, look at what would be helpful to use alongside that particular service, which is essentially upselling – you’re doing step two already!
To return to our restaurant example, if you’ve sold some especially salty chips, for example, you’ll do well to suggest another round of beers to quench your customers’ thirst that will inevitably follow. Keep a log of who buys what and look back at it regularly to see where you can leverage more revenue for your firm.
5. Repeat selling
Similar to the above, repeat sales are waiting for you. Not making the most of this would be like ignoring a customer that enters your business – not something anyone should be doing! Repeat sales are definitely easier for some industries. As the owner of your firm, you’re in luck – your clients aren’t able to provide their own in-depth forecasts with ease. It’s you they need as your knowledge is what they’re paying for. When you provide a service, it’s a good idea to have your team book the client in question in for the next period there and then – it’ll fill diaries and see the cash roll in.