Price is what you pay.Many new and existing businesses devote most of their sales and marketing effort to networking, advertising, web sites all designed to attract new customers.
Value is what you get.
Warren Buffett 1930-, American Investment Entrepreneur
This is a great strategy when you are just starting out.
Once you begin to build a client base then you have lots of opportunity to add more value to your installed base and it is a good idea to start offering them other products once you have developed a reputation for adding lots of value and consistency.
So we devised a five step process to begin marketing to your installed base.
Create a Sequence of Products or Services that deepen your relationship with your customers Your Customers will typically want to get to know you slowly, before they invest significant sums of money.
As they interact with you and one of your entry level products or services and you deliver great value then trust will begin to build up and they will be more relaxed in gradually spending more with you in return for your delivering higher value.
This deepening of relationship will be evidenced by increasing commitment of your customers' time, money and energy.
Tell them about what you have for them and what the benefits are How often do you communicate with your customers? Maybe you began with lots of interaction.
Over time your communication may have tailed off.
When did you last email or speak to your customers? If you haven't spoken to your Customers for a while you may be ready for what Paul Lemberg calls the dezombification process or bringing your customers back from the dead (particularly appropriate for Halloween).
Try sending your customer a simple letter or email, followed up with a call.
Tell them that you have missed them and you're emailing or ringing to..
Find out what they want Go ahead and ask, how are you finding our product or service? what can I do to support you to get maximum value from our product or service? What else do you want? Hold Competitions for your existing customers, A great way to increase your interaction with your Customers is to invite them to enter a competition.
Ask your Customers for referrals and offer incentives Your Customers are the best people to refer new prospects to you and this will probably be the lowest cost marketing that you can buy.
You may even offer a discount or coupon in return for referrals.
Follow these steps and you will keep your Customers for longer and they will spend more money with you and they will get more value, sounds like win-win to me! Enjoy.