Market Share or Wallet Share?

Did you know it's 6 times easier and cheaper to get an existing customer to buy from you again than it is to get a new customer.

Let's face the facts! Generating new business is risky, and can be expensive if your marketing isn't effective and statistics say 80% of marketing fails!

And why would you work on generating new business when you're not maximising your return from your current clients, in other words, maximising your share of their wallet!

Here's a couple of tips to get you started towards making sure you are getting a good wallet share.

1. Does every one of your customers know 100% of everything you offer? If not, then get on the phone, send them an email and send them some direct mail. Let them know about everything you do, chances are they're buying something you offer from someone else!

2. Think about what else your customers need, for example, if I were a removalist then I could offer a packing service, a storage service, a carpet cleaning service and the list goes on. I don't even need to provide the services, I could align myself with a business that does and get a commission!

3. Set up a regular form of communication, this could be a newsletter, a direct mail piece or as simple as a monthly call, this will ensure that when your customer has a need you're likely to be the first they think of!

So there you go... focus on maximising your return from your current customer base, it's a guaranteed way to grow your wallet share and your profits!

check out my website for more info on how to grow your business!