Crisis Survival Kit: 5 Ways To Increase Revenue From Current Customers - InformationWeek

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10/30/2008
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Crisis Survival Kit: 5 Ways To Increase Revenue From Current Customers

Hanging on to your customers is crucial in these tough times, but just keeping them isn't enough. Growing revenue from your existing customers will help keep your business afloat by offsetting, in part, the inevitable slackening of orders and departure of other customers.

Hanging on to your customers is crucial in these tough times, but just keeping them isn't enough. Growing revenue from your existing customers will help keep your business afloat by offsetting, in part, the inevitable slackening of orders and departure of other customers.Mike McDerment, the CEO and founder of FreshBooks, an online invoicing, time-tracking, and benchmarking service, has offered 5 tips for increasing revenue from your existing customers. Though McDerment aim his tips at the entrepreneur and bootstrap crowd, there's insight here for businesses of any size.

  1. Become Your Customer's Customer -- When possible take advantage of the products and services offered by your clients. Showing support of their business will help build more trust in the relationship.
  2. Grace Them With Your Presence -- A recession is no time to hide. Be as visible as possible among your customer base. It is more difficult for customers to say no during a face-to-face meeting than over an email or phone conversation.
  3. Open All Lines of Communication -- Being in constant contact with your customers will ensure them that you are thinking of them and the well-being of their business. Call, email and send birthday and holiday cards. Connect to your customers through social networking tools as well. Establishing a strong online presence will benefit your business from all angles.
  4. Organize A Customer Dinner -- Treat a select group of your customers to a night of dinner and drinks to show your appreciation for their business. Doing so will create a forum for feedback as well as a platform for networking and generating new business.
  5. Hang on to Customers at All Costs -- The price of generating new business can be costly and is not always guaranteed. If a customer is having trouble affording your product or service, try working with them to make it affordable. This will help build customer loyalty and will certainly pay off in the long run.

More From bMighty: Financial Crisis Survival Kit

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