Quick, without thinking, which is cheaper, acquiring a new customer and selling something to them, or selling additional product or services to an existing customer? Most small business owners intuitively understand that it’s cheaper to sell to your existing customer base than it is to acquire a new customer. Both are obviously important, but if you’re looking for the hands-down most cost effective way of increasing your bottom line, then selling to your existing customer base is the answer. The problem is, most of your customers probably don’t know everything that you do, everything you have to offer, and all the great ways that you can help them. The reason? You haven’t told them.
Obviously, you know all about your business, every product and service, every nook and cranny. The core problem is that whatever product any given customer purchased from you, they probably didn’t get a lot more in the way of information of the other things your company does. Maybe they should. They definitely should if you want to sell more of whatever you make, or whatever services you provide to them.
Digital marketers (that is, companies that exist exclusively online and don’t have a brick and mortar presence at all) have understood this from the earliest days of the Internet, but most traditional companies are still playing catch up. Those companies that do understand how important customer outreach and education are, tend to do it by hosting events and activities such as free “Lunch and Learn” seminars to introduce existing customers to their additional product opportunities. That certainly works, but there’s also another way.
Social media is a natural fit for this kind of marketing. Once you’ve established which social media channels your existing customers frequent, it’s as simple as establishing a presence on those channels and starting a conversation. Note here, that the primary purpose of your efforts on social media will be educational in nature, not overt salesmanship. It’s just a way to have a conversation with your customer base about the products they already use, tell your story, and in doing so, make them aware of all the other things you offer. That’s huge, and if you’re not doing it, you’re missing an enormous opportunity and leaving money on the table.
