Most companies spend more effort on acquisition marketing and sales. In fact, in a study reported on by Forbes, 70% of marketers felt they had “room for significant improvement” in their retention marketing strategies. When it comes to generating new sales, many companies are inclined to focus on acquisition over retention, as they find the results more quantifiable. It can be easier to compare their outgoing dollars spent versus the incoming dollars earned with new customers, rather than do a deeper dive into cost assessment of upselling retained ones.
However, retaining existing customers comes with a wealth of benefits worth focusing on – including potential sales. Gartner Group found that “80% of your company’s future revenue will come from just 20% of your existing customers.” With our Mobile Office Manager, we created an easy-to-use feature that allows you to capitalize on these untapped sales from current clients: it’s called the Opportunities feature.
How it works
The purpose of the Opportunities feature in MOM is to help you identify recommendations for current customers and then convert them. Field workers and technicians have the chance to enter recommendations (for issues that may otherwise go unexplored) into the Mobile Service app. From there, it will appear in Opportunities for your sales team to review. Once they evaluate the Opportunity, they can turn it into an Estimate for the customer. If the customer is interested, the Project will be sold and will appear in the Project Management Module so you can keep track of everything from start to finish.
Reports can also be generated in MOM to assess your Opportunities (such as, whether they have been converted, potential sales and more).
Why your company should try it
Using the Opportunities feature sounds easy enough, right? Not only is it easy to use, but it also offers a time-saving, systemized way to capitalize on potential sales while offering customers personalized service.
- It’s easy to sell to current customers and it’s cheaper too.
According to Harvard Business Review, it can cost you 5 to 25 times more to acquire a new customer than to retain a current customer. If you are making an effort to improve sales, take a look at your current customers by using this feature. It should come as no surprise that customers who have already received quality service from you are more likely to be persuaded to purchase your products or services in the future. But don’t just take our word on it: The popular book Marketing Metrics said that there’s up to a 70% chance to sell to current customers versus just 5-20% for new ones.
- You are maintaining good customer relationships and reducing your churn rate.
Not all of your elevator customers will be long-term contracts, so to ensure customer loyalty, you have to work on maintaining your customer relationships. Customers would welcome unique suggestions from experts like your technicians to improve their elevators (or other products) as it shows a personalized service. Additionally, these expert recommendations are essential as you continue to grow and expand your business, as you may not be able to conduct in-person assessments and offer recommendations otherwise.
To take this feature even further, your team (from field workers to sales reps) could be incentivized with a commission program based on Opportunities. For long-term results, the commission could be applied only at the completion of a Project to ensure the team is making quality recommendations.
- Satisfied customers lead to more referrals
Adage reported on a white paper by MarketShare that showed that word of mouth “increased marketing effectiveness by up to 54%”. There are now more quantifiable stats proving what most of us already know: word of mouth referrals can generate a lot of new business. Putting in the work to keep your current customers happy can mean that they spread the word for you, which can mean even more business for your company.
Want to generate more sales from your current customers? Learn more about how to get started with MOM and the Opportunities feature now.