Marketing to Existing Clients
We often pour tons of resources into acquiring new clients. I call it the "New Client Syndrome"—that dopamine rush we get from landing someone new. It's a thrill, no doubt, but it blinds us to a goldmine: our existing clients.
Reality Check
Experience has shown that existing clients are more likely to buy from us again compared to the odds of securing new clients. Yet, many agencies lack a concrete plan for re-engaging their existing clients. Two primary misconceptions are holding you back: first, the assumption that clients will reach out when they need help; and second, the fear of appearing like you're nickel-and-diming them.
The Top 3 Reasons to Focus on Existing Clients
Ignoring your current clients? Here's why it's a missed opportunity:
Trust: They already trust you. There's no "getting-to-know-you" phase, which means they make quicker decisions.
Lower Costs: Remember the hours you invested in understanding their business during the initial pitch? Couple that with your ongoing familiarity with their operations. This extensive knowledge of their business allows you to delegate tasks to junior staff without sacrificing quality.
Less Competition: You don't have to bid against other firms when you spot an opportunity. You’re already the insider. And since you’re already the insider, now is a good time to leverage that trust to build a referral program.
What's Holding You Back?
Is it a lack of incentives for your account teams to upsell? Perhaps you're missing a targeted strategy for generating new business from existing clients? Stressed about the idea of securing more business from a slow paying client? Or are your teams simply stretched too thin to think strategically? If incentives are your bottleneck, here’s a solution you can implement right away.
A Shark Tank Strategy
I recently encountered a brilliant idea employed by one of my clients. Typically, I reserve such gems for face-to-face consultations, but today, I'm spilling the beans. Consider setting up a "Shark Tank"-style competition for your account teams. Give them just one week to brainstorm an upselling idea for an existing client, and throw in a cash prize to sweeten the deal. What you'll discover is that your teams already understand client needs; they've just lacked the nudge to connect the dots. A tight deadline prevents analysis paralysis, and a cash prize adds that much-needed spark.
Criteria for Judging
Have your leadership team serve as judges and evaluate ideas based on criteria you select. Here are a few thought starters: ease of implementation, timeline, benefit to client, and benefit to your agency.
Closing Thoughts
You’ve heard the phrase, "Talent borrows, Genius steals." Call it borrowing or call it stealing, just take this idea and run with it. What's impactful about this idea is its simplicity and focus -- its gets your account teams focused on uncovering new business opportunities within your existing client base.