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How To Build Lasting Relationships With Customers

How to build lasting relationships with customers

Business sustainability is heavily hinged on building longstanding relationships with clients. How do you build lasting relationships with customers? This can be achieved by upselling and cross-selling. Given the competitiveness of business, new customer acquisition can be tough, so repeat business from already paying customers should be the goal.

The process of getting new clients daily, weekly and monthly is tough. You are quickly going to burn out and beg for your 9-to-5 if you do not have a strategy. I know this because I have been there. The way to avoid that is by building long-term relationships with customers and clients and through cross-selling and upselling to them so that you can make more money from each client.

Customer excellence should be ingrained in the DNA of your business because while people can copy your products and services at the speed of light, it’s much harder for them to replicate your customer service.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

Customer service is all about how you make your customers feel. A huge percentage of our business comes from repeat customers and referrals because we take customer service management at ReDahlia seriously. We go above and beyond to provide that “wow” factor to clients.

Because we know how to build lasting relationships with our customers, we can confidently upsell and cross-sell to clients. So before you think about upselling and cross-selling, ensure that your customer service management is airtight.

How to Build Lasting Relationships With Customers

Here are the different ways to build lasting relationships with customers. Once you offer excellent customer service, you can use these strategies to build relationship with clients.

Upselling

This is a strategy to sell a more expensive version of a similar product or service to your client. For example, Client X subscribes to the open floor plan of our workspace business, which costs N50,000 per month and can be offered a private office plan that costs N150,000 as the team expands.

The upgraded plan is an executive office with perks that include boardrooms and privacy for meetings. For Client X, this boosts the company profile and translates to more business while for us, more revenue accrues from an already paying client. Everybody wins.

Cross-Selling

This is a strategy to sell products and services related to each other. This is what we do for companies that register their businesses through us and then go on to purchase the compliance services, branding asset package and email set-up package; enroll in business training; subscribe to ReDahlia Workspaces; and buy advertising slots on Entrepreneurs.ng. As a company, we are able to meet varied business needs through our diverse offerings.

Advantages Of Upselling And Cross-Selling

Upselling helps build lasting relationships between your business and the customer because they believe they are getting a good deal which makes them happy to continue doing business with you.

The key for you is to continue to offer real value without any motive to fleece your customers. Give them good deals and they can become long-standing sources of repeat business for you. Also, keep in mind that word-of-mouth can travel very far and can do just as much harm as good if the word is bad. Be transparent and professional with every client or potential customer.

Upselling and cross-selling are easier means of growing revenue compared to finding new customers. Our study at Entrepreneurs.ng has shown that the probability of selling to a new customer ranged between 5% and 20% while that of reselling to an already buying and satisfied customer was 60% to 70%. Numbers, they say, do not lie. This should inform where you dissipate effort. Upsell and cross-sell your existing client base while you grow your new customer base.

The peculiarity of service-based industries like consulting demands that you deliberately distribute your time since you constantly need a stream of new clients. Perhaps allot 30% of your time to serving existing clients and the other 70% to getting new clients for your business.

Upselling is a widely used strategy, and it has been found to be quite effective for many businesses. Take Apple, for example; they add a few upgrades to an existing product and review the pricing to reflect the changes.

The key here is to build long lasting relationships with your customers, and this can take months or even years. However, if you can put in the work, the reward can be immense.

How To Develop Upselling And Cross-Selling Strategies

Go from idea to starting your business in 30 days
Go from idea to starting your business in 30 days

So how do you go about this tactfully? Here are six ways to develop your upselling and cross-selling strategies.

1. Identify Upselling Opportunities

Analyze your current products or services and identify potential upselling opportunities. Consider what additional features or upgrades you can offer to existing clients.

2. Design Cross-Selling Packages

Create cross-selling packages that bundle related products or services. Follow our example—we offer business registration services, and we include tax services, branding assets, email setup and workspace subscriptions as part of a comprehensive package.

3. Role-Play Upselling And Cross-Selling

Engage in role-play scenarios with a friend, family member or fellow participant to practice your upselling and cross-selling techniques. Focus on delivering value and addressing the needs of the client.

4. Prioritize Customer Relationships

Build long-lasting relationships with your customers over short-term gains. Provide exceptional customer service and focus on delivering value.

5. Implement Upselling And Cross-Selling

Apply your upselling and cross-selling strategies during interactions with existing customers. Emphasize the benefits of additional products or services that align with their needs.

6. Request Feedback

Seek feedback from your clients to understand their satisfaction level with your offerings and the overall customer experience. Use this feedback to make improvements and strengthen your relationships.

How To Set Upselling And Cross-Selling Targets

Now that you’ve developed your strategies, you can start identifying goals.

1. Establish Targets

Set specific upselling and cross-selling targets for your business. Determine the percentage of revenue you aim to generate from upselling and cross-selling activities within a certain period.

2. Track Progress

Regularly monitor your sales data to assess the effectiveness of your upselling and cross-selling strategies. Make adjustments as needed to achieve your targets.

Conclusion

After implementing your upselling and cross-selling strategies, assess the outcomes and reflect on what worked well and what could be improved.

Commit to continuous improvement by adapting your strategies based on customer feedback and market trends. Stay flexible and open to refining your approach.

Best of luck. This was first published by Florence Chikezie on Forbes.com.

How We Can Help You Register Your Business And Comply With Taxes Monthly

Send us a message on WhatsApp- 08188122223 or 08038874148  to help you with your business registration and tax compliance.

Our Essential Compliance Service Covers:

Initial Registration for VAT/TIN Certificate: Complete facilitation of your initial VAT/TIN registration process with FIRS and LIRS.

Initial Registration for PAYE, Business Premises, and Development Levy.

Monthly PAYE: Computation of PAYE deductible, remittance of PAYE, and filing of monthly returns.

Monthly VAT: Computation of VAT payable, remittance of VAT, and filing of monthly returns, taking cognizance of applicable tax laws.

Annual Business Premises and Development Levy Renewal

On-Demand Premium Services

Should your business require our ProMAX Compliance Service, which includes account preparation, auditing, and TCC filing, please contact us directly. This premium service is tailored to your specific needs and billed upon request.

Why Choose Our Compliance Services?

Peace of Mind: With our expertise, you can rest assured that your compliance needs are in capable hands.

Cost Efficiency: Save on potential non-compliance penalties with our cost-effective services.

Expert Guidance: Our seasoned professionals keep your business compliant amidst regulatory changes.

Get in touch today by clicking the Contact Us page or sending us a message on WhatsApp: 08038874148 or 08188122223.

How I Can Work with You to Start And Grow Your Business

If you want to work with me to start a profitable and sustainable business, then enrol in the Start Your Business in 30 Days Program. I will take you from idea to starting your business in 30 days. At the end of the program, you will get a registered business with CAC, logo and brand assets, admin set-up, one-on-one consulting sessions and more. Click here to enrol.

Every week, I teach practical business lessons that have helped thousands of entrepreneurs start and grow their businesses. If you want to benefit from my teachings, click to sign up for the weekly business lesson here.

Promote your business to over 12,000 business owners who are subscribed to my newsletter by sponsoring my newsletter. Get in touch- Ebere@entrepreneurs.ng or 08038874148.

I am an internationally trained award-winning entrepreneur running three profitable businesses and a member of the prestigious Forbes Coaches Council. If you work to consult me about your business, book a session with me through our ‘Ask An Expert’ service here.

Also, I work with companies and established corporations to scale their impact and revenue. Reach us at Business@entrepreneurs.ng if you would like to transform your business.

See the different ways we can help increase your business success.

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