What is the natural reaction for sales professionals in slow economic times? Get out and prospect even harder right? Finding new clients seems to make sense, but in reality it’s much more productive to mine your own customer base. “But they’ve already been purchasing from me.” you say. “Why would I spend time going back to someone who’s already a customer?” you say.
But I say “that’s precisely the point!” They already buy from you. They trust you much more than new prospects do. You have other products, right? What else do your current clients need. Could they use additional service plans, accessories, warranties. These may big as the actual product but these accessory products add up. What do so many cashiers ask you for while you’re paying at the checkout? Your email address to put you on a list. They realize that if you purchased once, your likely to do it again.
They’d rather spend they’re sales and marketing time with they’re current customer base. You should do likewise.
I spend less than 20% of my time trying to develop new customers. Instead I continue to present new products that my current customers might need.
One of my favorite stories is Acres of Diamonds, told by the founder of Temple University, Russel Conwell. In it a farmer sells his property to go out in search of diamonds. He searches endlessly, but never finds his treasure. Meanwhile, the person who bought his farm ends up discovering a one of the largest diamond mines right on his property.
Obviously the lesson is simple, look for diamonds where you are. Spend most of your time mining your existing customers.
