How to Grow Existing Accounts Faster

Grow Existing Accounts Faster
If you want to increase revenue, focus on your existing customers.  According to strategic account management research by Bain, retaining current customers is almost seven times less costly than acquiring new ones and repeat customers spend 67% more on average than new customers.  Do you have a strategy to grow existing accounts faster?

What Does It Take to Grow Existing Accounts Faster?
True customer loyalty, and their willingness to buy more from you, does not come without consistent effort.  A salesperson’s relationship by itself is not enough.  You need to prove that you and your entire organization are focused on the priorities of your current customers and are fully devoted to their personal and professional success.

5 Ways to Begin to Grow Existing Accounts Faster
If you are truly committed to building customer loyalty and selling more solutions to existing customers, you need to be sure that you:

1. Identify and Focus on Ideal Target Accounts
   High performing sales reps ruthlessly focus on target customers where they know they will win the majority of the time based upon your unique value proposition.  Ideal target accounts don’t just buy your stuff; they passionately buy and use what you have to offer.

   Start by making sure that you are not chasing or serving the wrong accounts.

2. Know Exactly What Your Target Accounts Need and Want
   Once you know your ideal target accounts, make sure your team always understands your customer’s top priorities and articulates how you can help them to succeed in a way that makes sense for their unique situation. Chances are you that your sales team understood what mattered most to your customers when you first won their business.

   But are you sure that you have kept up to date and know how to best address your customer’s changing needs?  Customer centric cultures are obsessive about knowing and helping their customers.

3. Align Front-line Staff to Your Target Accounts
   Your customer service and delivery teams are responsible for living your brand promise. Can you guarantee that your team is well trained in how to keep customers satisfied?  Your front-line personnel are critical to keeping existing customers satisfied, to uncovering new opportunities, and to increasing the likelihood that existing customers will continue to buy from you.

   Your desire and ability to consistently do what you say you will do is a clear indication of your commitment to ensuring customer success.

4. Never Take a Customer for Granted
   Clients expect great customer service and support.  While it is required to retain current accounts, it is not enough to grow existing accounts.  You can’t retain and grow current customer accounts without consistently adding value and having timely and helpful touch points.

   Just picture your competition waiting in the wings to grab your spot on the stage.  Customers need value, stroking, and attention on a regular basis — not just quick check-in calls, but actual value-added conversations.

5. Relentlessly Seek Out Growth Opportunities
   Existing account growth rarely happens passively.  Define sales strategies that purposefully seek out account growth through proactive cross-selling and upselling strategies.  Keep the focus on what matters most to each customer — typically something related to improving performance or eliminating risks.

   Whenever possible, share relevant insights that highlight new ideas to help your customer to succeed.

The Bottom Line
How can you grow existing accounts faster?  By delivering world-class solutions and support for your ideal target accounts each and every day.  Do not rest on your laurels.  Keep current on your customers’ needs, follow through on commitments, and continue to invest in adding customer value.

To learn more about how to grow existing accounts faster, download 4 Steps to Clearly Define Your Ideal Target Client Profile