Subscribe in a readerTurning Existing Clients into More Clients; A business case study supplement to Maintenance for Your Most Powerful Relationships (Inside Strategic Relations, 15 February 2004). For reasons of confidentiality, client name was omitted.
Background: You have a 2% market share in your most profitable industry, ample solutions to offer, and the resource capacity to serve a 5% share at your current budget.
Challenge: How do you grow market share without increasing your marketing or sales budget (which would take away from production capacity) and do it in a reasonable amount of time?
Solution: Use credible success stories about what you are already doing with clients that highlight specific solutions you offer. Make your clients feel important by presenting these successes to their customers through industry publications. Demonstrate how much smarter or better than their competition they are for using what you offer.
Help market your customer's successes in existing campaigns, building credibility in the target industry for both you and your client. After improving your clients' visibility, ask who do they know who does not directly compete with them, but would also be interested in the benefits they have been enjoying.
Results: You grow the size of your current clients as well as their standing in the target market. This also creates a healthy friction between them and their competition, as far as the value of what you provide is concerned. Their competitors say, "I want that benefit too" and they give what you have a try because it is the most convenient choice.
/ relationship-realms | applying-strategy /
By Justin Hitt at February 13, 2004 12:20 AM
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