Most marketers are usually not sure whether to focus more on improving their relation with the existing customers or to generate quality leads to stimulate growth. The two points of view are great, and each needs significant consideration for your business to grow. It is also good to incorporate sales, product and digital marketing team in the process because their opinions are slightly different. For instance the sales team is more interested in new leads, while the product marketing team is more interested in offering product benefits and expertise to customers. On the other hand, the content marketing team focuses on enabling new leads and improving the existing relationships.
Existing customers- Good for long-term growth
Every company is interested in sustainable and long-term growth. It is very common for companies to pay attention on the most loyal and profitable customers because they are the cornerstone of the long-term success of any successful business. It is easier to get them buy more than new prospects. This lowers the cost of marketing giving you a higher operating margin which you can invest in other business building activities. Companies also spend considerable time on these customers in attempt to satisfy them in all aspects. In addition, they prioritize quality leads followed by site visitors and referrals.
New leads- Effective for fast growth
There are some companies that offer products that have very few new sales opportunities to the existing customers. Such companies are usually large with departments for both lead generation and customer relationship. Content and sales teams are vital because not all new leads are ready to buy. This calls for a good approach that encourages new prospects or referrals to buy the product. Converting new leads increases the number of people buying your products which is very important for companies that want to take over the market fast. The following are tips that will help you in the process.
> Focus on getting customers- You can develop affiliate marketing programs for automatic referrals or schedule free informational seminars. Digital marketing is great since it can be easily customized to target people who are likely to end up buying your product.
> Aim at customer growth- Be sure not lose the existing customers in the process of adding new customers.
> Redefine your client value- It includes having a “next niche over” to move into another market space after exhausting customers in a given niche.
Business survival: It needs both new leads and existing customers
Some companies cultivate good customer relationships first so as to maximize them later. Attracting new clients is a non-intrusive and nurturing art that demands a well-planned approach. Investing a lot on attracting new clients require more energy and time for both the company and the prospect. The magnitude of the investment indicates the success of your efforts. Marketers have to know what their counterparts are doing and how they operate to determine which aspect to concentrate on. Additionally, they need to know new clients and prioritize the chances of converting new leads. It is simply a matter of where you stand keeping in mind that is hard for a business to survive on existing customers alone.