Be honest. Are you paying enough attention to your high-value customers? It turns out that giving your best customers some love might be the best way to work smarter, not harder, and super-charge your selling.
Take a look at the average order value to discover which of your customers spend the most every time they make a purchase. These high-rollers are going to be where you should invest more of your time. While there is always value in landing new customers, there is a myriad of benefits to focusing on the needs of customers with a history of high-purchase behavior.
Here are a few reasons you should be targeting your high-value customers to meet your sales goals faster and more efficiently:
You Can Stop Chasing and Start Closing
While it’s undeniably essential to diversify your customer base by continuing to bring new customers into the fold, too many sales reps spend the majority of their time chasing new leads. Your overall strategy needs to include looking at the evolving needs of customers who have already shown loyalty and have a higher lifetime value for your company than an unpredictable new lead.
After all, why wait to woo tomorrow when you can sell today? Dialing your sales strategy into the value of your orders, allows you to focus on product sales and not just selling yourself. That means more sales for your company and higher commissions for you.
This same strategy should then be applied to new clients you land. No matter how big or small each initial closing deal, invest in growing your sales value and relationships.
There Are Lower Sales Barriers
When you turn your attention to high-value customers, you’re focusing on those already within your sales funnel. You don’t have to convince them to buy from you. Instead, you’re dealing with your best customers that you know already understand the value of your company, your products, and you as a sales rep.
This means you can spend less of your time educating about advantages and more of your time upselling and addressing specific needs. The question isn’t, “Why should I buy from you?” the question becomes, “What should I buy from you?”
With sales barriers down, you can get closer to your customers and their patients’ needs, meaning you are able to offer them the most value. Nurturing this relationship by growing their trust in your ability to deliver what they need instead of what you need to sell ensures your high-value customers are willing to invest more in your company’s solutions.
You’ll Improve Customer Retention
Improving customer retention is easily one of the most important reasons to focus more time and effort into your relationships with high-value clients. If you’re always chasing the next big client, your current roster might end up feeling too low on your priority list.
Being a great sales rep means developing relationships, but more importantly, tending to them so they grow. Growth comes from attention and care. If you don’t tend to the relationships you have with your high-value customers, you’ll discover those predictable sales will quickly wither on the vine.
High-value customers will also be prime targets for your competition to snatch up if you’re not paying attention to their needs. Nurturing your relationships by listening to your best clients means retaining those high-value targets you can rely on to buy and increase your profitability.
You’ll Gain Important Market Research
There’s another good reason to focus on your high-value customers: they can teach you how to identify and catch your next high-value target. By identifying what makes your existing high-value customers tick, you’ll learn how to connect with future high rollers. This means listening to your current clients and learning about who they are, what they need, and what they find most useful about your company and products. A high-value sales lead often has different needs and goals than a mid-level lead.
Using your high-value customers as market research is a smart way to get ahead of the competition. The insights you learn from nurturing and connecting with your best sales leads can help you improve your company’s marketing and advertising efforts.
Smart marketers are always looking for ways to learn more about the audiences most likely to buy their products. You have a vast and exclusive resource in your high-value customers if you use them to gain insights into your industry. These insights will help you better target your time and your marketing spend.
This information can help you discern the difference between a so-so client and one that will spend a lot of money with your organization. Understanding this data reveals the most effective strategies to get your clients to increase their average order value.
What do you think? How do you utilize your high-value customers to maximize your sales? Share in the comments!