How to Market New Products to Existing Customers

Is your company struggling to compete with other brands and reach its maximum potential? If you answered yes, then it may be because you are marketing to the wrong audience. In order for a business to be successful and profitable, it must stand out to its unique customers. Businesses often struggle with this goal because they aim their marketing efforts towards new customers, rather than existing ones. The majority of businesses spend more than 80% of their money trying to target new customers, resulting in little to no profit. In order to prosper, companies should focus their marketing efforts on existing customers.

According to Sophia Bernazzani, creator of HubSpot Service Blog, existing customers are a lot easier to sell to because there is a 60-70% chance they will buy a product. On the other hand, there is a 5-20% chance a new customer will buy. Maintaining relationships and communicating with current customers can bring your organization countless benefits. If you focus more on marketing to existing customers rather than new ones, you can increase revenue, grow in value, and gain loyal customers.

Getting help from a content marketing agency can help your business flourish and deliver new perspectives. If you are simply looking for tips on how to target existing customers to ensure your business succeeds, then keep reading!

Build on the Customer’s Current Products

Existing customers are typically easier to sell to because they are already familiar with your company. When you are dealing with new customers, you need to explain what your company is and the values you hold. Since regular customers have already purchased from your brand, you do not need to convince them. Companies should focus on what the customers have purchased in the past. You should introduce a new product that up-sells, upgrades, or adds on to their already purchased items.

For example, if a customer sees a standard priced movie at Galaxy Theatres, then perhaps next time they can be enticed to upgrade their movie to a vip movie or special format movie like DFX. 

Customers are more interested in products that can provide them with more value than they already have. They are more likely to buy items that improve their last ones. This will result in more sales and increased revenue.

Engage With Your Existing Customers Even After Purchase

After your customers complete a sale, it is important to follow up with them to maintain your relationship. If you provide something of value to them after their purchase, they will come back. For instance, if an item goes on sale that may be of interest to them, then let them know. Or if a new product is introduced, tell them directly. It is crucial for customers to feel like they are in the loop.

For example, as a business that provides dancers with an inspiring, challenging, and fun dance education, Elite Dance Center continuously lets their existing customers know about new dance classes, programs, and various summer camps. 

It is also very important to engage with your customers on all social media platforms, such as Instagram and Twitter or email and phone. Additionally, keeping them up to date with current news or offers about your company will draw them back in.  

Address Customer Needs

Nobody wants to buy from a company that doesn’t offer customer support or respond to their needs. If a customer is having a problem or has a question, it is essential for a business to respond in a timely manner. Since the customer has previously purchased something, you have already gained their trust and need to keep it. If they feel as if you are not responsive or do not care about their needs, then they may purchase from a different company. Providing one-on-one assistance to current customers when desired can make or break your business. 

Offer Rewards and Specials Through Customer Loyalty Programs

When a customer purchases from a brand, they want to feel appreciated. In order to make customers feel recognized, your company should offer rewards and loyalty programs. For example, your company can offer points for every purchase to save up for a free item or a discount to use on a later buy. This will encourage your customers to come back and will give you an advantage. Overall, there are many ways to target existing customers, but these tips will benefit your company the most. Interacting with your audience and letting them know you appreciate them will gain you loyal customers. As a content marketing agency, Bright Age can help your business develop the perfect strategy to reach existing customers and help you thrive.