How to Generate more Revenue from Existing Customers

Increasing customer retention by just 5% can grow your revenue by up to 75%. 

Digital campaigns are an effective way to retain your existing customer base and increase your return on investment (ROI). 

A key part of HubSpot’s inbound methodology is the process of attracting, engaging, and delighting customers. However, once a customer has purchased from you, it is crucial to continue providing value to them and nurturing your relationship so that they become a returning customer, or even an evangelist. 

Upselling or cross-selling to someone who is already familiar with you and trusts your service is a much faster and more cost-effective way of selling than only targeting new customersand word-of-mouth from a happy customer is the best marketing tool you can have. 

Click below for our top 10 recommendations on how to generate more revenue from existing customers, how to reignite customer engagement, and why reallocating your budget could prove more effective in the long run.

Our top 10 tips:

Loyalty should always be rewarded. Offer your customers incentives, freebies, and discounts to keep them returning to you and happy with what you can offer them. 

Offers for returning customers can help to encourage a second purchase, and offers that reward referring someone else to your business can be a great option to encourage positive word of mouth marketing and bring new customers in a more efficient way. 

Leverage your existing relationships to help create new ones. Reviews and word of mouth are the most effective, and low cost, way of bringing in new customers.

If you have delighted your customers and proven yourself to be trustworthy and provide real value, then asking for a review can be a natural next step, helping you to boost your public image and draw in future customers. You can also provide an incentive for your customers to leave you a review if needed. 

We often find that organisations don't fully utilise their customer relationship management (CRM) software and, as a result, they’re unable to identify important data patterns that allow them to grow. 

HubSpot stores information about customers and their interactions with a business to enable you to target individuals with the information most relevant to them at that time. 

By tracking what your customers have and haven’t already engaged with, you can reach out with new advice and services that could benefit them.

Remarketing means sending offers and content to customers after they have bought from you.

This is a useful way to not only continue to provide value to them after their purchase to maintain your positive relationship, but it also encourages future purchases by keeping them up to date with your latest relevant offerings.

In HubSpot, you can easily create and schedule these e-mails in automated workflows

Provide your customers with value that feels like a natural extension or next step from that they have already purchased from you.

Upselling means offering them an upgrade or more sophisticated version of what they already have from you, and cross-selling means offering a different product, but one that is still relevant and of use to the customer in order to maintain trust. 

Keep your customers engaged and nurture the existing relationship you have built with regularly sharing quality, relevant content with them. An example of this could be in a blog or newsletter subscription, or e-mailing out top tips to help them make the most of your product.

Maintain the trust you have built and make sure they keep you in mind as a key resource for future purchases. 

Start conversations with your customers. Ask them what they need; ask them if there were any pain points in their buying process that you can address and work on; ask them if there was anything further you could have offered them or helped them with. 

There will likely be common points that come up between different customers, and you can prioritise and focus your efforts accordingly. Social listening – monitoring what is said about you on social media – can also be a useful tool in understanding how your customers feel. 

Re-engage your customers by reviewing marketing campaigns that aren't performing as well as others, and re-allocating your budget to support the campaigns that are producing more results. Focus on high-performing content to grab your audience’s attention and keep customers coming back.  

HubSpot enables you to manage essential features in one connected system, saving time and providing insight into your entire customer experience. With HubSpot, you can have all of your marketing and sales data in one place – increasing alignment in your organisation and improving the overall offerings that you can provide to your customers. 

Customer needs and demands will change over time. Update your offerings, products, buyer personas, and campaigns with these changes so that the products you sell and the content you provide offers value, is relevant, and is needed by your customers.  

You can easily view your engagement data and analytics in HubSpot to gauge what is performing well and what needs improving or, in some cases, removing entirely. Within HubSpot, digital campaigns, content offerings, form fields, and buyer persona criteria are all simple and quick to update. 

Updating your offering may seem time-consuming, but it can prove highly effective in the long run in terms of ROI, customer retention and revenue growth. 

A customer’s communication with you will often not end at purchase. Ensure that your team are trained to answer questions and solve issues in a professional and timely manner.  

This is crucial as poor customer service or a slow response to a problem can not only damage the relationship you have with the customer in question, but negative word of mouth on social media or in reviews can damage your company’s reputation and discourage other potential customers.  

Most customers are understanding that mistakes or issues can happen, but for a positive relationship to continue they need these to be rectified as quickly and pleasantly as possible. 

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