As seasoned professionals, we all know that the best formula for business growth is marketing, marketing, marketing, don´t we? After all, if you´re not promoting the hell out of your products and services to bring in new contracts, customers and sales, how else are you going to achieve substantial and sustainable business growth? Well, that thinking´s a bit 2006 for my liking. While marketing may be on the sexy side of corporate life, in today´s economic and social environment it´s the rich vein of untapped revenue right under your feet that should not be forgotten – your existing client-base could well be your most effective route to business growth in today´s corporate cost-conscious world.

Things are very different now from when we were just starting out all fresh-faced and eager to impress. The recession we´re beginning to emerge from was the deepest since the 1930s, and although relatively short-lived it has hit the vast majority of businesses hard. So hard in fact that it has changed the way we all think about buying and selling, whichever side of the metaphorical sales counter we´re on. We no longer live in a “speculate to accumulate” society; we´re more frugal, more calculating and more likely to look to achieve business growth through making the most of what we have. And that´s what this article´s all about – tapping into a revenue stream that is often forgotten about, that of your existing client-base.

A fundamental change in consumer attitude

In the wake of years of economic devastation, everyone is feeling the pinch and as a result buyers from the high street to the board room are now far more cautious.

When the recession of the 1990s was over, people went on a spend, spend, spend fest fuelled by a borrow-to-buy-today-and-worry-about-it-later attitude. Every venture had the potential of meteoric business growth, but things are very different today. We´d all like to think that we´re a little more sensible now (although the historical cyclical nature of economic growth and decline would suggest that this may be short-lived!), and with personal, corporate and even country debt at record levels UK buyers are now more reluctant than ever to spend – and this is a fairly obvious barrier to business growth.

Unemployment has hit a new 16-year high with 2.51 million people out of work, unable to earn to spend money on your company´s goods and services. And this is the fundamental problem that UK business faces today. We´re constantly being told that we need to spend our way out of the recession, and that the business growth of small enterprises is the way forward for our economy, but with private and corporate consumers unwilling or unable to spend, how can we achieve this?

New frugality and business growth

In the shadow of the global economic crisis, some companies have decided that business growth is only achievable by following our new government´s strategy of waste-cutting. Unfortunately, when there´s no more waste to cut they find themselves cutting staff, all of which may ensure a short-term increase in profitability, but it´s certainly not a sustainable business growth strategy.

No, if your business is looking for a new strategy to enable it to grow despite holding back investment in its promotion to win new customers, whether through frugality or necessity, then you should more carefully consider the potential held within your current customers.

Customers galore under your very feet

Making the most of the additional income potential from existing customers does of course rely on you providing each and every one of them with impeccable service throughout their dealings with you. They must be completely satisfied with any products or services that they purchase, and if there are any issues they must be dealt with rapidly and professionally, leaving the customer feeling that you´ve done your absolute best for them. Let´s just assume that this is the case, because if it isn´t you´ll have to make a few changes before this business growth strategy is going to be feasible for your company.

Existing customers in this case can mean both those who have bought from you before and those who are buying from you right now so that you can maximise the potential in each sale. Here are just a few ideas to spark your imagination in this area:

1. Keep them coming back for more

Capture contact details wherever possible so you can regularly inform previous customers of new products or services, promotions and deals that will hopefully entice additional sales.

2. Everybody likes a bargain

Exclusive deals directed at your existing customers will help to keep lines of communication open, build customer loyalty and increase revenues.

3. Do you want fries with that?

Every sale should be an opportunity for you to expand the value of a purchase. McDonald´s are a great example of this because their staff are trained to always up-sell and cross-sell by offering to super-size a meal or asking if you want anything else. Whatever your business sells, you should take the opportunity to offer additional items that may complement a purchase to increase revenues.

4. Why Fiesta when you could Focus?

Ford, much like their competitors, will always test the budgetary waters of their potential customers. If they can sell you a more expensive car their revenues go up, and if they can sell you something where they make a greater profit margin then all the better. Never simply accept what a customer has requested: discover whether they could be persuaded to part with more money to buy a higher-value item.

5. “Well, did you know that we also offer…”

If you keep your ear to the ground and ask the right questions, you may well find additional needs that your company can satisfy. For instance when a cleaning service also offers carpet shampooing, an accountancy firm that also offers tax advice or a web developer who also offers copywriting services. These are all about maximising the opportunities presented to you to sell more to the same client.

Many organisations may find that shortage of available funds will necessitate this strategy, but it´s a valid solution to the question of business growth whatever the economic climate because it´s also one of the most cost-effective methods of increasing revenue and improving profitability. Client-base mining may not have the dinner party kudos of marketing, but there´s definitely gold in them thar hills.

To discover how Incisive Edge will increase revenue email growth@incisive-edge.com or call 0843 289 7884 .