Which of the following is the more efficient way to grow revenue?

a) Find and win a new client; or
b) Increase business from an existing client

Given that ‘getting the attention of new prospects’ is cited as one of today’s top three sales challenges, I’ll put money on the fact that the vast majority of you would pick b). And according to statistics you’d be right. It can take ten times the effort to bring in a new account as it does to grow revenue within an existing one. It makes sense… you’ve built the foundation of a business relationship and, assuming you don’t mess up, you’ve got contacts who know, like and trust you. And people buy more from people they know, like and trust.

Yet few sales pros fully leverage the growth potential within their existing client relationships. In fact the results of CSO Insights’ 2012 Sales Performance Optimization Study (a survey of more than 1500 companies) finds that 47% of all companies need improvement in increasing business from existing customers.

So here’s my response: are you crazy! Reaching ever-increasing sales targets is tough enough – why make it harder? Your existing clients are an efficient source of business growth both in terms of expanded business and new account introductions.

My goal this month is not to launch into a complex discussion on strategic account management, but rather to give you seven simple (and often overlooked) ways to grow your sales faster by leveraging your existing client relationships.

Seven ways to increase revenue from your existing client relationships

1. Start focusing on the account.

Stop simply focusing on an opportunity or waiting for that next project. Schedule time with your fans inside each account and have them help you understand the structure of the business, the issues, interdependencies and redundancies – and where there may be opportunity for you to contribute to the success of the organization now and in the future.

For example, in several of my accounts, understanding that their sales teams are dependant on internal subject matter experts who lack the necessary sales skills to be effective in front of clients (and yet who are integral to the sales process) has opened new sources of revenue growth for me while allowing me to further contribute to my clients’ success.

2. Hone your listening skills.

I’m continuously shocked at the opportunities that are missed because sellers are too busy trying to sell. If your contact mentions in passing that the western division is struggling, get curious! Find out what the problem is, why it exists, what the implications are and how they plan to rectify it. Is it a priority? And can you help? Listen for the implications of this issue to the organization’s success and, if appropriate, seek an introduction to offer your support.

Do NOT be like the technology seller who was so focused on sharing a special software promotion to a client that he couldn’t hear the golden opportunity in their response: “We’re not interested in new software right now as we’re up to our necks with server problems.” Right there, he could have opened a dialogue about their current challenges that may have led to new opportunity.

3. Proactively ask for referrals from happy customers.

Few sellers do this consistently. When I ask, “Why not?” the answer is traditionally “I feel uncomfortable asking” or “I don’t think to do it.”

If you fall into the latter group, then start thinking and doing it! If you fall into the former then plan to ask at the right time – when you’ve earned the right to ask. Request a referral after you’ve completed a highly successful project or delivered consistently good work. First ask your customer for feedback and, when she provides positive input, thank her and let her know you are looking for other great clients just like her – from inside and / or outside her company. Then provide a brief profile of the types of organizations / people for whom you do your best work and ask if it brings to mind someone who would benefit from speaking with you. Help your client provide you with qualified referrals and introductions. And if discomfort threatens to sabotage your efforts, remember the law of reciprocity… people want to support people who have helped them.

4. Systematically obtain high impact testimonials from your best clients.

High impact testimonials help you grow revenue. How? Well consider this statistic. Only 36% of people believe what sellers / advertisers say, but a whopping 81% believe the opinions and recommendations of other customers.

If your existing customers are thrilled with your work then find out why they’re thrilled – ask them to elaborate! Get a clear and specific understanding of the impact of your work, and what you did to “wow” them. Ask your client to put his feedback in writing – or offer to do this for him. Then use his words as part of your business development strategy.

I use testimonials shamelessly within my own prospecting access campaigns. The inclusion of one or more relevant testimonials in a well-crafted e-mail has been a consistent catalyst for call backs from hard-to-reach prospects. And other opportunities to leverage powerful testimonials are endless: your website, LinkedIn profile, tweets, brochures, invitations, presentations, proposals and … you get the picture.

5. Don’t fly solo in your accounts.

Many of you know how I feel about sellers calling at the executive level when they’re not equipped to hold a C-level conversation. Don’t do it! Bring the right resources from your company to meet the right resources within your client organizations.

Whether it’s your sales executive, a subject matter expert or a sales colleague who has successfully supported a client with the same issue, know when it makes sense to bring in the big guns. Make sure you brief them thoroughly on the client situation and the role you expect your colleague to play in the meeting. And to assure your credibility, always take the lead by setting the stage for the meeting, making the introductions and closing with a summary of next steps.

6. Schedule regular “relationship enhancement” meetings with your contacts.

These are meetings where your intent is to do nothing other than learn what’s happening inside your client’s world… their priorities, challenges and “wish-list” from both an organizational and a personal perspective.

My personal experience, without exception, is that these meetings lead to conversations about opportunities that would otherwise never have surfaced. A conversation with one of my long-term clients led to a discussion about the struggle his team was having with a very specific category of buyer. The more we talked, the more evident it became that this was a threat to the team reaching their national target and that he needed to do something about it now.

7. Leverage your client intelligence.

My final word on making your life easier relates to how you use your CRM technology. Too many sales organizations only use their customer contact management systems to record activity: the number of calls made, meetings obtained, and opportunities to propose.

While all of this is important for forecasting and other analysis, it’s not enough. Use your contact management system to capture critical information and key insights about your clients that you (and others on the team) can use to manoeuvre through the organization now and in the future. The true value of this technology is in recording what matters to your customers: their goals, future plans, priorities and barriers to success – all vital clues to future business opportunities that you may leverage with the right contact at the right time.

Selling in today’s business environment is tough. Why make it harder than it needs to be? Make one element of your overarching business development strategy a proactive approach to leveraging opportunity from the accounts where you have rock solid business relationships – and watch your business soar.

Good selling!

PS: Did you find this article valuable? Then support the success of others – forward it to colleagues who would benefit. How are you successfully leveraging your existing client relationships to grow your sales? I’d love to hear your insights. Please leave a comment below.

PPS: This summer I’ve been asked to join 16 other sales experts from across North America on the faculty of “Sales Summer School” – a series of high impact sales and sales leadership effectiveness webinars. I’ll be showing you how to avoid the three common mistakes that slow most sellers down when trying to access desirable new prospects. Click here to find out more about my session, and about Sales Summer School.