How do I squeeze more business out of an existing customer?
I have already built strong relationships with the client base for my yoga studio. I want to launch a health and wellness program through the studio for an additional price. Instead of looking for new customers, how do I go back to my existing customers and sell to them first?
First ensure high satisfaction with existing buisness. Leverage adjacent opportunities wherever possible to expand your value to your client. Once you have your client relationship working well, which implies you are responsive, your support is outstanding and you customize offerings to client needs, you can expand your footprint at the client location. You can get more from your existing business by selling the value of produc /service consolidation and the benefit of single point of contact for multiple needs.
Michellyn, my first advise is to not use the word "squeeze." Give the impression you are already gauging them and are now going to really puts the clamps on them! I would not like that if I was your customer.
Instead, you need to get them on your side and use them as leverage (as an unwitting sales force). Use them to tell their friends and circle of influence about your new program. Let them be your brand ambassadors. Client referral is the best way to grow your customer base and ensure you built a loyalty and broad customer base.
Using the right words even in private will help you see them in a different light and allow you to achieve the right intended results in your business instead of unintended negative outcomes.
Personally, I would not look to squeeze anything out of a client unless there is a need for it. My thought is to just offer an amazing value for the service you have to offer to as many people as it applies to vs. trying to get all the possible money out of a few clients. But again, if you have something they need, show it to them and how it can help.
Give someone on your team permission to "squeeze" you the next time you use that word in reference to anyone who does business with you. Unless your clients and suppliers are lemons or Charmin, drop that term entirely from your lexicon. Then keep in mind that nothing these days is internal and your choice of words, along with any attitude it may carry, is quite public and will return to haunt you.
This is called increasing your customer value.
You can do upsells, downsells, cross-sells of complimentary products or of your existing products/services (think about how Mc Donalds does this).
I would suggest you start a re-occurring membership of some kind (if you don't have one already). This will give you consistent income.
Also, have guest teachers (well-known) come in an do sessions. You can charge an extra fee for these special classes and give monthly members a discount because they have a monthly membership. You can also have retreats.
If want something simple to start with, I suggest putting out a newsletter and offering tips and promotions of your products or other products. If you're not collecting emails of your customers, then that would be the first to begin increasing your customer value.
You should go for vertical growth from the same customers, see the possibility of expansion in the organization. Ask for referrals and also look for some product development or sourcing at your need that will match your customers need.
Q? Using this analogy, during WW1, how do you get a soldier climb out of the safety of a trench and walk slowly towards the enemy?...They used the power of incentive!
Glad to hear that you have a successful yoga studio, but I doubt if you are going to get any if your clients interested in new offerings if you believe you have to "squeeze" the business out of them. Putting negativity aside think about why you are doing this in the first place.
In looking at your expansion, before you add more services, have you penetrated your market to the point that there are no more new customers to be had? If not, why not? If you are comfortable with the existing customer base from a financial viewpoint, what is the benefit to you to add a new service offering? For example, why not open another yoga studio to gain more customers in your current market making you the number one yoga studio in your area. My experiences have been in growing companies deep before expanding to be wide. The issue with wide is that you have expertise in many areas instead of just one. Not everyone wants health and wellness if all they want is an excellent yoga studio. Expansion is also most likely to erode your customer base or you may actually lose customers. Can you afford this to happen?
Don't be discouraged if your existing clients aren't falling head over heels for your new offerings; they just may not be the right market for you. This is certainly where you can spend the time and money on the ideas listed here. Another way is to offer a referral program for existing customers if they introduce a customer to your existing business or the new one you are looking to expand into.
There are good ideas here on voucher programs, using surveys to determine which activities your clients are really interested in (BTW you might discover that what you think they want is not what they really want!), special pricing for joining, etc. The easiest though is to just go and sell this to your existing clients!
I'm sorry but your question has made me too negative to honestly answer your question. I'm sure that was not your original intention but I just cannot think about relationship selling solutions now.
I think you can do that by send letters to all your client mentioning that additional items will be added to your business , you can provide them with speciall concession , you may ask them to bring new clients with more discount , this is the perfect way to encourage them to bring new clients too , make them understand that you care for them .they will difinitely be happy .