How to Tap into Your Existing Customer Base for Long-Term Growth
By: Mitch Mershon, Business Development Manager, End to End Solutions, Axis Communications, Inc.
You just wrapped up the project and now you’re on to the next one. But when do you approach the customer again? Do you wait until they reach out to you – either with a technical problem or a question about their solution? Or are you in consistent, proactive contact with the customer?
Dedicating time and attention to existing customers is extremely valuable. The probability of selling to a new prospect is 5 to 20 percent, while the probability of selling to an existing customer is 60 to 70 percent.¹ There’s so much revenue potential just waiting to be uncovered.
So, the million-dollar question, is how can you continue to engage with your customers post-installation? Three options include providing health monitoring services, notifying them of major software updates, and sharing add-ons to enhance their solution. Let’s dive into each recommendation and see how they open lines of communication and opportunities for both you and your customers.
Provide remote health monitoring services
In a perfect world, a customer’s surveillance system would always function exactly how you left it after installation, but things happen. Sometimes network devices go offline; maybe there was a network issue or a cable got loose. When a system isn’t operating as intended, a customer must call you and wait for troubleshooting and repairs. Every extra hour that passes is an hour your customer doesn’t have optimal surveillance for their property. This is made worse if they were unaware the system even went offline and an incident occurs in that camera’s field of view.
You can prevent this entire situation from happening with remote health monitoring. This is an application that enables you to view the status of all your customers’ systems and receive notifications to take immediate actions, such as calling your customer to schedule a time for onsite repairs or updating firmware remotely. Health monitoring gives your customers peace of mind that experts are watching the health of their system around the clock so they can focus on their business. In fact, because of this, many customers wouldn’t mind paying a recurring monthly fee for consistent monitoring.
Notify of major software updates
Software developers are constantly adding new features, integrations, and capabilities. Your customers may not always be aware of these updates or how to use them. You can add value as an installer and partner by notifying them about larger software updates that can further enhance their solution. For example, last year, AXIS Camera Station added a video redaction feature for privacy protection. However, even after the update was installed, some customers might not have known how to use it, the value it adds, or even realized the feature was added. With privacy being such a hot topic these days, those customers would have appreciated an informative communication either via email, a call, or an in-person meeting.
Making sure your customers are up to speed with their solution may not directly drive revenue, but the dedicated time and effort will go a long way in securing your role as a trusted advisor. And when you do approach your customers for product upgrades or solution add-ons, they will more likely listen to your offer.
Share add-ons that can enhance their solution
Did you know product recommendations can drive up to 31 percent of revenue for eCommerce sites?² This statistic has a great underlying lesson about customized recommendations: By suggesting products that are customized specifically to a customer’s needs, which are also complementary to a customer’s existing solution, you can increase your chances of additional revenue.
Think about your customers. How many of them own fully comprehensive surveillance solutions that cover every single surveillance application? Probably not many. Customers might start with a simple solution that covers basic needs, but down the road they might be interested in expanding and enhancing their solution. How will they know which add-ons are best for them? They might not even know what the possibilities are. Suggesting add-on products is a great, simple way to add value and grow revenue.
If you’re curious what types of add-on products are best for surveillance solutions, check out my previous article, Top 5 add-ons to boost your revenue with end-to-end surveillance solutions.
It’s easy to forget to follow up with customers once a project is completed, as we often get caught up with looking for the next big thing. An easy and effective way to sustain your company’s long-term growth and revenue is to tap into your existing customer base. You can quickly and easily provide value in many ways, and the results will multiply if you interact with them on a regular basis.
If you want to discover a simple and effective all-in-one solution, check out Axis end-to-end solutions with AXIS Camera Station.
¹ Farris, Paul W, Neil T Bendle, Phillip E Pfeifer, and David J Reibstein. Marketing Metrics: The Definitive Guide to Measuring Marketing Performance. Seconded. Wharton School Publishing, 2014.
²“Personalized Product Recommendation Tips and Stats,” Barilliance, last modified September 6, 2020, https://www.barilliance.com/personalized-product-recommendations-stats/