Never Need Another Lead

Lesson 5 - Ask your existing customers great questions

In the last lesson we saw that there was untapped revenue potential from your existing customers. But we pointed out that it’s not enough to simply want more income from existing customers. You have to know what high-value products and services you should offer to get said extra income.

That's where your existing customers come in. What do we know about them?

First, we know that your customers probably run the gamut from highly profitable to downright frustrating. (That’s the Pareto Principle at work again.) What you want to focus on are your top customers.

Second, we know that your top customers are the survivors. Out of all the leads, out of all the website surfers, out of all the tire kickers, this hearty group of men and women ran the gauntlet and earned the right and privilege of being called your best customers.

Now, maybe that’s a tad dramatic, but you get the idea. This is a group of customers who LOVE what your company does. And they love working with you. Why? You’re providing them with value they haven’t been able to find anywhere else.

But do you know why this is the case, beyond a surface level? Assuming you don’t (and for most business owners, this is likely the case), you need to do something radical and ask them.

This is your starting point.

Finding you best customers

In order to clearly identify your best customers, you first need to build a list of all your customers.

Your objective is to fill out this information for each customer:

  • ​Their name
  • Relevant facts about them
  • What they buy from you
  • Revenue they've generated for your business (lifetime and in the past 12 months)

Your goal is to rank customers by revenue. It's important to fill out this list because it's important to see patterns of buying behavior that only emerge when customers are ranked this way.

Now look at your list and consider a few questions:

  • Which customers have provided you with the most revenue?
  • What do you know about your top customers? What's their role within their companies?
  • What do your top 20% of customers buy

Why am I focusing on your best customers, not all of your customers?

  1. ​They spend more money!
  2. They're typically more loyal to your company/brand.
  3. They typically take up less of your time.

Getting to know your best customers

What if you don’t know a whole lot about your best customers? It happens to the best of us! In that case, your action item is to interview them and learn more about them, for the reasons we just covered. The more you can know about these customers, the easier it will be to sell to them and new customers just like them.

But what do you ask them? For starters, you want to understand:

  • How they found your company
  • What initial reservations they had about your company
  • Why they decided to buy from you in the first place (what problems did you solve for them?)
  • Why they continue to buy from you

You can ask these questions in person, on the phone or through an email survey. While any of these methods will work, it’s always preferable to chat with your customers live so you can ask clarifying questions — and so they can volunteer any additional information that comes to mind.

Once you gather up this information, it’s time to do the interviews and develop a picture of what your improved and even new offerings might entail. That’s the subject of our next lesson.