In this article, we'll explore why targeting past buyers should be a priority for your sales strategy, and how tracking job changes in your CRM can help you identify and reach out to this valuable group.
According to a study by Adobe, repeat buyers are 9 times more likely to convert than first-time buyers.
Additionally, a study by Bain & Company found that increasing customer retention rates by just 5% can lead to a 25-95% increase in profits. Converting past customers into new customers require a much lower customer acquisition cost.
These statistics illustrate the significant impact that targeting past buyers can have on your bottom line.
In your sales approach, it can be tempting to focus on closing transactions as quickly as possible. After all, you have quotas to meet.
However, this approach can often be shortsighted and ultimately limit your growth potential.
Instead, where possible your sales outreach should focus on relationships, not transactions, as building strong connections with your customers can lead to long-term success.
What we mean by "relationship-focused" sales outreach at its core is that building meaningful connections with your customers go beyond just the transactional... working to establish a sense of trust and loyalty that will keep them coming back for more is what is going to lead sustainable results.
A relationship-focused approach can help differentiate your business from the competition. In a crowded market, customers are often looking for more than just a product or service - they want to work with a business that they feel a connection to... one that they can trust.
By prioritizing relationships in your sales outreach, you can build a loyal customer base that will stick with you even when there are cheaper or more convenient options available.
So, how do you make relationship-focused sales outreach a priority?
It starts with a mindset shift. Instead of thinking about your customers as transactions, think about them as individuals with unique needs and preferences. Take the time to listen to their feedback, offer personalized recommendations, and follow up after the sale to make sure they're satisfied with their experience.
In addition, make sure you're prioritizing long-term relationship building over short-term gains.
This means taking the time to nurture leads and follow up even when there's no immediate sale on the horizon. By investing in these relationships, you can position yourself as a trusted advisor and build a reputation for excellence that will pay dividends over time.
Overall, a relationship-focused approach to sales outreach can be a powerful driver of long-term success. By prioritizing customer relationships over transactions, you can increase CLV, differentiate your business, and build a loyal customer base that will stick with you through thick and thin.
There is no better relationship than someone who knows your products, has seen its value, and who trusts you/your team at a personal level.
One effective method is to track job changes in your CRM.
When a past buyer changes jobs, they may be in a position to influence purchasing decisions at their new company. By identifying these individuals and reaching out to them, you can potentially win back their business and build stronger relationships.
To do this effectively, it's important to keep your CRM data up to date and organized.
Make sure you're tracking key information such as job title, company size, and industry, and use this data to segment your past buyers into targeted groups. Preserving past conversations and context will allow you to craft personalized outreach messages that speak to their specific needs and interests.
As you track job changes, make sure that you have right CRM infrastructure to connect the two contact records (person A at their old job vs the same person at their new job) appropriately.
Example:
The correct infrastructure will allow you to be a lot more effective and personable in your outreach and highlight the interaction as the continuation of the relationship vs. a sales transaction.
Overall, targeting past buyers should be a priority for any sales strategy.
By tracking job changes in your CRM and leveraging customer data to personalize your outreach, you can increase repeat business, build stronger relationships, and ultimately drive pipeline and revenue growth.
See how Lean Layer can help you track job changes at scale.