Here’s a funny thing I’ve noticed working with lots of B2B companies over 20+ years in the industry …
The majority of their sales activity and marketing content tends to be focused on new customers.
White Space – Blue Sky – Green Fields (Why is it always a colour?)
Don’t get me wrong, I understand the value of new customers and the need for organic growth, but I think sometimes we overestimate their importance and underestimate what’s right in front of us.
Let’s quickly compare …
New vs existing:
- Long sales cycle vs shorter sales cycle
- Often competitive vs rarely competitive
- Higher cost of sales vs lower cost of sales
- Highly price sensitive vs lower price sensitivity
- Lower conversion rate due to number of variables vs high conversion rate
- Trust must be earned vs trust exists.
I know this list represents a huge simplification of a complex issue, but the fact remains …There are so many opportunities with current customers to build in:
- Repeat business trigger events
- To harness the power of referrals and warm intros
- To expand the existing footprint into other departments
- To increase mindshare and wallet share.
In the relentless pursuit of ‘Net New’ prospects, don’t overlook what’s right in front of you.