Have you ever visited an orchard to pick apples, oranges, or peaches? When standing underneath the tree, you quickly realize that you can only reach the low-hanging fruit. Getting the fruit up high takes a lot more work. So, you spend your time picking as many of the lower items as you can reach.
In the business world, there’s a similar principle: it’s easier and less expensive to sell products to your current customers, rather than always trying to land new customers. Your current customers represent the low-hanging fruit, because they’re easy to reach and already comfortable buying from you. Some economists claim that the cost to acquire a new customer is 3 – 5 times higher than the cost to maintain a current customer.
If you’re an author, non-profit director, or business owner, you’ll grow more efficiently if you focus on selling to the low-hanging fruit…more products to your current customers. However, you need a system in place to make this dynamic effective. For example, here are some strategies that I recommend to my clients:
- Cross-promote products on different pages of your website.
- Send out email or print newsletters to current customer that highlight multiple products.
- Offer special discounts or coupon codes to current customers to try additional products.
- When you talk to a current customer on the phone or in-person, mention another product that would give them additional value.
- Hold invitation-only events for current customers that give them the first opportunity to buy new products or services.
It’s difficult to grow your book sales, business income, or donor revenue when you’re always exerting to attract new customers. Low-hanging fruit tastes just as good as the fruit in the top of the tree. So, make your marketing process easier by promoting to your current customers first. The result will leave a good taste in your mouth!