I first learned of Russell Conwell years ago when listening to a self-development tape from Nightingale-Conant. Conwell became famous for a speech he would go on to deliver more than six thousand times around the world. In his speech, he recounts the story of Al Hafed, a moderately successful man who, after hearing about diamonds and the riches they could bring him, leaves his home and his family in search of fabulous wealth. After searching the world over for the riches he never finds, he dies penniless and heartbroken at having never achieved his goal. Following his death it is discovered that the farm he had sold was sitting on top of one of the most lucrative diamond mines ever discovered. What’s the morale of the story? Remember to look in your own backyard for the acres of diamonds that you are sure to find.
Your customers are the acres of diamonds waiting to be mined and developed into the goldmine they truly are. It is not uncommon to see companies spend dollar after dollar to attract new business, without realizing how important and less expensive it is to nurture business with the current client base.
In my view, there are 3 ways to increase your revenue:
- Increase the number of customers you serve.
- Persuade customers to buy more of what you sell in initial orders.
- Encourage your customers to buy more often.
Of course salespeople should prospect for new business. At the same time, developing sales opportunities with your existing customer base has a greater percentage for incremental sales success. You have a relationship with current customers who know you and like what you offer. Assuming you’ve been taking good care of them.
As a small business owner, I admit that there are times I am so busy delivering what I’ve sold, I forget to make sure that my customers keep me top of mind. That’s not a good thing, and I know it. Fortunately, I use a CRM system that helps remind me to focus on my own acres of diamonds.
Before you dash off in search of riches, remember that your customers are your own personal acres of diamonds. Why chase something out there, when all you need is right here?