8 Ways Freight Forwarders Can Sell More to Existing Customers

Why Retaining and Selling to Your Existing Customer Base is So Important

Acquiring new customers is an expensive and time-consuming process. According to the Harvard Business Review, it can cost up to five times more to acquire a new customer than it does to sell to an existing one. Other studies have shown that it can cost as much as 25 times more! If that’s not convincing enough, the probability of selling to an existing customer is 60-70% while the probability of selling to a new prospect is only 5-20%.

In a down economy, it’s even more important to focus on selling to your existing customers. As budgets shrink and competition increases, it becomes even more difficult to acquire new customers. By focusing on your existing customer base, you can increase the value of each customer, resulting in more revenue and better profitability.

Key Takeaways

• Technology can’t replace the human element in building relationships, but it can help you to better measure and report on account activities, bookings, shipments, and more.
• By anticipating your customer’s needs, you can provide solutions before they even realize they need them, and position yourself as a valuable resource.
• Use a variety of marketing channels, such as email, social media, your website, and even direct mail, to reach your customers and keep them informed about new products or services.
• Freight forwarders can upsell and cross-sell to their existing customer base by identifying new business opportunities and offering additional products or services that complement their existing offerings.

8 Ways to Sell More to Your Existing Freight Forwarding Customers

Understand your customer’s business and needs

It should come as no surprise to you that freight forwarding is a relationship business. By truly understanding your customer’s business and needs, you can tailor your products and services to meet their specific requirements. This can include offering customized solutions, creating specialized packaging or logistics options, or providing additional services such as tracking or insurance. Additionally, understanding your customers’ needs can help you identify new business opportunities and cross-selling opportunities. Technology simply can’t replace the human element in building relationships, but it can help you to better measure and report on account activities, bookings, shipments, and more.

Stay up-to-date on industry changes that may impact them

Keeping abreast of changes in your customers’ industries can help you anticipate and address potential issues before they become a problem. This could include changes in regulations, new technologies, or shifts in consumer preferences. For example, if you know that a customer’s industry is going through a period of rapid growth, you might suggest they consider expanding their distribution network to take advantage of new business opportunities.

Anticipate their needs and fill them before they even know they need it

Anticipating your customers’ needs and proactively addressing them can help you build trust and loyalty. For example, if you notice that a customer is consistently running low on inventory, you might suggest increasing their order size or offering a bulk discount. Additionally, by anticipating your customer’s needs, you can provide solutions before they even realize they need them, and position yourself as a valuable resource.

Identify your customer champions and high-opportunity accounts

Not all customers are created equal. The Pareto Principle, or 80/20 rule, often applies to a customer base, whereby 80% of your sales come from just 20% of your customer accounts. Identify your customer champions and high-opportunity accounts and focus your selling efforts on these customers. These are the customers who are most likely to refer new business, purchase additional products or services, or provide valuable feedback. By identifying these customers, you can prioritize your selling efforts and maximize your return on investment. A complete freight management solution like Magaya Supply Chain gives you the visibility needed to identify key accounts.

Keep in touch with effective marketing campaigns

Maintaining regular communication with your customers is essential for keeping your business top of mind. Use a variety of marketing channels, such as email, social media, your website, and even direct mail, to reach your customers and keep them informed about new products or services. Additionally, by keeping in touch with your customers, you can identify new business opportunities and stay aware of any changes in their needs or requirements. A CRM system like Magaya CRM, built for the needs of freight forwarders, can help you stay on top of your marketing efforts.

Create a process for handling customer requests and inquiries quickly and efficiently

When customers have a problem or question, they want it resolved quickly and efficiently. By creating a process for handling customer requests and inquiries, you can ensure that you’re providing top-notch customer service. What better way than letting them get quick answers themselves via a self-service online portal like the Magaya Digital Freight Portal? Your customers will love the hands-on, insightful, easy-to-use portal, and you’ll benefit from streamlined processes, improved productivity, reduced costs, and an opportunity to grow your business exponentially.

Go above and beyond to provide top-notch customer service

Providing excellent customer service is key to building trust and loyalty with your customers. This could include going the extra mile to ensure that orders are delivered on time, offering additional services such as tracking or insurance, or providing personalized attention to high-value customers. Additionally, by going above and beyond to provide top-notch customer service, you can differentiate yourself from your competitors and build a reputation for excellence. And remember, customer service isn’t only about people: having the right customer-facing technology can make a massive difference to your customer experience. Even something as simple as allowing customers to pay invoices online can save them valuable time, something that’s sure to be hugely appreciated by your busy customers.

Up-sell and cross-sell to drive average order value up

Freight forwarders can upsell and cross-sell to their existing customer base by identifying new business opportunities and offering additional products or services that complement their existing offerings. For example, a freight forwarder could upsell by offering expedited shipping options or specialized packaging for fragile items. Additionally, a freight forwarder could cross-sell by offering additional services such as customs brokerage, warehousing, or insurance. By identifying and addressing the specific needs of their customers, freight forwarders can increase the value of each customer and generate additional revenue.

In conclusion, By focusing on these tips, you can increase the value of each customer, resulting in more revenue and better profitability. At the end of the day, you want your customers to love doing business with you. As a trusted freight forwarder, you’re there to make their job easier, so anything you can do to remove friction will be effective in retaining and selling more to existing customers. There’s no doubt about it: when you build trust and loyalty with your existing customers, you position your business for long-term success.