For many print sellers, the growth plan relies on selling more of their core products. That means convincing clients to order more of what they already buy and finding new clients who need similar products and services. Existing print clients know you and rely on your insights, but they may not need more of what they are buying today. And every marketer will tell you that it costs more to acquire new customers than to sell to existing customers. One metric from a Harvard Business Review article says that the cost to acquire a new customer can be anywhere from 5 to 25 times more expensive than selling to an existing customer!
While you never want to stop bringing new customers on board, the data push the strategy toward finding new things to sell to existing customers. Twenty years ago, Fred Reichheld (Bain & Company) brought the data to the table by showing us that even a 5% increase in customer retention could drive more than a 25% increase in profit. Adding new products to the catalog and selling them to existing customers, often referred to as expanding the share of the wallet, is a cost-effective path to expanding your business and profits.
Start with an assessment of what you sell today. Whether you specialize in sign and display, books, or marketing collateral, the catalog of what you sell is familiar to your clients and your sales team. But, do you know which of the products is selling best? Do you know which brings you the best profit margins? Do you know which products are impacted by supply chain shortages and how you might offer alternatives?
This is an excellent time to run the numbers with the accounting team and see if your top sellers are your top profit makers. Then do the same exercise with your customers. Those ordering products that bring the lowest profit could be costing you money. Clients ordering profitable print, but only once a year, aren’t helping to grow the business but may represent opportunity. Build your product list and pair it with your customer buying patterns. That gives you a picture of where you stand.
Now it’s time to look for adjacent or complementary products you can add to the mix to grow your wallet share. The goal is to add products that fit the needs of your client while adding line items that contribute profit. Promotional items are a great place to start! With more than 2,000 options, you can find single items and build bundles to help companies attract new customers, show their appreciation to existing customers, and engage and retain employees.
Look at your client list and identify those who go to trade shows or host open houses. Offer them branded bags to fill with hats, water bottles, mugs, and notebooks. Help clients welcome their employees back to the office with branded drinkware, and support remote workers with earbuds, USB hubs, USB fans, mouse pads, and pens to pair with hats and shirts that show they are part of the team.
With so many products to choose from, you might have trouble finding what you want. That is where the team at 4over makes it easy. Start with promo.4over.com to find suitable promotional products, and then begin conversations with your current clients. You will grow your business and drive more profit to your bottom line.
4over is always here to help you grow your business and deliver for your clients. And as a trade-only printer and promo provider, 4over will never compete with you—the best measure of our success is yours!
4over LLC is one of the largest wholesale trade printers in the US, with multiple production facilities across North America. A trusted source of print fulfillment since 2001, the company helps large franchise printers, single print shops, print brokers, graphic designers, photographers, and every type of print reseller in between grow profitable businesses by offering a vast selection of quality products at guaranteed trade-only prices. With capabilities such as gang-run offset, digital, grand format, and promotional printing, plus state-of-the-art equipment, 4over offers every customer savings, selection, and scale. Not yet a 4over reseller? Register Today!