Let’s talk about an unfortunate truth in the logistics industry: We’re leaving money on the table. Big time. And I’m not talking about inefficient routes or suboptimal load planning. No, I’m talking about something much closer to home – our existing customers.
The 2024 TMSA Marketing & Sales Metrics Study just dropped a truth bomb that should have us all squirming in our office chairs. Organizations are massively underutilizing their existing customer base for referrals and growth. We’re so busy chasing after shiny new prospects that we’re overlooking the gold mine right under our noses.
Now, I know what you might be thinking. “We’re already serving these customers. How much more can we really do?” Well, as it turns out, quite a lot. Let’s dive into why this matters and what we can do about it.
By the numbers:
Customer referrals, consultant referrals, and marketing each contribute less than 25% to the sales pipeline for 26-28% of companies.
Acquiring a new customer costs 5x more than retaining an existing one.
But it’s not just about cost savings. Your existing customers are a treasure trove of opportunity. They already know you, trust you (hopefully), and understand the value you provide. They’re primed for upselling, cross-selling, and – here’s the kicker – referring you to their network.
So, how do we turn this ship around and start maximizing the potential of our existing customer base? Glad you asked. Here are some strategies to get you started:
Get to know your customers. I mean really know them. Not just their shipping patterns or their payment history, but their business goals, their pain points, their dreams for the future. This isn’t just small talk – it’s valuable intelligence that can help you anticipate their needs and offer solutions before they even know they need them.
Implement a formal referral program. Don’t just hope your customers will sing your praises – give them a reason to. Offer incentives for referrals, make it easy for them to recommend you, and don’t be shy about asking. A simple “Do you know anyone else who might benefit from our services?” can open doors you didn’t even know existed.
Leverage your CRM. You’re collecting all this customer data – now use it! Set up triggers for follow-ups, upsell opportunities, and potential referral moments.
Create a customer advisory board. Invite your top customers to provide regular feedback and insights. Not only will this make them feel valued, but it’ll also give you a direct line to the people who matter most to your business.
Educate and add value. Don’t just be a service provider – be a partner in your customers’ success. Share industry insights, offer training on new technologies, become the go-to resource for all things logistics in their world.
Celebrate successes together. When your customers win, you win. Make a big deal out of their achievements, especially when your services played a role. This reinforces the value you bring and strengthens the partnership.
Now, I know what some of you are thinking. “This all sounds great, but we don’t have the resources for all this customer engagement.” To which I say: can you afford not to?
Plus, here’s a little secret: happy customers do your marketing for you. They become your brand ambassadors, singing your praises at industry events, on LinkedIn, and yes, even in those closed-door meetings where the real decisions get made.
But let’s be real for a second. This isn’t just about boosting your bottom line (though that’s a nice perk). It’s about building something sustainable. It’s about creating a network of partnerships that can weather any storm – be it a global pandemic, a trade war, or whatever curveball the world decides to throw at us next.
So, here’s my challenge to you: take a hard look at your customer engagement strategy. Are you really making the most of these relationships? Or are you leaving potential growth and referrals on the table?
The Bottom Line
Treating customer relationships with the same care as supply chains can drive sustainable growth and create a network of partnerships resilient to industry challenges.
Remember, in logistics, we’re in the business of connections. It’s time we started treating our customer relationships with the same care and attention we give to our supply chains. Because at the end of the day, the most valuable cargo we can deliver is trust, partnership, and mutual success.
Now, if you’ll excuse me, I have some customer calls to make. And if you’re smart, you will too.
I hope this article has sparked some ideas about leveraging your existing customer relationships. If you’re interested in exploring how to unlock the potential in your customer base, I’d be happy to chat. Here are a few ways we could work together:
• Designing and implementing customer engagement strategies tailored to your business
• Creating and managing customer advisory boards for actionable insights
• Developing personalized communication plans to deepen customer relationships
• Auditing your current customer engagement efforts and identifying growth opportunities
Let’s turn your customer relationships into your biggest growth engine. Your team (and your bottom line) will thank you.
