In a previous blog post, we outlined 3 things job shops can do to build a marketing presence and drive RFQs. Generating inbound leads and attracting new buyers is a key step to growing sales in your shop. But what about your existing customers? Your customer list is an asset that is right in front of you, how do you monetize your customer list to drive business?
48% of buyers find new suppliers through referrals within their network. This means every job shop looking to grow their business should be focusing on how to impress their current customers so they drive repeat business and generate referrals for new clients.
Here are 5 things to consider to ensure your customers come back for more and refer you to their colleagues:
- Clearly communicate your shop’s capabilities and the type of work you specialize in through monthly emails to your customer list. Many of your customers may not realize all the capabilities you offer, which may be a missed opportunity for ensuring existing customers come to you every time they send a RFQ. This is also a way to remind your customers that you exist so you remain top of mind.
- Turn around RFQs quickly. According to a survey of Part Buyers, 67% of buyers expect a quote in less than 24 hours. Another 94% of buyers won’t wait longer than three days. Immediacy is a major part of the modern buying experience, so job shops should prioritize the speed of their quoting process.
- Be responsive and follow up on the quotes you send. Buyers are quick to make their purchasing decisions. That same part buyer survey reports that 75% of buyers say they make a decision in a week or less after receiving a quote. Knowing this, it’s critical that job shops are responsive and follow up on every quote they send. Not only will this personal touch help increase win rates, but it’s necessary for capacity planning.
- Provide buyers a touchless digital buying experience. Buyers are managing more and more line items and they don’t want to have to talk to you to place an order. As buyers become younger and more tech-savvy, they expect a seamless digital buying experience.
- Provide buying options so customers can choose the best option for their needs. 92% of buyers are willing to pay extra to get their parts faster. There is an opportunity cost associated with slower delivery, which buyers are often responsible for mitigating. Knowing this, job shops should offer customers an option to pay more for expedited service on every quote. Buyers don’t always communicate that they need expedited service or that they are willing to pay more for it, so job shops must take the initiative. Using digital quotes allows shops to offer multiple options, making the process more convenient for buyers and lucrative for the business.
A buyer’s primary job is managing risk. If you present yourself as a dependable choice, buyers will choose to work with you. Many job shops waste time engineering quotes or are bogged down by bottlenecks and manual processes. To stay competitive in today’s market, job shops must invest in modern tools such as a digital quoting platform.
Learn how Focused on Machining uses Paperless Parts to respond to customers faster, increase throughput, and realize new revenue opportunities through expedite pricing options.