Do you look at growth of your business and conclude that it requires obtaining new customers? If so, a recent study concluded, 87% of dentists use 2 or more labs. The metrics are staggering. If you could obtain all the work from your existing client base you would grow your lab about 250%. That’s right, you could take a $1M lab and grow it to $3.5M without obtaining one new customer.
There are other big differences between gaining share of wallet versus obtaining new customers. You know and can easily communicate with existing customers. Having one-on-one time to talk or meet to discuss a new service to existing customers is much easier, costs less and provides the most simple path to double-digit growth. Obtaining an increased share of wallet requires trust, the right product and the transfer of information to existing customers.
Thanks for reading,
Bob Cohen, CDTBack to All Posts