Corporate promiscuity is a distraction that salespeople and sales teams have to flip to the next shiny new object or customer at the expense of leveraging the relationships they already have. In other words, it’s being more interested in new business rather than nurturing the existing business you already have.
If you think about it, your existing clients have three or four opportunities for additional sales to be made to them, which will close faster and more profitably than the new business, so a balance is required.
If you’re focusing on your existing customers, you have a few things that you need to consider. First, do you have a broad range of products that your customers can buy? Next, can you sell more of the same product over time? Finally, are you constantly developing new products that your existing customers are a good fit for? These three types of sales are a faster and more profitable way to grow your business than just relying on new business.
Strike a balance and make sure that as a leader, you’re setting goals for increasing your customer base as well as increasing the value of your existing customers.