Think beyond discounts to gain more customers.
One of the biggest challenges any business faces, is that eternal question of how to acquire more customers.
As competition increases and more services and products are available to consumers, how does an organisation stay competitive?
While discounting is a centuries old practice that has its role to play even today, it may have run its course as a primary way to attract more customers.
Expanding reach online
As a business owner or someone in business development, your number one priority is building a broader customer base and deepening relationships with existing ones. Ensure that your brand is visible to everyone in your target segment.
Most businesses have benefitted from a strong digital marketing strategy. Hire an agency or a team that understands the medium and can use channels like social media to build awareness of your brand. Engage with prospective customers, run contests and promotions and let them interact with your brand through Q&A sessions, webinars and more. As your brand builds momentum online, people will talk about your brand and clients may even share your communication to their network.
Looking beyond your existing segments
Look at customers who may not have been your core segment but may have their own use for your product. They could well be one of your main revenue lines tomorrow. For instance, you might manufacture a special kind of adhesive for use in carpentry, making carpenters and contractors your focus. But you might find that schools have a use for them in their craft classes as well and targeting this segment can bring in bigger institutional orders.
Bringing in repeat clients means more business
If you have repeat business, be it a large corporation or a single consumer, you have made your investment in sales and marketing pay back manifold. It is important to recognise this and set up a strong system for communication and recognition of loyalty from a customer. Offer exclusives, sneak previews or invite your most loyal base to beta test something for you. Involve them in the process of product development by taking their feedback and letting them know you value their opinion.
The expanding circles of loyalty
It is this very base of loyal customers who can contribute significantly to expanding your customer base. They are informal spokespersons for your brand. Create ways to make it easy for them to share their reviews and views on public platforms. Share their feedback with their permission on your business’ social media account. Over time, this investment in nurturing this relationship will pay rich dividends as they introduce their network to your brand and products and services.
Referral business is likely to stick for many reasons. Firstly, your existing customer has a pre-existing relationship with their referral target and your product or service. It is therefore likely to be a better fit. Secondly, knowing someone you trust has suggested a certain service or product to you builds an innate sense of trust and a positive aura before you even use it. And thus a next line of loyal customers is potentially spawned. And all this, without overly relying on discounts.
What do you do in your business to gain more customers?
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And that’s the Dish! Until next time, Belinda
I am Belinda Bow
I love all things marketing and I thrive on seeing a business become re-energised and flourish. I am excited about life and I adore my family.
Within these articles, you’ll find some helpful tips and some real guidance to help you make the most of your business, and gain a good understanding of all things marketing.