CUSTOMERS ARE A KEY TO KEEP YOUR BUSINESS LADDER UP
You spend countless hours to brainstorm an idea and perfect your product, but the likelihood of the success boils down to one factor, your potential to acquire new customers.
You will undoubtedly make marketing strategies to promote your product and service, but it will be challenging and may not be enough. Suppose you launched a business, introduced a product, marketed it across all platforms and then grabbed a few customers. You would try to hook them. Would that be enough to hit the ground running?
Of course, not! Your existing customers will not keep buying the same product on and on. You will have to grab new customers. Acquiring new customers is not as easy as it seems. Sometimes all efforts go in vain despite impactful strategy.
Before you acquire new customers, make sure that you can afford customer acquisition cost (CAC). You will get it by dividing sales and marketing cost by many new customers you acquired.
The total marketing cost includes money spent on promotion, salaries, wages, overheads, commission and bonuses associated with acquiring new customers. If you have spent, for instance, €100,000 to obtain 100 customers, the CAC will be €1,000. You need to have a bigger budget to build your customers. However, you can take out quick loans the same day in Ireland in case of lack of funds. Here is what you should do to grab new customers.
No matter which marketing strategy you are using to promote your products and services, content plays a crucial role. It is the foundation of advertising. It is a medium to tell your target audience about the features of a product.
Content marketing costs 60% less than traditional methods and generates three times as many leads as other marketing method does.
Blog posts, eBooks, videos can help you spread words about your brand. In addition to your website, promote them on social media platforms. Consistently publishing new and informative content keeps your brand relevant.
Just posting blogs and videos are not enough. You need to understand how users think and what will arouse them to dip into their pockets. It needs to be crisp and brief to run Google ads and social media ads. You will need a USP of your product, the best feature that solves problems and makes you stand out among other competitors.
For instance, if you want to sell software (employees’ performance tracker), choose words for advertisement content that catch users’ eyes.
- Employees cannot escape if they use a private window.
- Track activities on remote systems with a one-time password.
Collaborate with other companies
If you collaborate with different companies that have a set of products like you do have provided it is not competitive, a graph of your customers will likely go up. It will work even if products and services are not similar but have an audience similar to you.
Trust plays a paramount role to emerge as a brand, and the best way to grab new customers is to associate with brands. People trust them and do not mind investing in your products.
Discounts and special schemes encourage customers to buy more, in fact, more than they need. This strategy works for your current clients. When it comes to building your clientele, you should be a bit smarter to entice them. Here comes the role of giveaways.
On your website banner and social media platforms, you can run a notification to invite as many new people as possible. For instance:
We are running a freebie for product X. Offer is limited for first ten purchases.
Giveaways can be exorbitant. Make sure that you have a budget to run freebie campaigns. You can fund them with loans in Ireland as long as you can manage to pay back it on time.
Leverage your current network
Your current network may be the best tool to reach out to new customers. It would be best if you use them to spread good words for your business smartly. Ask them to refer your products and services to their friends, family and colleagues. However, they will not take the initiative unless you offer them a favourable deal.
You can provide them with a considerable discount such as “25% off on next purchase of product X”. It will be a win-win approach. They will bring you new customers, for extra discounts.
Hit their emotional nerve
The ultimate goal for promoting your products and services is to spur them on buying it as immediately as possible. Though features of your products play a crucial role to attract features, especially when you are offering a solution to your audience, you need to motivate them with words to take action. Phrases that hit them emotionally and psychologically can turn prospects into the sales rapidly.
Consider feedback smartly
Solely focus on new customers does not take you anywhere if you overlook grievances of your existing customers. A good entrepreneur is one who values their customers. Your duty is not over once you have sold a product.
Whether your clients are satisfied with you or not depends on the feedback they give. They can provide insight into:
- How you are performing in the industry
- How likely you are about to be successful down the road.
Invite them to fill out a feedback form. Let clients pour what they have in their mind. Their responses will highlight strengths and weaknesses of your business. Several big companies keep upgrading their products because they take the feedback of their customers seriously. If you do not mend flaws, your product will lose ground, which will result in a downfall of your business.
Finding new prospects for your business is no cinch, especially when the competition is fierce. There is no hard and fixed rule for building a clientele. You have to understand the dynamics of a business to ensure that you will survive in the long run. Tips mentioned above can truly help you grab new clients, but there are undoubtedly other ways too.