For a new business the ideal path is to put a product on the market that gains recognition and a loyal following. That number eventually stops growing once the business exhausts its current market, which means it’s time to explore new grounds to pursue other markets. The task at hand is not too challenging, you simply need an organised approach to bring in more customers.
To do this, company owners have two options – extend the reach of their marketing and promotional efforts or release a new product or service. The key is to be on top of one’s target market – get to know their interests, preferences and factors that influence their spending habits. Making the necessary adjustments and marketing plans then come easy.
There are five ways to increase a business’ customer base. When implemented, they can prompt a progressive increase in returns.
Take advantage of social media marketing
There are currently over 3-billion Internet users worldwide with 1.96 billion in social media. With a high number of people online daily, any company would want to tap the market on social media.
Facebook is the world’s largest social networking site. It allows companies to create and customise their own business pages and profile as a means of advertising. Users can post promotional photos, videos, links and status messages to attract new or potential customers. Posts can be seen by all of the page’s followers and potentially shared on their personal accounts, which can influence an increase in followers and eventually sales.
Twitter is also an effective marketing channel. With a good number of “retweets” of your company’s Twitter posts, the word about your brand and your offerings can soon get around.
Furthermore, social media gives companies a clear picture on who appreciates the brand. Users can view who interacts with their promotional posts, thus data for market research comes easy. Some are even vocal on why they love certain products and the possible improvements that can be done. If a company addresses the wants and needs of the online market, sales can go up in an instantly and the same goes for brand recognition.
Cold Calling Might Work Wonders
Social media may be one of today’s preferred marketing channels however, the amount of posts online can make readers tune out and not focus on your promotional statuses and tweets. A more personal approach can sometime penetrate shorter attention spans. Cold calling may work as an alternative.
Companies turn to a telephone directory or a list of contacts picked up from seminars and expos for cold calling. A common reaction from people is to say “I’m not interested” or “I’m busy” and then hang up, which is why you have to play it smart. You can start off with “Is it a good time to talk?” which shows courtesy and professionalism. Being lively, quick, and clever can charm potential customers or spark business deals.
Make Adjustments Based On The Market’s Needs
When coming up with a product or service, a business owner often looks at customers’ interests and preferences allowing them to effectively target similar people. Expanding one’s customer base necessitates other sets of habits and interests, which can be identified through research or asking people questions. Social media and focus group discussions give company owners feedback on their products.
After gathering feedback, the company can either adjust its existing products or launch products that cater to different demographics. For instance, Smartphone makers release different phones to meet different target markets. The priciest phones have the classiest looks and features designed for the high-end user. Mid-priced units have practical features, but not enough to outdo the top-of-the-line models. Basic versions are cheap and have all the essential features.
Build Ties With Groups That Work With Communities
Working with social entrepreneurs and agencies that work with different communities serve as an advantage, given that the company will have direct access to prospective customers as well as potentially hiring staff from communities like schools, cities, and the country’s rural regions.
In exchange, the company will have an easier time executing marketing campaigns or product launches in various locales and regions in the country. This is perfect when you’re attempting to capture customers coming from different backgrounds, cultures, and income brackets.
Prepare Your Finances
Any major move to expand your operations and diversify clientele is expensive. A plan stays an ambition until a company is liquid enough to turn it into reality. The problem is, not all organisations have enough funds to progress their operations.
The world of alternative lending presents viable financial solutions, one of which is the merchant cash advance (MCA) where deductions are taken from credit card sales. Periods when sales are low net smaller pay-outs, easing the financial burden of subscribers. Another option is the unsecured business loan. Like the MCA it also has a high approval rating and is easy to secure as payments come in the form of small daily deductions. Both solutions have zero collateral and don’t have stringent application requirements.