One of the biggest challenges for any business owner is finding new customers. The task is more daunting especially when you have limited resources – you can’t be too careful when it comes to investing. However, with the right combination of strategy, medium and message, there’s a pool of potential customers just waiting to be tapped. Study these tips on how to grow your market.
Advertising
Advertising is probably one of the most expensive ways of attracting new customers, but when done correctly, it can merit a huge pay off. The key to advertising successfully is to selectively target formats and programming that offers a more specific outlet for your resources. To do so, it helps to offer a message that not only hits on your target customers, but also showcases the value you can offer them.
Even though newspaper subscription has dwindled in recent years, it is still a viable option for attracting new customers if your target market is older consumers aged 55 or older. At the same time, when you’re market is young tech savvy people, having a web presence is a definite jumping off point for any advertising strategy.
Networking and Referrals
Landing referrals from networking or past business clients is not only a cheap way to pick up new business, but also a good method of getting customers with high retention rates. What’s more, referral customers tend to purchase more over time and in turn become a source of additional referrals.
You ask for referrals from satisfied customers. This is why it is important to keep current customers happy. Be sure to find ways to continually thank your sources for their ongoing advocacy of your business.
Strategic Partnership
They say two heads are better than one. Well, that’s true when you use them together for a common goal. Another way to leverage available resources is through teaming up. In this arrangement, another business with the same target market will use their customer base to promote your business. They might attach a discount offer for your products at the end of one of their promotional campaigns (newsletters, coupons, etc).
You might also take that partnership a step further and form a long-term partnership. While a host-beneficiary relationship is generally a one-time or short-term commitment, strategic alliances can form and last for many years. As long as there’s continued value to the shared audience, strategic partnerships produce streams of referral business, which is ultimately what will benefit you most over time.