Retaining and attracting new customers is critical to long-term success
As a business owner, you’ll know all too well that attracting new customers is up there as one of the hardest challenges you face. If done right, your company can go from strength to strength, building momentum and continually picking up fresh trade in something akin to the snowball effect.
But if it proves a struggle, progress can soon stagnate and you’ll find it difficult to realize your dreams. It’s certainly no easy feat, which perhaps goes some way to explaining why there is not a huge difference between the number of business births and deaths in the UK each year.
And considering the colossal challenges brought on by the coronavirus pandemic, with the average UK SME experiencing a 30% fall in turnover growth between April and December 2020, it’s arguably now more important than ever for your business to attract new customers. But how exactly can you do this?
Offer discounts and promotions
A great way to attract fresh trade is to offer an incentive. This might be in the form of discounts on their first purchase, free shipping, a two-for-one deal or membership on a reduced rate. The key thing is to get them in the door, because if they enjoy a positive experience they’re far more likely to return in the future.
Reconnect with old customers
Sometimes it’s not all about attracting new people to your business. There can be a huge amount of untapped potential in your existing or previous customers, so why not refer back to your database and reach out to those with whom you’ve not connected in a while. They might rediscover what they loved about your company in the first place and be transformed from occasional to regular visitors.
You can use an introducer to pick up new business through the personal recommendation of a third party, such as an existing customer or partner. Introducers tend to work on a commission basis, which means there is an incentive for them, but the difference between an introduction and a referral is that the former tends to occur as part of a natural conversation – for example a financial adviser recommending a loans provider to a client who is seeking funding.
Refresh your marketing strategy
You may be offering a valuable product or service, but if nobody knows about it then your business will struggle to grow. In order to attract new customers, it might be time to launch a new marketing campaign or employ the services of an external agency to drive your strategy. They might have some fresh ideas that could target a wider audience more effectively.