Building a truly successful business requires a keen understanding of the needs and desires of your market.
Published by ActionCOACH Philippines
Did you know that in just 8 weeks, you can effectively double your customer base by following eight simple tips? These will surely help generate new leads and successfully convert them into paying customers.
Building a truly successful business requires a keen understanding of the needs and desires of your market. In all cases, this ultimately traces back to your customers’ wants and needs. Here are eight tried and true methods for adding new customers in record time.
Eight Ways to Double Your Customer Base in 8 Weeks
1 | Build a Loyalty Ladder to Create “Raving Fans”
The most ideal customers are the loyal customers. If a business makes a concerted effort to identify loyal customers and earn their highest praises, they will almost certainly become cheerleaders for your business. In addition, your raving fans customers tend to spend significantly more on your products than other customers.
For a company to rise to this level, they must make an intentional, targeted effort to personalize each transaction and aspect of the customer relationship. For instance, instead of giving out a free item on their birthday, deliver flowers or a gift basket to them, or pamper them in other special and memorable ways. You can also get their testimonials and feature them on your social media channels.
Your investment in these special services should be calculated based upon the value of the business that raving fans bring to the company. These raving fans are a golden asset, and are a tremendous source of new customers.
2 | Weed Out Bad Clients and Cater to the Best
By prioritizing the kinds of customers a business prefers to have, it makes it possible to eliminate those who create unnecessary headaches and detract from your overall bottom line. This allows you to better serve other, more valuable customers. Furthermore, it also allows a company to focus on attracting the kinds of desirable customers that contribute to most of their profits.
Identify who the best customers are by applying the “80-20” rule. This principle states that 80 percent of a company’s business comes from 20 percent of its customers. Treat those 20% of customers particularly well, and invest extra energy in satisfying their needs while extending service above and beyond the call of duty. You can put up CRM systems to send them personalized email offers or invite them to join your VIP or loyalty program for special and exclusive perks.
3 | Create Strategic Business Alliances
By partnering with other businesses with which there is a common customer demographic but no actual direct competition, a company can expand its customer base quickly and easily. Customers who trust other businesses and have proven their loyalty to them will be inclined to follow their recommendations or perceived endorsements of an alliance partner.
By creating good alliances, it is possible to come up with all sorts of creative campaigns to increase both businesses' customer bases. Advertise jointly, throw a party or event together, team up to support local charities, or give preferential treatment to customers who also do business with strategic partners. You can also do corporate sponsorship of major events like concerts and auto races.
4 | Train and Support Employees to Improve their Skills
Employees feel valued when business owners invest in them to help them further their futures and enhance their careers and skills. As a result, they develop a sense of ownership and responsibility that can boost a business’s customer base dramatically.
Did you know that representatives for major wineries often travel to Europe to learn more about wines, at the company’s expense? Hair salons send stylists to conventions to learn new tricks of the trade.
At the end of the day, employees come in contact with people every day, both inside the place of business and elsewhere. Anybody who walks through your doors is a potential customer, but it takes a certain level of professional skill to convert them into a raving fan.
5| Improve the Conversion Rate for Leads and Contacts
As leads and contacts are made, they need to be converted as soon as possible into customers. Otherwise, they can simply become a nuisance and a labor-intensive list of names. Once someone becomes a “lukewarm lead”, it is important to warm them up so that they become a hot prospect and then a loyal customer.
Conversion requires getting to know the person, understanding their wants and needs, and then fulfilling those needs in a way that is mutually beneficial for both parties involved. There are many effective conversion strategies and techniques, and they can be systematically executed upon the introduction to a new client or customer. That way, they are automatically cultivated and nurtured to become a paying client.
6 | Convert a Single Customer into Multiple Customers
One of the easiest ways to increase the number of customers is to concentrate on those already in your database. For example, by up-selling or cross-selling different goods and services, profits can very easily be increased with little effort.
Sell a customer a premium version of the standard item they are already buying, and it turns a one time customer into a top-tier one. Introduce them to other products in the lineup, or convince them to purchase other services, and it is just as good as landing a new customer. Subscription services and reminders to re-purchase items also help to ensure that your customers increase their transactions with you.
7 | Go Online and Drive Traffic to the Brick and Mortar Location
Create a website that offers everything your brick-and-mortar store does, and it will act as a customer magnet that never sleeps. Furthermore, it will give your business a presence that extends around the entire world almost overhead-free.
Give site visitors something valuable in exchange for them providing more information about themselves. Concentrate on getting contact info or a commitment to pay a visit in person to an offline storefront or place of business. If they sign up on the site or visit the store, for example, reward them with a discount, contest entry, or a free consultation or service upgrade.
8 | Increase Visible Exposure
Brand recognition is powerful, and we live in a visual world of shapes and colors that are constantly competing for our attention. Capitalize on visible exposure at every possible opportunity, and it will soon increase your customer base while strengthening recognition of your brand.
Give away beverage coasters, key chains, and coffee mugs that double as promotional items. Put up signs, buy uniforms with logos on them, or paint delivery vehicles with advertising messages. Look for every chance to come out from the shadows and be seen, because the more a business is seen by potential clients, the greater the chance for that business to double its customer base in a short period of time.
Consistently applying and adding new ideas to each of these 8 ways will ensure a constant flow of customers and will help continue growing your business and your profits.
ActionCOACH is the world’s largest business coaching firm, helping over 18,000 business owners create more profitable businesses in over 80 countries. In the Philippines, ActionCOACH is partnered with Francorp Philippines in its continued pursuit of Growing Brands from One to Many. Get a Free Business Health Check today to see if Business Coaching is right for you.