New Year, New Customers: 4 Ways to Introduce Your Business to People
This year is almost over and maybe you haven't achieved the sales you would have wanted, so start planning and make 2017 a bumper year
There is no doubt about it; developed economies are far more robust and resilient than during previous generations. This is largely due to the increasingly deterministic outlook of traders, investors and financial experts, who are familiar with fluctuating markets and have an innate understanding of the underlying laws that govern such change. We have seen ample evidence of this in the UK recently, as the British economy has benefited from strong trade and consumer spending numbers despite the volatility triggered by Brexit.
This is creating a strong level of business confidence and sentiment, as companies look to further their growth plans and reinvest into their development. More specifically, there is a growing drive among firms to reach out to new customer segments and increase their market share, particularly those that operate in competitive sectors. The question that remains is how to do this effectively, of course, so here are four ideas that will enable you to target and introduce new customers to your business.
1. Allow customers to sample your service or product
This is a simple but progressive way of introducing customers to your business, while there are also several different strategies that you can use depending on the nature of your business. The key is to focus on a core product or service within your business venture, before conceiving a delivery method that optimises its unique value proposition to new customers.
One option is to embrace a freemium delivery model, through which products or services are offered as free samples and monetised by future, add-on purchase options. You can also draw inspiration from the financial markets, where online trading platforms now offer so-called ‘demo accounts’ to new clients whether they are looking to participate in share dealing or invest in derivatives such as currency. While these accounts are now always available for free, they allow brands to demonstrate their expertise and help to translate key features in customer benefits.
Whichever option you choose, it is important that you understand the nature of your product or service and offer a clear incentive for customers to sample it.
2. Offer referral rewards to existing clients
It is generally well-known that it is cheaper to retain customers than it is to acquire new ones, but it is important to note that there are also ways through which relatively low-cost retention techniques can be used to target new clients.
The best method is to offer a referral incentive to existing customers, through which clients are rewarded with a discount on their next order in instances where they successfully recommend you to a new client. The discount may only be a mere 10%, but it actively encourages satisfied customers to introduce you to potential new clients.
3. Leverage your social media presence
No matter what size your business is, it is likely that you will have some form of social media presence. Whether you are leveraging this successfully remains open to conjecture, however, particularly in terms of targeting (and engaging) new customer segments through this medium.
The most important thing is to ensure that you have an integrated social presence, which includes a combination of staple channels (such as Facebook and Twitter) and those that are more widely-used by specific customer segments. If you are targeting products at a predominantly female consumer base, for example, Pinterest is a great channel to leverage as 71% of its unique users are women.
For companies that are looking to sell a professional service to clients, LinkedIn offers instant access to like-minded customers across multiple industries.
4. Use analytical CRM data to drive effective email marketing
Finally, strategically leveraging email is a great way of targeting new customers. After all, email marketing retains an incredible ROI of 3800%, making it the single most effective digital technique in the modern age. It is also a simple and cost-effective channel, where traditional marketing elements such as concise writing and a compelling CTA are crucial.
To successfully leverage this and introduce your brand in a way that engages customers, you should strive to use analytical CRM drawn from a large and accurate source. This will ensure that specific segments are targeted effectively and with the right value proposition, according to the needs of each consumer.
Ben Barlow works in collaboration with IG Markets and covers topics such as stocks and share dealing, forex and ISAs. After studying business at Lancaster University, Ben worked at a number of financial institutions in London and New York and is now following his passion for writing