Getting new customers is not the only way to grow your business. In most cases, customers you already have are the best bet for growing your revenue. Many studies have pointed out that improving customer retention is one of the surest ways to improve the value of your company. Customers who have already purchased from you are most likely going to commit again to purchase further from you, especially if you offered a positive customer experience.
There is a different mix of strategies you can use to retain old customers and also acquire new ones, to realize the best benefits for your business. Here is how to go about it.
Ask for referrals
Attracting new customers to your business is never a bad idea. One sure way to go about it is to ask for referrals. These customers are already your target market and this means there are people in their social circles who are likely going to be your target market as well. All this makes them strong candidates to be your new customers. You may assume customers buying from you are passing a word or two about your business. However, the best way to go about it is to actively seek referrals.
Contain your costs
Another way of gaining more market traction is by expending your share of the market. However, this normally comes with an increase in your costs, and you may lack the money left to invest in your business and make profits. So, as you look for ways to grow, pay close attention to the costs associated with running your business and getting your products and services to your customers. You need to keep these costs as low as possible.
Extend your market reach
There is another way of growing your business by making your products or services available to a new pool of customers. You can open stores in new locations, be it physical or online, and ensure you place your products in front of your customers. You can also target a new demographic by identifying other groups who could use your products in a similar way to your initial target audience. You can also encourage new uses for your product.
Participate in Trade Shows
A strong trade show presence can be very beneficial in helping your business grow and also establishing yourself as a leader in your local industry. Trade shows bring people together who are interested in the type of products or services you offer. They will allow you to directly market what you have towards a large group of people who are without a doubt your target market. They will allow you to benefit from in-person interaction, and this will increase your ability to connect and convert potential customers.
If you are not interested in expanding to new markets and adding new services to your revenue stream, you can also grow your business by putting more focus on a single niche. Use the opportunity you get to dominate your market and dictate it.