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Home Financial Literacy

How to grow your customer base, keep your business in demand (Part 1) 

You can gain lifelong customers

Tobenna NnabezebyTobenna Nnabeze
8 months ago
in Financial Literacy, MSME
How to grow your customer base, keep your business in demand (Part 1) 
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If you are unable to get customers in the door, fail to successfully entice and captivate those that do come, and they never return nor invite their friends, then perhaps it’s time to pack up, go home, and start considering getting a standard 9 to 5. Don’t be too hasty though. There may yet be hope for you.   

It may well be that you have a quality product or service to offer but you’re simply not positioning yourself adequately to gain the visibility and patronage you require and deserve. If that’s the case, there are proven strategies you can use to gain prominence and be able to scale within a reasonably short period of time. You won’t just be making one-time sales, but you’ll gain lifelong customers. Just like a spoonful of honey is liable to draw ants, getting and keeping customers will come as easy to you.  

1. Be clear on the value you provide  

Your aim should be to sell an idea, a lifestyle, or a solution. In order to stand out in a saturated market where consumers already have access to all they need, and are constantly being bombarded with new alternatives every day, it is no longer sufficient to simply be selling a product.  

Instead, link what you’re offering to an idea that people can relate to. In their minds, your product or service should represent an escape from insipidity or an opportunity to scratch an itch they have long endured.  

Make life easier and enriching for your target and they’ll flock to you.   

2. Show expertise and enlighten your prospects and existing clientele 

It’s crucial that you get yourself informed, and most importantly be passionate about the business you’re heading into. 

When you present yourself as an authority in your field of operation, regularly providing useful tips and valuable information that people readily devour, you won’t have any trouble pushing your products and services.  

By then, your offers will be perceived as a timely and well-intentioned solution. People will hardly ignore your overtures or even go as far as figuring you as yet another rube who’s out to make a sale and take advantage of unsuspecting consumers. 

3. Offer limited-time-only incentives 

It’s only human nature to want to act fast when there’s a real or implied sense of urgency. People also don’t like missing out on a chance to enjoy an ‘awoof.’ This is something you can exploit to increase your sales.  

When creating a new market or penetrating an existing one, looking to convince customers to try a new offer, persuading hesitant prospects to take action, or maybe business is slow and you wish to get more people in the door, you can provide some sort of time-sensitive incentive. This could be in the form of:  

  • Outright price discounts. 
  • ‘Buy two and get one free promos. 
  • ‘Receive the same service thrice and get it free on the next visit.’  
  • ‘Bring a friend and get a reward.’ 
  • and so on and so forth.  

4. Be deliberate with your pricing strategy 

Your pricing strategy greatly influences how you are perceived in the market. It can determine the willingness or unwillingness of consumers to accept your products and services. For instance, a low-cost item or service could reveal a compromise in quality and people will probably go elsewhere. On the other hand, a considerably high cost might dissuade less capable consumers from purchasing from you. But it could also go to show a touch of class that people will aspire to attain and boast to have.  

There are several pricing strategies that you should familiarize yourself with before fixing a price for your goods and services. Be sure to adopt the one that will give you the greatest advantage. 

5. Stay in touch 

You should always keep a digitized database to track every single sale you’ve made, the date on which they were made, the customers that were served, and the customers’ contact details. You should also take note of potential customers who haven’t yet made the decision to buy.  

Send occasional greetings to your current clientele. This could be in the form of a holiday felicitation, a thank you note for the purchase they made, and other goodwill messages.  Do your best to keep them informed about the products and services that they might find relevant based on the previous purchases they made. Notify them of discounts and other benefits that they might want to take advantage of.  

This tactic gives the relationship a human touch, and people will be more likely to make repeated purchases. Before long, they’ll turn into loyal customers and soon become self-appointed ambassadors for your business.   

The same applies to your potential customers. If you stop communicating with them, they are likely to forget you and will probably go elsewhere to get the same value you offer. So it’s crucial that you keep in touch with them. This way, you make certain that they will come to you when they are finally ready to buy. 

 

To be continued… 

 

Tags: attracting and retaining wealthy customersCustomer satisfactionOn the Money

Comments 1

  1. Chiamaka Emmanuel says:
    November 26, 2022 at 2:01 pm

    Full of value.Thank you👍

    Reply

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