Old and emerging entrepreneurs constantly face the challenge of attracting new clients to their businesses. They take it on through different, time-tested techniques, such as crafting a solid marketing plan, scoping the competition, and following good customer service practices. Others also try to explore the potential of b2b networking.
Using the methods mentioned above, businesses, established and new, can secure their place in the market. However, it’s crucial to remember that whilst these techniques may work now, the dynamic and constantly changing customer trends and economic climate may render most of them obsolete.
Should you focus on customer retention or customer acquisition?
Should you prioritise attracting new customers or retaining existing ones? Business owners are often torn between these two marketing directions. However, when considering customer retention versus customer acquisition, neither is outright the better choice. The right choice will depend on where you stand in the market.
According to a recent study, selling to an existing customer is easier than converting new ones.
However, spending time and money to attract new customers has its own rewards. Aside from expanding your market and client base, you’re also opening more opportunities for growth and expansion.
In other words, although you can rely on the stability of your current customer volume, settling your existing client base means stunting your company’s growth.
How can you get new customers to try your product or service?
As mentioned earlier, spending resources on client acquisition has its merits, especially if you have a small business. As a new player in the game, you are still trying to promote brand awareness and should focus on bringing in more customers to try your product or service.
Below are some tips that will help you get started.
Build a Consistent Online Presence
Expanding your customer base both locally and internationally is easier in this digitised world. Make your business accessible online. For example, create social media pages for your business, build a website, and update your business listings on relevant online directories. All these will make it far easier for new customers to find.
Join a Business-to-Business Trade Exchange Network
As a member of a b2b networking platform, you can have access to thousands of business other owners, customers, and referrals, who might want to trade products and services with you. This unconventional yet effective way of reaching a new marketplace has also helped businesses sell excess stocks at their original selling prices.
Establish Yourself as an Industry Authority
If you want to attract new customers, earn their trust. Clients will most likely support your services if they know the brand is credible and trustworthy. How?
Show them that you are an expert and an authority in the industry. Establish credibility by creating, sharing, and delivering valuable and informative content through offline and online platforms.
Speaking in public, guest blogging, conducting webinars, attending interviews, podcasts, and other content marketing and promotional techniques can get the attention of new customers.
These tips have helped many businesses propel their brands and gain more clients, and I hope they can work to improve your customer acquisition efforts, too. Good luck!
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