Every startup founder is fanatical about growing the number of their customers. Finding new customers is a hurdle every company regularly faces. At the same time, relying on too few customers can leave a company vulnerable leading to a cashflow crisis. Advertising and marketing have time and again proved that through intrinsic and careful strategies to grow the consumer base. Apart from advertising and marketing, there are multiple strategies and factors that affect the way a company can find new customers.
Referrals are the latest way to spread the word about a company and get more customers onboard. Referral customers tend to purchase more over time and in turn, become a source of additional referrals. Referrals also help in getting the ‘perfect’ or ‘ideal’ customers who are genuinely interested in your product and services. Referrals are a great means to increase new customer base as people generally know the person referring the service thereby increasing the credibility of the company.
2. Strategic Alliances:
Another way to leverage new consumers is by strategically teaming up with other businesses targeting a similar target customer. Team ups help increase the database, share audience and stream referrals to ultimately develop a business. Strategic Alliances are also known as host-beneficiary arrangements in which two business work together to promote both the companies. For example, an alliance between an attorney and an accountant or a web designer and an advertising agency.
3. Specialized packages:
Creating specialized packages for different target groups is another smart method to increase the consumer base. Different offers for customers belonging to different demographics will help companies cover a diverse target audience. Consider making targeted offers for consumers based on their age and gender. Extended discount offers to students, special sales for businessmen, targeted services to women are examples of such specialized packages.
4. Back to basics:
Return to basics of advertising. It is important to remember not all potential consumers have access to digital or broadcast media. Put up posters in vital places, publish advertisements in local papers, speak at trade events and involved in local businesses. While digital media may be the quickest method to spread the word about the company, traditional media still has a lot to offer.
5. Customer Care:
Many new companies and businesses tend to forget about customer care. A dedicated team of professionals working to answer questions, clear doubts and help in whatever way possible is an important element of growing the consumer base. Customer care for both digital media and telephone calls help establish a connection with new consumers thereby, creating credibility for the company.
What are strategies do you think work best for you? Let us know in the comments section below!