3 ways to attract new customers and retain them
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3 ways to attract new customers and retain them
Every company needs new customers to grow. But a business cannot lose focus on retaining the valuable customers it already has. This is especially true for small business owners who know how difficult it is to get customers through the door.
While you want to be creative and invent new strategies to make your products and services look appealing, you’ll need to strike a balance between attracting new customers and retaining your loyal ones. me. There are many creative ways to get people’s attention, but keeping it is another story. If you’re a small business owner with limited time and resources, focus on three areas of lead generation and customer retention:
Check your customer list
Determine who is on your list of clients or customers who will return and who brings you the most business. Is there a way that you can work better for them? Once you figure out what draws those customers back, you can identify a number of ways to attract new customers based on that information.
But remember, it’s all about finding the middle ground. You want your marketing strategy to be interesting and informative for new potential customers, but you also want to make sure that your loyal customers are happy and advertise you to their network. if you apply the Pareto Principle to your business, you assume that 80% of your revenue is generated by 20% of your customer base. That is to say, your success largely depends on the loyalty of your existing customers.
Is your small business on social media? If it’s not it, it should be. You know that customer retention is crucial to the survival of your business and also know that you can’t do it without building solid relationships. Those relationships are a two-way street. Social media is a great place for customers to connect with your brand and for your brand to connect with them.
Here are a few ways to reach new customers and strengthen your relationships with old ones through social media:
- Run a Paid advertising on Facebook
- There’s a sale on Instagram
- Run a contest on Twitter
- Use Google+ to build new connections
When using social media to connect with customers, you must be a good listener. While offering contests and giveaways is a great way to engage customers, showcase your brand, and build a following, you also need to focus on customer satisfaction. This means answering every question you get, acknowledging comments, and engaging in customer conversations.
Create new products and services
Expanding your offer is an effective way to attract new customers. While you may be hesitant to take out more debt to support innovation, staying competitive should be a top priority for any business and can Smart ways to fund your efforts.
Short term business loan is a quick and easy way to get cash when you need it for things like funding a new growth opportunity. Short-term loans that can cover project costs will be repaid in a few months, helping ease seasonal sales or even buying inventory at a premium. There are no restrictions on how you can use the money.
Remember that in addition to helping you create new products and services to attract and retain customers, short-term financing can help you improve your credit history and score, build a a thicker credit profile and help you qualify for different types of financing along the way . The key is to be smart about calculating the return on investment for your business before you do this type of financing.
Check back next month for part 5 of our series, How smart finance can solve big problems for small businesses, where we’ll talk about effective time management tips for your small business.
Want to catch up on previous articles in this series? Read on for tips to stay passionate and avoid burnout.
Regardless of the size, duration of the business, or the industry, every small business faces countless challenges on a daily basis. Access to capital is arguably the biggest barrier to every business owner’s ability to deal with these difficulties and problems. This 5-part series outlines some of the most common roadblocks for small business owners and smart, effective solutions to overcome these challenges. Learn how to deal with hiring frustrations, cash flow woes, business owner burnout, customer retention issues, and time management struggles, and how to be proactive instead of react when accessing capital that you need to face these problems confront.
