Increase Your Customers: 2 Key Strategies for Business Growth
Growing your business not only boosts your current cash flow but also increases the potential sale value when you decide to sell. Here’s how to effectively increase your customers using two key strategies: focusing on existing customers and finding new ones.
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Focus on Existing Customers
- Target your best customers with offers
Identify the customers who generate the most profit for your business or who have the most potential for additional sales. Actively engage with these customers to gain more sales. Utilise the 80/20 rule in business to maximise your efforts. - Research what else you can sell
Conduct online surveys or ask customers directly to discover what other products or services they might be interested in.For example, if you own a convenience store, ask staff to informally question customers at your checkout and take note of what else they would like to buy.Add some of these suggestions to your product or service line to meet customer demands. See our advice on the best approach for following up with your customers. - Investigate creating a customer loyalty scheme
Building a loyalty system with points or loyalty cards is a great way to encourage more frequent purchases and track your customers’ buying habits.For example, if you run a winery, keep a record of your customers so each time they visit, they can gather credit towards a free bottle of wine. This can also help identify sales opportunities and enhance customer retention. - Create a customer database to target offers
Collecting customer emails or addresses enables you to contact them with special offers, new items, or useful information. For example, if you have a taxi business, you could email discounted fares to customers during slower times of the year. Learn how to start doing business online to leverage digital marketing tools effectively. - Train staff on ways to improve sales conversions
Ensure your business has friendly, helpful staff that are well-trained to convert inquiries into sales. Run in-house sales sessions or employ a sales consultant. Read our article covering tips on how your business can get more conversions. - Offer incentives for your staff to sell more
Help your staff on-sell to existing customers by offering incentives. For example, if you operate an adventure tourism business, you could offer bonuses for selling certain products or increasing the average sale. Learn more about how to build a strong team that drives sales. - Build a community through social media
Start a Facebook, LinkedIn, or Twitter campaign (whichever is most relevant to your business) and talk about your business and its customers to increase your business profile and encourage additional purchases. Find out more about the growing role of social media in business. - Identify any cross sell opportunities
List the products or services your customers have previously bought and match complementary items that you could sell to them. Contact them with offers. Always encourage customers to consider buying a higher net margin product or service. - Review your business plan
Go over your business plan to evaluate and update anything that’s recently changed. Check you’re still on track for your growth goals and make any necessary adjustments.
Find New Customers (within the Current Market)
- Use direct marketing that gets results
Measure the response rates to each area of your direct marketing campaign, whether it be email advertising, direct mail, or online click-throughs. Invest more of your marketing budget into what gets results. For example, if you’re an electrician, consider doing a mail drop in your local area, advertising your services. - Find ways to generate word of mouth
Build up positive word of mouth referrals by getting testimonials from customers, encouraging regulars to refer their friends or family to your business, speaking at events, and networking inside chambers or business associations. For example, if you own a travel agency that offers escorted tours to Europe, get feedback from your customers and ask to use some of their quotes on your website. Customer testimonials can significantly enhance your business reputation. - Create exclusive offers
Create an introductory offer for new customers only. Sacrifice your regular profits to gain loyal customers that will buy again on a regular basis. Consider the Australian Government’s business website advice on finding new customers. - Increase your profile through online directories
To increase your online presence, list your business on popular online directories, such as Yelp. Alternatively, use these resources to uncover potential new customers (especially through industry directories). - Increase web traffic by improving your search engine optimisation (SEO)
SEO will help increase your website’s traffic leading to a growth in your customer base. Spend some time determining your site’s keywords and keyword phrases so it attracts the right traffic for your business. - Purchase search keywords to improve your online exposure
Consider paying for search engine marketing (SEM) so that when customers search for your business products your web address is more likely to come up than others. For example, if you’re a Lawyer catering to small businesses, you might find there’s a lot of competition so think about paying for an ad that appears on the first search page. - Use Instagram to display your business
Instagram allows you to visually tell the story of your business and its offerings through images. When potential customers like your product or service images (which can be linked to your other social media accounts), you might get an avalanche of views. - Create regular blogs
Keep your content fresh and updated by writing regular blogs about your business, your people, and successful case studies. Regular blog content can be important for increasing your SEO and driving traffic to your website. - Run demonstrations or workshops to educate clients
Run demonstrations, workshops, or events to showcase your business to existing or new customers. For example, if you’re a martial arts instructor, create workshops to show potential clients the skills and benefits of learning through you. - Network by joining business associations
Networking with like-minded business individuals is crucial to managing the right business contacts in your industry. Uncover potential customers by attending industry events. - Create a targeted marketing plan
Outline a specific marketing strategy that’s aimed at new customer segments. Then develop a precise advertising plan to build awareness and encourage purchases. For example, if you’re targeting truck drivers, create a billboard theme that plays on words and back that up with occasional radio adverts.
Next Steps
Why not book a 30-minute meeting with one of our expert accountants and business advisors to brainstorm the above ideas and create a tailored Action Plan to help you increase your customers?
This will lead to more profits for you and increase the value of your business.
