Recency, frequency, monetary (RFM) | Marketing analysis
Recency, frequency, monetary (RFM) is one of the most powerful marketing strategies available. What does RFM mean in marketing?Also known […]Read More »
Become a Strategic Marketing Partner: Learn More
The job of marketing is to: 1) Gain a customer and 2) Keep a customer.
Nothing else matters.
And for this tutorial, let’s focus on Marketing’s primary job:
Targeting new customers
While your existing customers may be the main reason your business is operating, bringing in new streams of customers is central to any business operation.
Targeting new customers is easier once you understand the basics of marketing.
In order to grow, you must expand your customer base. But customer acquisition isn’t always easy and requires work. The good news is that it’s not impossible and you can do it!
Let’s get started ...
Here are several tried-and-tested methods to help you attract new customers. This works for any business in any industry.
Getting new customers involves creating a marketing plan.
The first part is always to define your ideal buyer persona.
Determining who your new customer is and their desires is a practical step. Moreover, it would be wise to focus on one type of customer rather than various personas if your business is still growing and you have limited funds.
Doing so requires proper audience research. Try utilizing the following tools:
Direct response marketing is a good strategy for enticing prospective buyers. It can be anything from a blog to a paid ad. For this tactic to work, you must include a clear and compelling call to action (CTA) always focused on your value proposition.
Now, if you’re a small business owner, the thought of handing out freebies may not sound like a wise business decision. However, this is one instance where the payoff comes afterward. Offering free samples or products at a discounted price is an excellent way to bring in new customers.
For instance, you could offer a 15% percent discount for initial purchases. Or leverage your existing clients by giving them five dollars off for every referral.
Partnering with a business in a similar niche but not a direct competitor is another tactful targeting of new customers. Think of a successful co-branding example like the GoPro and Red bull pairing.
You’re likely familiar with GoPro, a company known for its high-tech versatile cameras. Red Bull, on the other hand, sells energy drinks. What these two companies have in common is their target audience. Their ideal customers are those in fast-paced and action-packed professions, specifically athletes.
These two companies have collaborated in events, where GoPro provides equipment while Red Bull acts as a sponsor. Their most notable partnership has been the Red Bull Stratos project. In 2012, Felix Baumgartner, an Austrian skydiver, jumped from space, breaking the speed of sound in freefall record.
Do you run a physical store, school or a restaurant? If so, you might want to consider giving it a facelift. Your shop should match your company’s brand. And, like a home, it should have curb appeal. Are your displays up to date? Plus, what kind of story do they tell?
During Halloween, Cole Fox Hardware took a creative approach and displayed witch brooms on their front window.
Spreading the word about your products and services is yet another effective way to target new customers.
Your marketing channels will vary based on your target audience. Social media is a great media when operating on a lean budget.
Let your social networks know about your business. Encourage existing customers to leave reviews. Ensure you address any negative reviews promptly
Once you have implemented the above tips, your next task should be to make data driven changes to increase sales.
For a small business getting new customers can seem daunting.
However, technological advancement has made it easier by leveling the field.
By utilizing the marketing analytic tools and social media, you can get your business closer to prospective buyers.
Remember, customer acquisition is intricate. And like social relationships, it requires standing out and building trust. Be patient and consistent, and with time your marketing efforts will pay off.