Whether you’re just starting out or have been running a business foryears, the goals of most firms are pretty much the same - to maximize exposurein their particular sector, thereby attracting as many customers as possible andgrowing their market share.
However, in recent years, traditional sales and marketing have beencompletely upended by technology, and there are now far more ways to reach out,find and attract new customers to your firm.
Read on if you’re looking for some more innovative ways to attract newclients and build your business.
We live in a world where communicating the right image and ideas is nowmore important than ever - and much of this is done through the written andspoken word. From updating your website to publishing social media posts orvideos, the power of well-crafted prose really cannot be overstated. Hiring askilled copywriter will ensure you post engaging content for your users,tailored precisely to your demographic with attention-grabbing headlines andtext.
As mentioned above, there are now more media channels than ever available to companies looking to promote themselves. Where once advertising, PR, and marketing were largely limited to TV, radio, print, and billboards, there is a virtually limitless supply of platforms to choose from these days.
However, rather than simply taking a blanket approach to your media promotions, a far better method is to employ the talents of a skilled firm experienced in Media Buying. These companies will study your firm, your demographic, and the channels available before advising you on the best route for maximum penetration.
One often-overlooked strategy for building yourbusiness is to search for other firms that compliment your range of productsand services and look to establish closer complimentary bonds. For example, supposeyou run a hotel chain. In that case, you might think about forging closer tieswith airlines that specialize in your destinations or companies in the vicinitythat might be interested in working together (e.g., car hire, excursions,restaurants, etc.).
Not only will you be able to draw on the customer baseof these other firms, but you could also potentially slash your marketingbudget by producing joint campaigns.
Despite the title of this article, it’s worthremembering experts suggest it costs five times more to attract a new customerthan retain an existing one. While it’s undoubtedly true that you should alwaysstrive to increase your customer base, you should never forget your currentclients. Creating a pleasurable customer experience is vital for clientretention and attracting new customers to your business.
Research shows that increasing your customer retentionby just 5% could increase profits between 25% to 95%. Also, the age-old andwidely-accepted Pareto Principle states that 80% of theconsequences typically come from 20% of the causes. In business terms, thisequates to 80% of your profits coming from just 20% of your customers.
It would be best if you never ignored the value of themarket you worked so hard to establish. Instead, look to build closerrelationships via real-world contacts, direct email campaigns, and social mediamarketing.
The WorkFlow podcast is hosted by Steve Glaveski with a mission to help you unlock your potential to do more great work in far less time, whether you're working as part of a team or flying solo, and to set you up for a richer life.
To help you avoid stepping into these all too common pitfalls, we’ve reflected on our five years as an organization working on corporate innovation programs across the globe, and have prepared 100 DOs and DON’Ts.