Want new business?? Who doesn’t?! We are all aware that it is more expensive to bring in a new customer than keeping an existing one. Finding loyal customers doesn’t happen overnight. You have to start somewhere, and that is with a new client, customer loyalty will grow from there. I have been looking into different ways to bring in new customers without breaking the bank. Whether you are a small business just getting started or an established company looking to add clients, these tools can help you. Over the next few weeks I will be posting different ways you can attract new customers to help your business grow.
The most important thing you can do, before you even begin reaching out to your clients, is to specifically pinpoint your target audience. It might be men of a certain age, or persons of a certain hobby. I read once about a high-end women’s clothing boutique that that marketed to new BMW owners. They had pinpointed that their customers were “Women ages 35-55,” that they drove a certain type of car (BMW’s), went to certain restaurants, and worked out and socialized at certain fitness clubs. From that point they were able to move forward, to target their customers by partnering with other business. Which brings us to our first tool to help you bring in customers.
- Identify and partner with other businesses that serve the same market segments
It would do you good to get in contact with non-competing businesses that work in the same market segment as you do. If you find local business you will see you can develop a mutually beneficial relationship with them. For example: if you are a local wedding planner partnering with a local bakery, DJ, Tuxedo shop, or photographer – you will be taking a huge step in the right direction. You share many of the same customers, and you can all work together with referrals. By partnering with these other businesses you are getting your name out there much more than you would on your own – and in return you promote their business as well.
Another great example of partnering with other businesses would be that of the previously mentioned women’s boutique. They partnered with a local BMW dealership and decided to give one free silk kimono to every female customer of theirs. The dealership would send its clients to the boutique with a letter offering the gown as a gift for their past patronage (the kimono could only be picked up at the boutique.)
More than 600 women responded, picked up the $100 kimono (that cost the store just $16 a piece.) Those 600 women spent an average of $400 on other merchandise during their first visit alone! You do the math, the startup spent $9,600 to generate some $240,000 in sales and, not by accident, to begin building its own clientele.
Let us also not forget about the local BMW dealer. Who, by presenting their female clients with this gift to say ‘thank you,’ gained loyal customers that returned when they needed maintenance done on their vehicles, as well as when they were ready to purchase a new car.
There are many ways to bring in new clients on the cheap – and once you have identified precisely who your target client is, be sure to take time to look around and find other businesses that share the same clientele as you. Once you realize the value in partnering and cross promoting with other businesses, you will be on the right track to gain new loyal customers, expand your business, and make that money!