Running a small business is a daunting challenge. Statistically, less than 50 percent of small businesses are still operational after five years. One of the best ways to ensure success is by gaining and growing the right target market. Here we will offer five ways to grow your customer base:
Understand Your Customers
Understand your customer’s needs and develop products and services that meet those needs. You can gain insight into your customers by personalizing your services and encouraging them to provide you with feedback. You can ask them to submit reviews, answer surveys, or do in-depth interviews through services like SurveyMonkey, Qualtrics, or Google Forms. Such services don’t take much time or money to create and launch. Doing so can also help you better understand where your company needs to improve.
Offer Exceptional Customer Service
Quality customer services drive sales. Go the extra mile! Address problems right away and if they have questions, take the time to answer them. Your customers will not only remember great service they will also be more likely to refer others to you.
Spend Time Networking
A great place to start is by joining your local chamber of commerce. Membership will result in awareness and visibility among those in attendance. Ultimately, the time invested will result in credibility. While a member, join a committee and serve in various leadership roles. This will enable you to host and sponsor events that provide further exposure. Hosting events promotes brand recognition and allows individuals to experience your company, product and/or service.
Initiate a Loyalty Program
While this might cost you some in the beginning, once in place, it will likely result in your customers spending more and visiting more often. Your most loyal customers should be the first ones to know about promotions and discounts. You can do this through emails, newsletters, or mailers. Keep in mind it costs up to three times more money to acquire new customers than to sell something to an existing customer.
Build your Social Media Presence
Social media is a powerful tool to promote your business to potential customers and gain valuable insights. You can find out what customers are saying about you, gain insight into their behavior, identify keywords and trends that appeal to your target market and improve your customer service.
By implementing some of the ideas above you will not only grow your customer base but also increase the value of your business. At Peak Business Valuation we have worked with numerous companies on developing strategies to build your business. We would love to consult with you and are happy to answer any questions you may have. Feel free to reach out by email or through a phone call.