Do you find yourself thinking about how to increase your customer base?
One of key drivers in your company’s value is the value of your customers. Analyzing customer profitability and maximizing a customer’s lifetime value are highly important and essential to any business.
To increase your customer base, it is necessary to stay in constant contact with potential and existing customers and the more value your business can offer, the more likely they will remain loyal.
Did you know that a mere 5% increase in customer retention can boost a company’s profits by 25% to 95%, and that almost 65% of a company’s business comes from repeat customers?
So how can you increase your customer retention rates even more?
Below are 7 simple ways to bring in more customers and increase your customer base.
1. Offer a free newsletter
Free is something that everyone can afford, from small businesses to global corporations. When you offer a free newsletter, you are informing your potential customers that you are willing to provide free information from the start. If you provide good content, customers will know more about your business.
2. Increase your customer base by asking for opinions
Before a web visitor leaves your website, request that they complete a short survey related to your business. People are happy to express themselves and often enjoy telling you about their online and offline experiences. You can use a survey to conduct industry research, customer experience or measure customer satisfaction.
3. Keep up and maintain excellent customer support and service
A customer who contacts customer support about their first order is just as important as a customer who contacts customer service about their tenth order. Treat each customer with respect and take appropriate action. A happy customer is likely to tell at least three friends about a positive experience and great customer service leads to increased sales.
Best of all, you can keep track of previous customer communication through tools such as CRM software.
4. Keep your website content fresh
Fresh and informative content is one of the main elements that pull in new visitors and potential customers. Keep your content fresh by publishing a blog that reports the latest business news, key-takeaways from whitepapers and hot topics within your industry. Fresh content will also help your website be found in search engines.
5. Promote your business on social media networks
Facebook users have an average of 338 friends. When you create new content, launch a new product or run a new campaign, be sure you share this across the social media channels you are active in. There is no easier way to grow your customer base than providing value and then having your customers promote your brand for you.
6. Encourage customer referrals
Another simple way to increase your customer base is via word-of-mouth marketing (WOM).
WOM is a free form of advertising where your customers’ recommendations and authentic experiences organically promote your brand, product and/or service.
In other words, your most satisfied customers can become advocates for your brand.
Create a referral program that rewards customers that refer new clients to your products and services. In turn, your existing customers are much more likely to bring in new customers by spreading the (positive) word.
7. Experiment with influencer collaboration
Another way to increase your customer base is by collobaring with an influencer or industry expert.
Find out which individuals or experts in your particular industry have a strong authority or following that you believe can create engagement.
Then, collaborate with them on projects, create content and recommend and endorse your products.
It helps you reach a wider audience and grain more credibility amongst their followers.
Building a solid customer base
Marketing is the art of attracting and keeping customers. If building a solid customer base for your product or service is what you are looking to achieve in 2023, implementing the five steps above will greatly increase your customer database in a short period of time.
Looking for more tips on how to increase your customer base? Download the free "Sales KPI" white paper.
Customers also ask
Are there any industry-specific tips for implementing these strategies, particularly for niche markets?
For niche markets, it's crucial to deeply understand the unique needs and preferences of the target audience. This might involve specialized marketing efforts, such as attending industry-specific events, partnering with influential figures within the niche, or creating content that addresses specific challenges or interests of that market. Tailoring products or services to meet the unique requirements of niche markets can also be highly effective.
What are the common challenges businesses face when trying to expand their customer base, and how does the article suggest overcoming them?
Expanding a customer base often comes with challenges such as market saturation, competition, and changing consumer preferences. Overcoming these challenges can involve differentiating the brand through unique value propositions, investing in customer experience to build loyalty, and adapting marketing strategies to address the evolving landscape.
How do the strategies suggested for increasing a customer base adapt to changing market trends or consumer behaviors?
Businesses can stay responsive to changing market trends and consumer behaviors by continuously monitoring industry reports, customer feedback, and competitive activities. Leveraging data analytics to understand customer preferences and market dynamics can help tailor strategies. For instance, if there's a growing trend towards sustainability, a company might focus on eco-friendly products or practices to attract environmentally conscious consumers.