For a business to be viable, it needs to make a profit. To make money, it must secure sufficient sales. To secure sufficient sales, it requires customers to invest in its products and ensure a steady cash flow.
What this shows is that a successful business needs customers – ideally, a steady stream of them who purchase from your company repeatedly. While retention is an important part of this formula – and can certainly help with growth – acquiring new buyers is vital.
However, lots of companies are notoriously bad at it. Acquisition can be a costly endeavour, especially if you go about it in the wrong way, and many businesses invest a lot for embarrassingly low returns. This is a problem we want to help you avoid. So, using these three failsafe strategies here’s how to do it.
Make shopping with you seem low risk
The reason consumers can loathe to try a new company is that they’re unsure of what their experience will be like. You’re asking them to turn from their tried-and-tested brands and take a gamble on your goods or services instead.
How can you make this seem less scary? By reducing the risk factor, of course! A great example is no deposit bonuses as they make these services more accessible. This particular website is dedicated to sharing the bonuses available from online casinos. Many of these are welcome offers that are aimed at enticing customers. The reason this format works so well is that no-deposit offers carry a lower risk than simply switching to a new provider.
Essentially, these casinos are asking new punters to take less of a gamble (pun intended). Rather than putting a deposit down, they can get a taste of their wares without spending as much. This way, if customers don’t like what’s on offer, they’ve risked very little by trialling the company. Take a similar approach to make shopping with your business seem like a less risky roll of the dice.
Use social media to your advantage
Social media can be a great tool for successful customer acquisition. It’s essentially free advertising. It can help raise your brand profile and make more people aware your company exists, which is one of the core principles of acquiring new purchasers.
It can make you seem reputable, too. Your social pages are a great place for other customers to share their experiences with you, and the more positive these are, the lower risk it will seem to shop with you (remember what we said about risk in the previous section).
If you’re on social media, the algorithms on sites like Facebook and Instagram will also do a lot of the hard work for you. That’s because they’ll suggest your brand to those who have liked similar businesses or related products and thus are more interested in what you’re retailing than the average person.
Take advantage of being present and vocal on the various platforms at your disposal.
Host competitions and giveaways
In addition, get your existing customer base on board and have them help you. One easy way to do this is through social media giveaways. To be in with a chance of winning, the company has asked its followers to follow the page, like the post, and tag a friend.
This has three important components. One, it boosts the page’s count. The more people that follow it, the more reputable it will seem to new customers. Two, it bolsters the reach of the individual post, ensuring more people see it – and thus attracting a larger audience. Three, it specifically draws the attention of those tagged and engages their interest. All this works to attract more customers – as well as promote engagement among existing ones.
Tell us, isn’t it time you put some of these strategies into practice to boost your business?