I feel like we’re on a treadmill. We’re constantly looking for new customers, and never find enough of them to get ahead. Any suggestions?
Stuck marketing all the time to find a new audience? On the one hand, that’s a good thing: you’ll constantly refresh your pool of new potential buyers. But ask yourself this: Are you effective at what you’re doing to attract new customers? Are you passing up opportunities to sell other things to people who already know and trust you?
Check back with current and past buyers:
- Are you losing customers because of fulfillment problems?
- Are your customers loyal to your brand?
- What else do your best customers need?
- Is there something additional that will keep them coming back for more?
If there are significant problems fulfilling an order, instead of creating a loyal, raving fan, you have a frustrated buyer. And the old maxim comes into play: a loyal customer may tell one or two others about the experience. A frustrated buyer is likely to complain to many. Check if you have a problem and fix it fast.
Are your customers loyal? Do they recognize the value that goes with your brand? Or, are they comparison shopping, and buying from whoever as the lowest price? Ask customers what they think they’re getting when they buy from your company? Does that match with what you believe your company is selling? If not, you have work to do, fixing the reality between customer perception and what they’re actually getting.
So long as your customers are loyal and satisfied, the best place to look for sales is, your current client list. The hardest sale is the first one. Once a contact converts to a client, the trust level changes. Your company is now an insider, accepted as a vendor, and trusted as a supplier. It’s time to capitalize on that.
Remind current and past customers of what they last bought from your company. Then ask what else they’ve turned to other companies to buy. Ask what they might need in the future. If possible, visit client locations and take a look around. Keep your eyes open for things your customers have, or need, that your company could supply.
The most profitable sales are where you sell new products to old customers, and old products to new customers. Always match a “new” with an “old”. You’ll have fewer variables to control and diagnose as you perfect the offer, the price and the delivery. Fewer variables generally equates to higher profits and more successes.
If you’re doing a lot of marketing, and aren’t getting enough customers in, it may be time for some research. Look for facts:
- How did buyers first connect with you?
- Is your target market growing or shrinking?
- Are there demographic shifts (age, location, social affiliation, work status)?
- What is your contact to sale ratio?
- Are some of your marketing efforts more effective than others?
- What marketing tools are others using?
Asking your best current customers how they originally connected with you may lead to answers on where else to look for new customers. Check that there are enough potential new customers to meet your needs. If your target market is shrinking, or if you have over 10% – 20% of the market as customers already, you may need to expand into other markets.
Think broadly when considering expanding into new markets. What about exporting to other countries? Or partnering with other companies that are selling to a target market that you want to enter? Or broadening your reach by changing your product or service in order to expand the age appeal, geography, or social acceptance.
Take a look at what your competitors are doing to reach their customers, and what they’re offering. Is there something that you can modify to suit your needs. Be relentless in challenging your company to reach further, offer more, and go deeper to meet the needs of current and future customers.
Looking for a good book? Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know, by Mark Jeffery.
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Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi? Please send it to her, via e-mail at AskAndi@StrategyLeaders.com or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514.
