Every business understands the importance of attracting new customers. You can reach new demographics, grow your business, and see success when you have a marketing plan that attracts people to your goods or services.
But, there are a few problems with only marketing to new target audiences. Eventually, those audiences will run out or start to dwindle. You’ll run out of people to attract to your business on your own. Furthermore, small businesses don’t typically have the budgets or resources to compete with big businesses when it comes to attracting new customers.
So, what’s the answer for a business looking to grow and find success? It’s about focusing more on customer loyalty and their experience as well as building onto your business’ foundation, rather than constantly chasing target markets.
The best businesses know how to treat their customers well and give them the things they want, so they’ll not only keep coming back, but they’ll tell others about the business. There is no better form of advertising than word-of-mouth, and the best way to achieve that is to create a following of happy, loyal customers.
1. Make it More Than Marketing
A solid marketing plan is important for the growth of any business. Your marketing plan should have achievable goals you can reach quickly, as well as long-term goals. But when you’re trying to appeal to people and promote your brand, it’s about catering to their psychological triggers.
What does that mean? Instead of creating a marketing plan solely focused on a new product, service, or deal, determine what the people who already love your business really want. Treat your current customers like royalty. Provide them with superior customer support and dedication. It’s easy to create a marketing plan when you’re trying to attract someone new. But, when you’re developing new ideas, don’t ignore the people who have stood by your business for a long time. By including them in your marketing budget, you’ll ensure that they keep coming back to you.
2. Cover Your Bases
No business is perfect, but the ones who come close tend to cover their bases in every way so they always appear trustworthy and reliable to their customers.
You’ve probably heard about some data breaches and hacks in various companies over the last few years. Hackers are looking for everything from personal information like social security numbers to financial information like credit cards. When they get that kind of info, they can steal identities, spend money, and learn just about everything there is to know about your customers. While bigger companies can sometimes get away with this kind of hit, not every business is so lucky.
Protecting your customers is crucial, which is why it’s a good idea to have proper storage solutions in place for records and data. Implementing a business record retention program is a great way to have your customers’ important information at your fingertips. A record retention program can keep track of business records, financial records, insurance records, copyrights, and more. It will also help you to determine how long you should hold on to certain documents and when it’s okay to get rid of them via shredding.
Covering your bases as a business also means preparing for any possible scenario when you’re ready to launch a new product, service, or campaign. No solid company wants to think about all of the things that could potentially go wrong, but the ones that do are prepared and take less of a blow if one ever occurs. Some companies create user experience scenarios when launching a new product, deal, service, etc. This helps them to see what could potentially go wrong, what they could do better, and how people might respond. As a result, they can go back to the drawing board if needed and make sure their loyal customers will be pleased when the final product or idea is eventually rolled out.
They’ll also be prepared for any potential problems. For example, take a look at Gap. Back in 2008, the clothing company launched a new logo in an effort to be more modern. The logo instantly received an overwhelming amount of backlash, and it only took the company two days to return to its original imagery.
Of course, it’s important to protect yourself from a legal standpoint, too. Strong companies fully understand the legalities behind the promises they make and the things they offer their customers. It’s important to have a working knowledge of legal terminology and how to understand contracts when you’re in the business world. It will keep you from getting burned, and ensure the promises you make your customers are always kept.
3. Offer Rewards
Everyone likes to be rewarded. Attracting new customers and audiences with special incentives and deals is great, but don’t forget about your loyal customer base. Creating a customer loyalty program is a great way to get people coming back.
For some small businesses, a loyalty program can be something as simple as a punch card — buy five coffees and get your sixth one free! After all, customers are 82.4% more likely to shop at a store that has some type of loyalty system in place.
If you want to go bigger, you can create a “points” system to reward loyal customers. Popular retailers like Old Navy, American Eagle, and Carters have reward point programs. The more customers spend, the more points they receive that can later be turned into discounts or money to spend at the store. This allows your business to keep adding revenue and tips your hat to those who are consistently spending with you.
4. Take Feedback Seriously
Customers want to feel as though they have a relationship with the businesses they frequent. So, take their feedback seriously, whether it’s positive or negative. Even small businesses will benefit from some kind of customer support team. When a customer feels ignored or that their comments are falling on deaf ears, it never sits well. Even acknowledging what they have to say will make a difference in their overall experience.
There are tools you can use to stay within your budget and still handle customer feedback with professionalism. There are a variety of resources that are great for offering customer service on virtually every channel possible.
Getting caught up in the excitement of attracting new people to your business can be fun, but it isn’t a sustainable business plan that will allow you success and growth. Keep your current customer base in mind when it comes to everything you do. The loyalty you show back to them will end up rewarding your business in the long run.