Even if it seems unlikely that you will lose your clients, finding new customers to sell your products and services to might be the best way to keep your business stable and growing. Here are ways that you can gain new customers at a low cost.
1. Know your prospects. It’s important to have a good idea of your target market. Create a profile of likely potential customers and think about how you can appeal to them. Find a way to put your business in their path, and aim to be different or offer better value for money than your competitors.
2. Provide incentives to your current customers. Word-of-mouth recommendation is the most influential way of advertising, so why not provide offers or exclusive deals to existing customers who introduce new customers to you?
3. Set yourself targets. You need to create goals to be able to see how successful your new business drive has been. Maybe you’ll aim to attract enough customers to increase profits by 10% over 12 months? Make your targets realistic. Time is precious in business, and you can’t afford to waste it on ineffective marketing tactics. Track exactly how many clients come in from each marketing technique, and use the ways that are most successful.
4. Study your successful competitors. What works for your competitors may work just as well for you, so do the research! Where do they advertise? What does their website provide that yours doesn’t? What tactics do they use?
5. Low-cost advertising. Advertising with other businesses could reduce costs whilst still generating sales – give free advertising on your website to non-competitors who return the favour. If you advertise online, Facebook and LinkedIn provide good pay-per-click prices.
6. Make sure your image is in date. Does your website need restyling? Is your online marketing strategy working? Maybe it’s time to rebrand or even rename your business to give it a boost.
7. Get in the news. Try to get coverage in your local newspaper or trade press. You will need a newsworthy, interesting story – your company could do something for a local charity. Or, you could put yourself forward as an expert to comment on your industry. Daily and weekly newspapers are a great source of contact information.
8. Get involved in the local business associations and events. Go to trade events and speak to as many people as you can. Also attend meetings and seminars that your prospects may attend – not only will you be networking but you may learn a thing or two! Even speaking at seminars and workshops can help you become recognised as an expert in your field as well as enhance your reputation. Online networking through social media can also generate sales.
