One of the biggest challenges any business faces is the eternal question of “how to acquire more customers”.

As competition increases and more services and products are available to consumers, how does an organisation stay competitive? While discounting is a centuries-old practice that still has a role to play today, it may have run its course as a primary way to attract more customers.

The problem with discounts is that your competitors can easily discount too… creating a standoff and ultimately, poor sales.

Expanding Reach Online.

As a business owner, your number one priority is building a broader customer base and deepening relationships with existing ones. You need to ensure that your brand is visible to everyone in your target segment.

Most businesses have benefitted from a strong digital marketing strategy. Hire an agency or a team that understands the medium and can use channels like social media to build awareness of your brand. Engage with prospective customers, run contests and promotions and let them interact with your brand through Q&A sessions, webinars and more.

As your brand builds momentum online, people will talk about your brand, and clients may even share your communication with their network.

Looking Beyond Your Existing Segments.

Another tried and tested way to bring in more customers is to broaden your field of vision. Look at customers who may not have been your core segment but may have use for your product or service. They could well be one of your main revenue lines tomorrow.

For instance, you might manufacture a special adhesive for carpentry, making carpenters and contractors your focus. But you might also find that schools use them in their craft classes, and targeting this segment can bring in bigger institutional orders.

Repeat Clients = More Business.

Loyalty can go a long way in contributing to your bottom line.

If you have repeat business, be it a large corporation or a single consumer, that investment in taking care of your clients is everything!

It is important to recognise this and set up a strong system for communication and recognition of loyalty from a customer. Offer exclusives, sneak previews or invite your most loyal base to beta test something for you. Involve them in product/service development by taking their feedback and letting them know you value their opinion.

The Expanding Circles of Loyalty.

This base of loyal customers can contribute significantly to expanding your customer base. They are informal spokespersons for your brand. Create ways to make it easy for them to share their reviews and views on public platforms.

Share their feedback on your social media accounts with their permission. Over time, this investment in nurturing this relationship will pay rich dividends as they introduce their network to your brand, products, and services.

Referral business is likely to stick for many reasons. First, your existing customer has a pre-existing relationship with their referral target and your product or service, making it a better fit.

Secondly, knowing someone you trust has suggested a certain service or product to you builds an innate sense of trust and a positive aura before using it. This, in turn, means that the next line of loyal customers is potentially spawned. And all this without overly relying on discounts.