Out of all the business tools in an entrepreneur’s arsenal, the ability to attract and retain customers is arguably the most important. After all, without customers, your business is nothing more than an empty void. You can stand inside of it and scream at the top of your lungs, but no one is going to hear you, let alone care what you have to say.
How to Attract Customers
Just like running a business, attracting customers can be considered an art, and just like most art forms, it must be handled with tact. If you are too timid, your message won’t reach any potential customers. If you are too heavy handed, you will frighten people away in an instant. So what can be done to reel them in?
Don’t Try to Trick Them
Modern consumers are far more informed than ever. If you think that engaging in chicanery is a great way to bring in the numbers, you will soon find out what it’s like incur the wrath of the consumer.
No one wants to have their time wasted with false promises. If you waste their time, they will only assume that spending money on your product or service will be a waste as well. With so many options on the market, customers have more choices that ever. Remember, they are looking for a reason not to give you their business.
Engage With Them
Potential customers are out there. You just have to bring your message to them, find ways to engage with them, then let them come back to you. This is the essence of inbound marketing.
Your customers have particular interests that align with your values, and they are constantly reading material related to your industry. It is up to you and your marketing team to create content that will grab their attention.
How to Retain Customers
It’s never enough to consistently attract new customers to your business, the real money comes from retaining your client base and having customers return to you of their own volition.
Why is this?
Because retention is usually cheaper than attraction. The money that you put into attracting new customers with ad campaigns and other forms of marketing is significantly more than the cost of good customer service.
Sometimes it can even cost up to six to seven times more to attract new customers.
Plus, returning customers spend more, a lot more. Returning customers are known to spend up to 67 percent more on transactions. Simply put, new customers are always wary of companies that they don’t trust. Once you earn their trust, you are far more likely to earn their business again and again.
So how do you retain customers?
Attract the Right Ones
If you are in the hardware business, is it more worth it to attract a college student who needs a screwdriver to hang a picture on his or her dorm room wall, or a contractor who needs a constant supply of tools and materials?
When engaging with your customers, it is important to identify niches in the market where repeat customers reside, then engage with them. Don’t treat your marketing like a shotgun blast that is meant to reach as many people as possible. Instead, treat it as a precise targeting system that locks onto high value potential customers.
Listen to Them
The best way to retain customer loyalty is to listen to what your customers have to say. Don’t dictate to them what they want. They will tell you, directly or indirectly, what they expect from your company as well as your product or service.
If you keep them happy, they will always return.
How You Can Learn More
Customer loyalty is important, but it is not the only facet of running a successful business. With the Business is ART book, you can learn all the tools you need to succeed in your industry. Better yet, you can also download the BIA software to keep your business on the path of success.