Growing your customer base is vital to the success of your business. So too is maintaining the relationships you already have with your existing customers.
Each customer segment requires different marketing strategies as they each react differently based on their relationship with your business.
It can become a fine balancing act. How do you divide your attention and your marketing budget between the old and the new? Here are some ideas that may help you balance the dueling responsibilities of attracting new customers and retaining loyal ones.
Getting new customers
Every business, whether new or generations old, needs a steady flow of customers. You can’t afford to rely solely on your loyal customers hoping they will continue to do business with you.
The simple aim of getting new customers is to treat them well so they become loyal customers. Building a solid customer base will create a strong business foundation.
So, what is your current customer acquisition strategy? If you don’t have one, here are some basic questions you should ask yourself about your target market to get you started.
- What demographics best capture your ideal customers?
- Where do your ideal customers typically live?
- What are your ideal customers’ most pressing needs or problems?
- How does your product or service resolve those problems?
- What do you offer that your competitor doesn’t?
- How can you most effectively reach your target market?
Attracting new customers can be costly and challenging and often require multiple forms of marketing. There is no one-size-fits-all approach when it comes to marketing to new customers. It pays to do your research, then you’ll know how to meet your customers where they are and deliver exactly what they need.
Consider including Bartercard in your marketing mix. Bartercard provides a platform for reaching thousands of potential new customers, whether they’re around the corner or around the world. Bartercard also helps you build relationships with other business members through networking to help you continue to build your customer base.
Retaining loyal customers
Acquiring new customers costs five times more than retaining old ones, so it makes sense to look after your loyal customers and hold them close to your chest!
Businesses built on a foundation of customer retention management tend to spend less and earn more, as loyal customers are easier to convince and convert than new customers. It makes sense as you have already built a relationship with them. By simply increasing your customer retention by 5%, your profits can increase by 25%.
So, it’s surprising to learn that even though it’s easier, cheaper, and more financially rewarding to focus on customer retention, many businesses take customer loyalty for granted and throw their big dollars into gaining new customers. A customer retention strategy is important to the long-term success of your business.
Once again, Bartercard can help your business build a loyal customer base. When a Bartercard member does business with you (and you look after them) they will continue to support you and what’s more, they will refer new, cash-paying customers your way!
You need both new and existing customers
Whether you’re wanting to bring new customers through the door or find ways to keep the loyalty of your existing customers, Bartercard can help to expand your business and profits.
Bartercard’s bRewards program is another way to help you attract new business, win the loyalty of your existing customers, and reward you for doing so!
You can earn reward points for introducing businesses to Bartercard. These may be businesses you want to deal with through Bartercard’s cashless trading platform or those you feel would benefit from being a part of the Bartercard network.
Watch this short video to find out how Bartercard and bRewards can attract new customers, win the loyalty of existing business customers, and keep more cash in your business.