7 Ways Entrepreneurs Can Capture New Customers
Entrepreneurs are visionaries. They envision business ideas, ways to grow them and sell them. They are also dare-devils who take risks to make their dreams come true. To find success, they are ready to push their limits and inspire their team to do the same.
For an outsider, entrepreneurs are real risk takers and go getters. But for us, these are dynamic individuals working day in and day out from our coworking office spaces, innovating, strategizing, implementing and making their way to find success.
Like with everything they do, entrepreneurs tend to plan and define each step of their business processes before going ahead. So, what is their master plan for acquiring new customers? Do they all follow some sacred text book? In this blog, we will list down 7 of the most common steps taken by entrepreneurs when planning their strategy for reaching out to new customers. If you are a newcomer to the arena, here is what you should focus on-
#1 Understand the customer
Get your facts clear. Not everyone out there is your customer, nor will they ever be. Before you start with the strategies, define your target market. Understand who is looking for your product and who isn’t. Are they from your city or country? Are these men or women, elders or youngsters. When you envision your product, you might have already decided on a set list of customers. But check whether they are the ones who are actually buying your products. Rather than targeting your initial customer list, use the new insight to redefine your target customers.
#2 Redefine your existing customer strategy
Once your new target audience is identified, revisit your existing customer strategy. Break it apart and rebuild it to suit your newly identified target audience. Make changes that make sense. For instance, if you want to sell your existing product to younger demographic, change packaging to what might appeal to them.
At the same time, incentivize your existing customers. Rethink the way you sell your product to them. Offer discounts, and referral prizes so that your existing customers can bring in their friends and families to buy your offering.
#3 Grow your network
Networking is the essence of every business. We know it because we see it every day at our coworking office spaces in Dubai. Our clients meet and interact with like minded people, share and build on ideas and do more than boring desk-top business. When you network, you will be exposed to new perspectives which you might have missed out on your own. And what if someone in your network or even in your coworking office space is an existing user of your product? It is your chance to hear first hand unbiased opinion about your product from someone who values what you offer. This is where you hit the jackpot.
#4 Do your PR right
Public relations may seem a little old fashioned, but trust us, it works. If you have credible sources talking about you, it helps your product or business gain trust. Reach out to print and online publications and talk to them about contributing some valuable information regarding your product. Sell your expertise as an authority in what you do and use the opportunity to widen the reach of your product and business.
#5 Explore new sales channels
If you currently follow a fixed sales channel, think about expanding it. For instance, if you are into local pet food business that has a good number of loyal customers, try going online with it as well and expand sales beyond your locality. Think of sponsoring for pet shows and set up a stall within the event venue. Similarly, think of creative ways to take your product out and sell it through different sales channels.
#6 Play with your pricing models
When you are looking to diversify your clientele and acquire new ones, it is a good idea to play with your pricing models. Create different packages for your product for different pricing, which will appeal to different sets of customers. Sometimes, people might be looking for a part of your product’s functionality and may feel it necessary to pay for features they don’t really use. Creating different packages will undoubtedly help tap these potential customers and help grow your business.
#7 Go Digital; Go paid
In this age, going digital with your marketing strategies is undoubtedly the best way to get quicker leads and sales. PPC (pay-per-click) or social media marketing are the best way to go, especially for smaller businesses with a fixed marketing budget. With paid marketing you can also play around with your campaign goals, from brand awareness to lead generation and acquire new customers along the way.
For every business, getting new customers while retaining the existing ones is the ultimate goal. By constantly upgrading and delivering according to customer requirements, every business is in a race to find success. Join us at Letswork, Dubai’s very first coworking office spaces in work-friendly cafes, to start, plan and run your business.