Customers are the lifeline of any business so it’s vital that you not only nurture your existing customers, but continue to look for new ones too. Especially so for businesses that have just entered the market, they tend to have limited resources and marketing budget, as well as not registering a profit from a new customer until around the fifth or sixth purchase. Here are some approaches you could take in acquiring new customers.
If done correctly, it can bring in a positive return on investment plus profits but if not, it could become an expensive item on your budget sheet. The key to successful advertising is to generate leads and sales in exchange for the investment in that marketing activity. To do this, it’s about targeting the right people with the right messages. This involves choosing the right channels, whether it be television, radio, print or online; and making sure the placement of these are at the right times and locations. So as a baseline, you need to understand your target customers thoroughly, their demographic, where they spend most of their time (reading, watching or listening), and social and personal preferences.
84 per cent of B2B decision makers start the buying process with a referral with 82 per cent of sales leaders agreeing referrals are important to b2b sales success1. Landing referrals from networking and current customers could be debated as the cheapest and smartest word-of-mouth tactic to acquiring new customers. Referrals are a great way for SMEs to gain access to the network of their customers’ colleagues, friends and family. Many are too shy to ask for referrals – but don’t be – they may be the best way to get highly qualified leads. Referral customers also tend to purchase more over time and have high retention rates. As mentioned before, you need to have a clear idea of what your ideal customer is so you can communicate this to others in your network. Also don’t forget to follow up the lead whilst it’s warm, and thank or offer rewards to those who have successfully referred new customers to you.
Direct Mail and Email Marketing
Direct mail and email marketing can be one of the most effective marketing tools; the average return for email marketing was £24.93 for every £1 spent in 20132. Increasing in popularity, revenue from email marketing has increased by 28 per cent in the last year. Direct mail is still used by many businesses with a 1/2 to 2 per cent average rate of return3. Whichever campaign you choose, they should always be relevant, engaging and timely. This means targeting the right people with the right message at the right time. To be as efficient as possible and get the most return back, your marketing lists should be carefully segmented and selected. With our B2B Prospector, you can choose from over 5.1 million business contacts and filter them out by industry, business size, sector and so on to find your perfect customer. Depending on your type of business, you may find multi-channel marketing to be most effective to remind prospects of you along different points of their buying process.
This means partnering and forming relationships with established businesses that target a similar audience to yours. Through their database, you promote your products and services with a special offer as an incentive to customers of the established business. It’s mutually beneficial as you can reach large numbers of highly qualified prospects which you may not have had access to prior to this relationship. The partnering business benefit as well as it’s a special offer and incentive to their existing customers without incurring any extra costs. For extra incentive to the partner, you could offer a commission scheme or offer to do something similar in return.