Any effort to expand one’s customer base should be two-pronged. One should be directed toward retaining the existing customers and the other should focus on ways to increase the overall reach. The latter, when successful, will cause the customer base to grow, while the former would ensure the rise is not neutralized by abandoning customers.
Though it is always easier, risk-free, and cost-effective to concentrate on those who are already your customers, real success can only be achieved when one strikes a balance between retaining existing customers and attracting new ones.
This blog is about 4 foolproof ways to double a customer base. To maintain the aforementioned balance, two would involve managing the customer attrition rate and the remaining will be related to widening the overall reach:
Concentrate on Customer Service
Retaining customers is crucial for any business. Data reveals that a mere 5% growth in retention rate can increase the profit by up to 95%. Hence, for longevity, one must focus on better retention rate, and a sure-shot way to achieve it is through great customer service.
Good customer service ensures your customers remain loyal to you. Statistics suggest that 89% consumers, on facing bad customer service, decide to buy from competitors. The figures are indeed shocking. Besides, customers are even willing to spend more for good customer service.
Be Creative with Referral and Loyalty Schemes
According to a survey, a happy customer could tell 9 other people about their experience with a company. If 900% is the referral rate without any motivation, one can rightly expect a gargantuan surge when some perks are attached.
Besides, a well-thought-over loyalty program can also make your existing customers buy from you repeatedly. A survey reveals that with a proper loyalty program in place, more than 82% customers are more likely to buy from you.
Translate Your Business
Today, translating your business into different languages is the most apt way to have a global reach. Some evaluations suggest that to reach out to 80% of the world’s population, a business must communicate in at least 12 languages.
Since more than 72% users browse in their native languages and 46% would never purchase anything that is not offered in their mother tongue, it makes perfect business sense to translate your website and catch the prospects in their own territory.
Use Social Media Influencers
Social Media Influencer is one of the latest and most effective ways to reach out to one’s targeted audience fast. Influencer marketing is growing as the return associated with it is high. For every dollar spent on it, one gets $7.65 back.
Looking out for ways to expand one’s client base is necessary for any business. Above are some highly effective ways to widen one’s pool of customers. The most important thing to remember is to maintain the right balance between charming one’s existing customers and prowling for new ones.