There is a tie that binds all small business owners other than the fact that they’re all small business owners. It’s the fact that they all have aspirations of making their businesses bigger. This isn’t to say that all small business owners wish to move on to run major corporations. Instead, these entrepreneurs simply find gratification and enjoyment in expanding their companies in feasible ways that earn them more money.
And one way to do that is to increase the size of a customer base. Small business owners have the distinct advantage of being able to physically meet and greet the individuals who support their companies. By creating personal relationships, they stand better chances of securing long-time loyalty. This also helps to promote word-of-mouth promotion which generates more interest in the brands.
So what can you do to grow the customer base of your small business? Here are three ideas:
1. Provide incentives to new customers. Consider introductory offers that give special perks and bonuses to new customers. Doing so could mean the difference between someone choosing your store over your competition. The incentives can be simple as offering discounts. As Kelly Spors explains on OfficeDepot.com, small discounts on products and services can help to attract new customers to your store.
She warns, however, not to make your discounts too large. “Keep in mind that introductory offers are not always an advantage for the business,” she writes, “Now-defunct cleaning service Homejoy offered new customers a very steep discount. But only a few of those first-time customers booked again because their experience wasn’t exemplary and Homejoy’s regular prices were higher than many could afford, according to Ellen Huet of Forbes.”
2. Provide incentives to your current customers. As much as it’s important to entice new people to visit your store, you should never neglect those who have long supported you. They are the most likely individuals to successfully encourage others to give your brand a chance. Keep making them happy and they’re bound to tell their families and friends about it. On Entrepreneur.com, Steve Blank and Bob Dorf suggest a number of programs to entice your current customers.
Among them are cross-selling programs (encouraging customers to purchase adjacent products to the ones they’re already buying), up-selling programs (promoting higher-end versions of the products your customers like), next-selling programs (focusing on the next order in order to gain long-term loyalty) and “unbundling” (splitting a multi-featured product into several that can be sold separately).
3. Host engaging events. Most customers enjoy the experiences they have when shopping with certain brands. It’s not just the products and services they like. People place a lot of value on the ways in which they are made to feel by the brands they support. Who doesn’t like having a good time? And it’s hard to beat a party in the department of making people have a good time! Spors suggests that you host fun and informative events to entice your customers.
“Giving people another reason to come to your business beyond just spending money can be a good way to engender goodwill in your community and generate awareness,” she states, “A bike shop might host a seminar on how to maintain bikes, while an accounting firm might host a catered meet-and-greet in its neighbourhood or a seminar on a timely tax issue facing small business owners. “
Of course, no matter the size of your business, you’ll need some extra capital in order to pull off your new advertising campaign. At Synergy Merchants, we have exactly what you’re looking for if you need money fast! For more information on our uniquely innovative merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at firstname.lastname@example.org.