The most important asset a business must acquire is a great customer base. No matter how many services, promotions, and power a company has, if there are no customers – all efforts will be in vain. Customer-centered feasibility studies are conducted beforehand by businesses for this very reason.
Most often than not, companies find out results about the following data: current population in the area, the average income of households, demographics, preferences, and customer demands. The findings drawn from these questions are vital to the success of a business. In simpler terms, customers can either make or break an enterprise that is yet to prosper.
Therefore, how can a business earn a customer’s loyalty, eventually leading to a global customer base? The answer is through retention marketing. Although there are various types of marketing techniques, this type is more efficient, effective, and elaborate.
Here are some practical tips for building a solid global customer base:
- Customer Retention
As they say, customer retention is the new customer acquisition. It’s a strategy done through retention marketing. The idea is for businesses to make their customers guarantee their loyalty to the company itself. At first, it may look backward, but there are so many logical reasons behind this. The first is the ROI or Return on Investment. Acquiring new customers is costly. It makes the business spend approximately 25x more than retaining the current buyers.
Moreover, keeping existing customers has a heavier weight as it contributes to the entire 65% of the business. It’s like saying that if a company cannot keep its current customers, there is no reason for potential clients to flock. This means that existing buyers are proof of legitimacy and excellent service.
Also, customer retentions give higher chances of customer base. It ultimately reflects the excellent performance and customer service of the business. When customers feel valued, appreciated, and considered, they are more likely to recommend the business to their family and friends. From there, more existing and potential customers will check the goods and services offered. These people will promote the business through word of mouth. And what more effective advertisement is there than the customers speaking from experience?
On the other hand, purchaser marketing allows the business to understand its customer base. Through analysis and figures, they can develop strategic plans and more intelligent decisions to meet their customers’ demands. Lastly, it paves for a better understanding of different marketing approaches.
- Free Information
Customers love goods and services which are accessible more than they love sales and discounts. Therefore, providing them with information through free newsletters is a great way to let them know they are valued. Also, it’s a form of marketing. Since the business provides excellent service, buyers are most likely to stick to them.
- Ask For Opinions
Concerning retention marketing, asking for opinions is a must. This is because personalization from available data of customers is crucial for this type of marketing. The data will be analyzed for the business to provide the most appropriate service for existing clients. Patterns of buying habits will all be considered. So, how exactly will the data be gathered? Ask for feedback.
Technology is driving businesses nowadays. A majority of companies maximize their online platforms for transactions aside from actual retail stores. Most often than not, customers would purchase online for convenience.
This is a chance for businesses to tinker with their interface and disseminate a short survey from their customers’ feedback. It could be in for questions, comments, and suggestions. Part of retention marketing is letting the customers know that their insights are taken into consideration. Data is what’s behind the success of businesses.
- Excellent Customer Service
Customers stay loyal to their preferred business only because of one reason: excellent customer service. This service extends to convenience and elaborate efforts. Almost everything is on a high-tech level. Therefore, business transactions and features must be instant and free from time-lags. Customers do not like to wait, so services should be quick. If there are questions, respond. Letters, emails, and SMS should be utilized, and responses should not be later than three business days.
- Fresh and Original Content
Always keep the content fresh. Customers like to receive new information. Goods and services often upgrade to emphasize new features. To promote these, make sure to enhance the website content; reform it as well. Moreover, ensure that push notifications are flagged so customers can have the option to turn it on and be updated to the new deals offered by the business.
- Marketing Strategy
If the goal is a global customer base, strengthen the marketing strategy. Build the foundation of the business first. Know the existing and potential customers. Maximize all available resources and techniques. Keep loyal customers through retention marketing. Expand the reach of the industry through social media advertising. Update the contents and disseminate them to customers who will potentially share the content on their social platforms.
- Joint Projects
Influencers are vital in building a global customer base. The followers are informed regarding new content made by the influencer due to their broad reach – more so if a company sponsors it. This means that businesses should consider having joint projects to combine audience reach and potentially gain more visibility.
Influencers have great power in the social media world—millions of followers and an extensive worldwide reach. Collaborative projects are an opportunity for gaining popularity and legitimacy. If influencers promote the business, it can be trusted and catering to peoples’ demands.
- Visual Merchandising
Lastly, never forget the visuals. It does not essentially matter what kind of business endeavor one has. Visuals are important. Let the existing and potential clients know what they are in for. Show them the specifics and features; pique their interest and impress them through eye-catching advertisements. People appeal more to what they can see rather than services they only hear about. There is a difference between seeing it and hearing about it. Maximize the visual merchandising techniques and appeal to the customer’s eyes using great content and creative designs.
Customers are the basic building blocks of any business, big or small. They are the lifeblood of the corporate world. Without consumers, the economies will technically collapse, and capitalism will not exist any longer. Although that may be too far-fetched, who knows what will happen?
To ensure such tragic events do not happen, follow the tips in building global growth. Business is not done in one night. It takes years of experience, tons of skills, limitless patience, and boundless knowledge and creativity. To build a strong customer global base, focus on the existing customers, marketing strategy, and excellent goods and services.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.