Collaborative post – may contain affiliate links
We live in an exciting age – we can grow out little homes business incredibly fast now. We have the ability to grow our customer base exponentially with the use of social media, newsletters, online advertisements, and of course, personal engagement. How do you go from one person behind a computer to a team? Once you are ready to take that step, you can visit us at prim-software.com to help you figure it out.
But, how can you make changes in order to give yourself the best shot at growing?
Many businesses will choose between targeting the market as a whole or target customers. You, however, will do both. While it is always prudent to know who your audience is in terms of:
- Income bracket
- And how they access your point of sale (online)
You should always remember that there are more people you can turn into customers. It isn’t very often that a product will have a single demographic. So, consider this a challenge. Who else could use your products, and how will you market to them? Once you have an idea of who they are, you will be able to pin down the best medium to advertise to them in.
Your minimum viable product is going to be your workhorse. People purchase it, the sales continue to pour in, and the margins are pretty good. However, in order to really start making more sales, you are going to have to offer more products – eventually. So, think about what would complement your current offering. People like choice (but not too much choice because of that paradox of choice situation) and more than 2 or 3 options are usually better.
The easiest way to work out what else you should be offering is simply by asking your current customers what they would like to see. You are trying to satisfy those who buy from you now and expand to those who don’t.
Once you think you have something, ask again. You always need to focus on supply and demand. If your customers are demanding a new product, then work out how to make that happen.
If your customers have experienced excellent customer service from you, purchased with ease, had minimal complications and generally a good experience, they are much more likely to come back and buy again. You have all the information you need at your fingertips already. Where did they visit from? Twitter? Facebook? How long did they spend, and was what they purchased on offer?
Identify a group of customers who have roughly the same pattern and create a mailout. In the mailing, put in items slightly different from what they purchased – and if you have the scope, provide a discount code too.
Growth isn’t always a fast process, it takes dedication, some time investment, and research into who your current buyers are. But, once you use the analytics you have to their fullest, you can maximize your sales and performance of critical products.