Every business is always looking for new ways to get more customers. Until the advent of the Internet, companies could only influence customers through television, traditional media as well as those who walked into their doors. Nowadays, businesses can reach customers anywhere and can do anything with ease to grow their customer base. In addition to gaining new customers, businesses are much more focused on retaining existing ones. This is because a 5 percent increase in customer retention can lead to a 75 percent increase in customer lifetime value. Customers who are familiar with your company are more likely to buy from you repeatedly and provide a lot of value to your business over the long run.
Customer base refers to a group of customers who repeatedly buy your company products or use services provided by your organization. These customers frequently engage with your business and provide most financial value to your company. Depending on the industry you are involved in, your customer base can be a specific group of people or a target audience that is filtered based on your buyer persona. It is important to identify your customer base because these people are incredibly valuable to your business. If you can recognize these customers, it will help your marketing and sales teams to build a productive relationship with them.
Here are a couple ways you can use to grow your customer base.
Provide excellent customer service
This is one of the most important things that a lot of companies fail to deliver on. Research has shown that 60 percent of customers stop conducting business with a brand if it has a poor customer service. Customers are always expecting perfection and a simple misstep can result in customer churn. If you want to provide excellent customer service, you need to engage with all your customers and leave them satisfied. Respond to their inquiries within the shortest time possible and be fully invested in what they want. Customer service is a major influence of customer retention so it must be fully enhanced.
Encourage customer advocacy.
It can be difficult to attract new customers to your business especially if they have never heard about your products and services. Customers are very skeptical of advertisements and most of them will not be swayed by lone marketing efforts. One of the best ways to build trust with new leads is through leveraging your customer advocates. These customers will provide referrals and testimonials that can be very important for your business. Research has also shown that 91 percent of customers trust online reviews as much as they trust personal recommendation. Encourage publicizing of feedback to make your company a trustable brand.
You also need to consider creating freemium offers as this presents a great way to grab attention of potential leads. With freemium offers, companies give away something of value in exchange for customer information. Also, of importance is to adopt customer service tools. As you start to accumulate more customers, your customer service team needs to be fully equipped to handle any increase in customer demands.