[Editor’s note: This is the 1st of our 10-article series of sure-fire customer acquisition (CA) ideas to grow your business]
Today is your first day of a whole new business journey.
It begins from where you are right now – the current state of your business, which is a direct result of your actions and choices in the past. Where you want to go from here will be a result of the actions and choices you make today, moving forward.
What happened in the past is already out of the circle of your control. What you can do in the future still remains in your hands.
Prior to embarking on a journey, it’s important to evaluate exactly where you are now. Many businessmen are so busy doing a lot of things that they seldom take time to reflect, and take that vital step back from time to time and see if what they’ve been doing is bringing them closer to their goals.
Asses your current customer acquisition plan
Your marketing plan serves as a guide to how you are going to implement your client acquisition strategies. It is the fruit and ultimate outcome of the many hours you spent on brainstorming and decision making. It serves as your commitment on paper, a map on the road for your business success.
There are plenty of ways to market your business. Most businesses use a combination of marketing strategies that work best for them, investing time and money in the process.
If you’re spending resources on marketing your business, it absolutely pays to know what works and what doesn’t. Goes without saying, there’s no point wasting time and money doing things that don’t yield good return.
How do you know whether your marketing plan is working out or not?
Relying on your gut feeling isn’t enough. You need solid data and tangible feedback acquired from continually testing and benchmarking your marketing and lead generation efforts. To help you with that, here’s a checklist you can use to assess your current customer acquisition plan:
- Brand awareness
- Social media
- Online marketing
- Offline/Traditional marketing
- Press release
- Business networking
- Special offers
If you rate your business based on the list above, in which 5 is excellent and 1 is poor, what would be the average rate of your marketing performance?
Evaluate the value of your current customer base
It’s equally important to know the potential worth of your current customer base. Get the average value of your existing customer base. Know how many customers you have and how many times in a year they buy or use your business. This gives you a starting point that helps you decide how you want to build your business.
To grow your customer base, you have to focus on the three critical areas:
- Getting new customers
- Cultivating and managing existing customers
- Increasing the frequency of buying and using your business
Your customer base – those wonderful people who are happily doing business with you – holds the most potential for you. If you utilize the marketing techniques we provide in this WeLive2Care Blog Series, you could potentially boost the profits of your business by a considerable figure.
They would be very happy to spend more money for your business if you continue giving them good reasons to.
Find out what customers value about your business
Being aware of what customers value about your business – what makes you stand out- is invaluable. If you’re selling a product that delivers value to the consumers, you need to know exactly about it and use the information to attract more customers.
Conversely, if your business is missing out on something that the consumers value most, you need to be aware about it as well and use the information to improve your product or/and service.
Gathering customer feedback is the most effective way to find out what your targeted customers value about your business. You can get this information through the following:
- Conversations with customers
- Testimonials and emails
- Repeat business
- Survey information
- Questions asked
- Verbal comments
- Complaint letters
- Behavior and body language observation
Knowing what your customers value most about your business can greatly help you when creating your marketing messages, selling propositions, or even elevator pitches.
Evaluating your current customer acquisition efforts, from time to time, enables you to build a clearer picture about your business, helping you make informed decisions and how to effectively spend your valuable marketing budget.
Start utilizing the untapped potential in your business today!