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You may be doing really well with your marketing to keep customers buying, but you should be aware of churn or attrition rate, where a percentage of customers choose to no longer buy from a company. This is why customer acquisition is essential to all businesses.
New customers need first to replace those who have taken their business elsewhere and take the business to greater heights, i.e. more revenue and market share. So how do you convince prospective customers to trust your products and brand?
The secret to building a robust client base is developing a framework to create a loyal audience for your brand and product:
- Product-Market Fit: when you reach a point where your product or service demand is more than you can supply, you know that you have just got the product-market fit.
- Loyal Fanbase: your first few customers do a lot more than add first sales to your business - they can turn into your loyal fans, acting as your brand evangelists.
- Giveaway Campaigns: if you are starting your brand with a handful of customers, building trust in your audience is complex, especially if you compete in an overcrowded market. Give something valuable for free but remember to be creative.
- Referral Programs: customers tend to trust brands that their friends and families use, therefore incentivising your first chain of customers can work wonders in creating the second and consecutive waves of new customers.
- Contest Campaigns: contests can gain both new eyeballs and engage old ones with your brand simultaneously. Increasing participation of a targeted audience with a promise of an incentive ensures you get hold of a fresh audience to track, engage and finally convert into customers.
- Social Media: use social media’s power to continuously stay at the top of your target audience’s minds. It is critical to keep your brand message clear and consistent whenever you communicate with your audience.
- Word Of Mouth: did you know word-of-mouth is one of the most sustainable and effective organic marketing strategies, driving 5x more sales than paid marketing? Your marketing strategies need to satisfy two metrics: cost efficiency and impact. Word of mouth essentially meets both.
- Contextual Marketing: modern marketing is all about time. If you can’t reach your customers when they are thinking about your product, your competitors will. Use customer data to drive what, how, when, and where you present content to your audience. It will skyrocket your overall user experience by leaps and bounds.
- Interactive Marketing: in this attention economy, if you have to give your audience the ‘wow effect’ consistently, you need more than a good product. Significant customer product interactions always lead to sustainable brand-customer relationships.
- Interactive Video: videos are an excellent medium of marketing but with more and more businesses adapting to this form of marketing, your competition is growing stiff. Interactive videos are a great way of giving your audience a choice of what they want to consume.
- Email Marketing: cold emails are still the most effective way of getting new clients if done in the proper context. Remember, the key to a successful email marketing campaign lies in contextual value-added conversations.
- Blogging: if there is one classic example of content marketing that will not die any day soon, it's blogging. It is your all-in-one tool to gain authority, brand equity, and a loyal customer base.