Open Wallets By Opening Customers Hearts.
Getting more open wallets coming through your business door almost always mean reaching your customers well before they even know you.
Let me explain.
Advertising heavily, otherwise known as marketing will let people know of you. This almost always requires a huge budget. But is this enough for them to know about your business and you, the business person? Not likely. In fact, such advertising often leaves a taste of being forced fed your message.
You could be spending a lot of repeated messaging of the same thing over and over. This works to a degree. But what is it that makes them open their wallets over that department store down the street? Some will say your price – but this is financial suicide. Using lower prices to battle a superior foe is a one way ticket to bankruptcy.
There’s a much better way and very much a longer term growth strategy.
The answer is to let your potential clients know you and what your business has to offer. What makes you stand out and justifies your asking price? Have you ever tried engaging your would be customers and working to keep your existing ones?
It seems an impossible and expensive task. Far from it. It takes less effort and far less cost than getting new customers all the time. Communicate on the internet or via your newsletter about who you are and what makes you such a worthwhile person to do business with. Highlight the benefits your customers will get from you. It makes such great business sense because:
1) Keeping existing customers is far cheaper than acquiring a new customer.
2) Repeat customers mean they are loyal and happy with what you offer.
3) Word of mouth advertising – recommendations are probably the best and cheapest form of business. You acquire customers without additional costs. They are ready to buy coming through your door.
4) Lower advertising costs as more people want to talk about the good things about you.
5) People that buy from you tend to buy more from you and at higher prices too.
6) You’ll feel much better about yourself and make that show by appreciating your clients as they support your business.
Let me know what you think.
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