If your company is anything like the average business in 2020, it has probably seen a significant downturn in sales revenue as a result of COVID-19. So, once the worst of the pandemic is over and normal life has been restored, it’s imperative that you bounce back in style. The best way to do that is to increase your customer base by reaching new and exciting audiences.
It’s a goal that you’ve thought about at several stages during your business journey. However, necessity is the mother of invention, and now is the time to truly take control of the situation. Here’s how you can make it happen.
Target A New Demographic
Your business achieved good things by focusing on a clear and defined target market. Nevertheless, your intentions have always been to expand and reach new audiences. There’s more time for plotting the next moves than ever before, making it an ideal moment to identify new opportunities.
New products and services can open the door to new demographics without diluting your appeal to existing audiences. A clothes retailer, for example, could consider setting up new lines, such as gym apparel or outfits for kids. This can be done under the same brand or as a sister company under the same umbrella.
In addition to new products, a change of social media tactics and ad placements can work wonders too.
Seek More From Existing Clients
While this post is primarily focused on expanding your brand’s reach, you mustn’t forget loyal fans. It’s far easier to gain repeat purchases from customers that already love the business than to convince a new prospect to convert a sale. Ultimately, the cumulative Customer Lifetime Values are the priority.
Without wanting to abandon the successful foundation that’s already in place, rebranding is vital. Breathing new life into the business, especially at this unprecedented time, will lead to more sales. Moreover, by encouraging people to talk about the company, it’s likely that new clients will flock to your doors in the process.
Besides, you already have the necessary insights into what products they love. Embrace it.
Find New Local Opportunities
Encouraging customers to visit your store is the essential ingredient for sustained revenue. This will continue to be the case after its doors reopen. Nonetheless, this does set geographic limitations. If people won’t come to your business, why not take your business to them
There are several ways in which this can manifest. The use of a pop-up store is arguably the best way to take your brand around the country without encountering major costs. Meanwhile, trade show booths can be a great way to enjoy similar rewards. Not only will it help you expand to new territories. But it’ll also promote fast results due to the fact consumers only have a short time to make their decisions.
Once the new clients have joined your client base, online and telephone sales establish long-term bonds.
Increased domestic sales revenue is great. Perhaps the most effective way to increase the client base, though, is to target foreign markets. After all, achieving success in this endeavour can see the potential audience multiply several times. That’s something every entrepreneur can enjoy.
Logistically, there are several steps to consider. It may be necessary to translate the website or open a branch in new territories. Meanwhile, a Euro bank account will add convenience, particularly for online clients. You’ll also need to consider delivery and order fulfillment, as well as the potential need for storage units in other nations. Otherwise, import and export taxes could harm you.
Still, the world feels smaller than ever. With the right strategy, international sales are accessible.
Use Affiliate Marketing
In many cases, the main thing holding businesses back from reaching new clients is that they don’t know how to present their brand to them. If you’re uncertain of how to make the secondary audiences tick, why not get someone else to do it on your behalf?
The power of recommendation is stronger than ever. Running a referral scheme can be a great way to win over the friends and family of existing clients. Right now, though, the best idea is to use social media influencers. When they share a similar audience to the one you’re hoping to win over, their nod of approval can make a big impact. Better still, people are glued to social media due to the lockdown.
When users want to emulate their idols, they will instantly want to trust and support your brand.