All businesses are looking for ways to grow. Growth usually comes from selling more products or services. But as a small or medium enterprises in an emerging or developing economy, you often face unique challenges and need to find creative ways to get customers interested in your products or services.
The formula for faster business growth
You cannot change your circumstances, but you can change how you respond to the circumstances that you are in.
When it comes to business growth, there is a simple formula: know who your Most Profitable Customers are and how to get more of them.
1. Know your Most Profitable Customers
Your Most Profitable Customers (MPCs) are those customers that bring the highest profits to your business. They are also loyal customers who will buy more of your products or services if what you are offering fits their needs.
These are the customers who help you grow your business faster.
Guide My Growth offers a free webinar that explains more about these customers. Click the below button to access it.
Learn who they are, how to identify them and how they help your business grow faster
3. Know which marketing strategies to use
Once you know your Most Profitable Customers and your Unique Selling Proposition, you can start designing your marketing to get more customers interested in your products or services.
4. Demonstrations and samples
If you sell products, consider offering demonstrations and samples to get more customers interested in your products.
You can do this by setting up a physical showroom and showing customers how to use your products. But, you can also record videos to post on your Facebook page. In these videos, you can show people different ways to use yor product and how to maintain it. You can also use the videos to give them new ideas about how to use your product.
For example: if you sell carpets, lay out the carpets in your showroom so that customers can see and touch them.
You can also create product videos for social media showing how some customers have used your carpets to decorate their homes, teach customers how to clean the carpets, or showing how carpets can be used as wall design.
5. Offer inside information
Get more customers interested in your products or services by treating them as insiders. This can be done by creating a sense of exclusivity or by offering special deals or promotions to a select group of customers.
- a bakery can offer special deals on high-end pastries for regular customers.
- a software development company can offer exclusive access to new features to customers who have been with them for a certain amount of time.
6. Excite your customers
Making customers feel excited about something also helps. Build up a sense of anticipation by offering special promotions or organising exclusive events.
- a toy store might host a special event to showcase new toys that they are adding while also offering a one-time discount if customers buy from the store during the event
- a clothing store might work together with other retailers to organise a fashion show that only customers can attend and give them first choice of new clothes.
- an IT security company can organise a networking event exclusively for their business clients to present the latest cybersecurity trends and explain how the company is protecting their clients.
7. Targeted media or online advertising
Traditional ways of doing advertising include media channels such as tv, radio, newspapers or magazines. More modern channels include SMS, Facebook, Instagram and Google Ads.
Media advertisements have the potential to reach thousands or even millions of potential customers. If you have the budget. They are a good way to get more customers interested in what you are selling.
But they are not always effective.
To increase the effectiveness of traditional advertising, it's best to create ads that target specific groups of customers. Or consider working with influencers to reach more potential customers.
- if you sell kitchen appliances, work with the presenter of a food programme on a local TV station. If you sponsor part of the programme, they may be willing to showcase your products.
- if you sell sporting goods, see if you can work with an athlete who does Facebook Live events. Advertising during the Facebook Live may mean that many more potential customers see your products.
8. Don't forget your social media
Your Facebook business page can also amplify your marketing efforts and help you get more customers.
- see if you can become a trusted source of information about a particular topic that is related to your business. This will help you build brand awareness and credibility.
- share beautiful or interesting content that will encourage your target audience to spread the word about your product. For example, if you are a business offering maintenance services, you can upload videos explaining how best to maintain particular products.
- ask your customers what issues they are struggling with and offer them solutions through the videos that you upload to Facebook
Conclusion
To create a successful business, business owners must be able to attract the interest of potential customers. But if customers are not aware that a product exists or are not informed about its benefits, they are not likely to make a purchase.
There are many ways to generate interest in a company's products and services. The above strategies can help businesses get more customers.
Guide My Growth helps small and medium enterprises in Africa, Asia and LATAM grow through effective and time-tested strategies that lead to higher sales, increased profits and faster growth.
