Every business needs customers to thrive. Both the new incoming customers and existing customers can open up ways to scale your business. However, it is important to note that retaining existing customers is a big deal.
Therefore, today, I will be discussing some of the easiest ways to scale your business. Mind you, these ways embrace both new and existing customers.
Differences Between New and Existing Customers
There are some differences between an existing customer and a new customer. However, when you differentiate and leverage each of them, you discover some facts. These facts will guide you through some ways to scale your business. For instance, keeping existing customers is way cheaper than keeping new customers.
You retain existing customers by delivering good products and ensuring effective customer service. This is one of the best ways to scale your business. In the sense that, you earn your customers’ loyalty. Meanwhile, this can also help to reduce the cost of attracting new customers. However, you need to attract more fresh customers to build more audience. This ensures the business continues running smoothly.
New customers are the fresh incoming customers, while the existing customers are those with experience in your business. Moreso, there are certain advantages of keeping existing customers as one of the ways to scale your business.
Below are the advantages of keeping existing customers.
6 Advantages of Keeping Existing Customers
- The retention of an existing customer is cheaper than the acquisition of a new customer. This is because acquiring new customers involves longer time, effort, and sometimes money.
- Typically, one of the best ways to scale your business is to keep existing customers. Existing customers usually turn out as loyal customers who keep patronizing you.
- Existing customers can be your brand advocate.
- Your existing customers are likely to give sincere feedback as regards your product or services.
- Existing customers will explore more of your products or services.
- Existing customers are more understanding and more forgiving, especially when things go wrong. They are more likely to return.
How to Leverage on Existing Customers
Leveraging on existing customers is one of the greatest ways to scale your business. It adds more benefits to the business.
Below is a list of ways to leverage existing customers.
Use of Coupons
Giving existing customers coupons for future purchases is one way to scale your business. It gives them reasons to return to make more purchases thereby increasing sales for the business.
Sending out code to clients about your membership group to update them with discounts and other exclusives as rewards. Leveraging your existing customers through a membership club is one of the easiest ways to scale your business.
Nurturing Your Existing Customers
Clients who patronize you already have faith in your brand. So, to attract new customers, you can leverage existing customers. You can do this by nurturing the existing relationship in terms of valuable products and services you have with them. This will trigger them to give testimonials that can attract new customers.
Ask for Reviews
This method is one of the fastest ways to scale your business while leveraging your existing customers. Asking for reviews helps customers to relate their minds and how they feel about the product or service you are offering them.
However, it is essential to not take loyal customers for granted as they can serve as emotional banks. When your sales aren’t encouraging, existing customers are more likely to try a variety of new products. Hence, if not the best, seeking reviews is one of the easiest ways to scale your business.
How to Attract New Customers
Besides, there are varieties of ways to attract new customers. Below is some take-home.
Identify Your Ideal New Customer
Finding your ideal new customer has to do with making research on who is interested in your product and services. You can do this by doing some research or brainstorming to get the ideal knowledge of who is interested in your product and services. This method of attracting customers can also serve as a way to scale your business.
Strategic marketing brings your product or services to the limelight. This enhances the visibility and possible patronage of your product or services. You can do this by direct marketing or email marketing your product or services.
Giveaways can also draw in your new customers, as many individuals cherish freebies. This is one of the easiest ways to scale your business while attracting customers. Who doesn’t like freebies?
Use of right words
Using the right words at the right time gives room for your customers to have a better understanding of what your product stands for and what your product is all about.
However, the primary way to attract new customers is to make them aware of the product or services you are offering.
Ways to Scale Your Business
Change is a constant thing in life. Every new or existing business needs to scale up its business to meet up with its competitors. This starts from giving the business a reputable brand, from graphics to putting the exact link to direct them to the exact page to be responded to.
However, while trying out the ways to scale your business, you must be ready to make several tough choices. This might include upgrading your business skills.
As a business owner, upgrading your business skills can be in the following form:
- Create and evaluate a business plan. This involves you taking a deep inside view of your resources, evaluating your plan and deciding if you are ready for the said growth.
- Look for tangible sources of money to fund your business such as taking business grants. Taking grants is one of the easiest ways to scale your business.
- Invest in technology. Nowadays, technology is a useful source that makes doing business easier and faster.
- Find the right manpower or outsource strategically such as looking for partners.
- Every business or organization needs good and effective management. You can do these in the following ways:
- Create a valuable pattern system that determines how the business runs effectively even in your absence.
- Create a system that handles the business cash flow and inventory if the stock is at hand.
- Also, generate an efficient system that ensures the evaluation of new products. This is one of the effective ways to scale your business.
- Establish a system that evaluates your products and services. Moreover, this system should be able to handle customer relationship management.
So, retaining existing clients is very important as well as gaining new clients. It is one of the easiest ways to scale your business as there is no business without customers.
According to Sam Walton, your customer is the boss. Without them, there is no scaling up of any business. Hence, it is important to treat your customers well. Sometimes, people claim that customers are always right. Though this is not always so true. However, always treat all your clients with a positive attitude.
Subscribe to our newsletter to keep track of more engaging posts.
- Ebunoluwa Owoniyi is a student studying microbiology, a prospective graphics and fashion designer, she loves to write to enrich human knowledge.
- Business Insights2022.05.25New Vs Existing Customers: Easiest Ways to Scale Your Business
- Career2022.05.014 Primary Differences Between a Job and a Career
- Business Insights2022.04.20How to use WhatsApp Marketing for Your Small Business
- Business Insights2022.04.01LEGAL REQUIREMENTS TO START A BUSINESS IN NIGERIA