A Guide to Identifying the Best Customers for Your Business

Business growth tips

Scaling a business is not easy and needs a lot of effort in the initial stages.  This includes dealing with sales, marketing, taxes, corporate compliance, and other elements. Knowing how to identify target markets and the right ways of finding new customers are the most important factors. Based on these, strategies need to be formulated to take the business to the next level in less time with less effort. We will go more in-depth on how to grow a business in the next section.

How to grow your business: Business Growth Tips:

If you know the answer to ‘how to identify customers?’, then almost half of your work is done. So, let's see the primary ways of identifying the target market and customers:

1. Knowing the customers

This is needed to understand customer requirements so that the products and services can be developed accordingly. If needed, businesses can also offer personalised services and engage customers. This will lead to an increase in sales. Based on the profile of current customers, it becomes easy to identify similar prospects and follow the same selling strategy. While doing so, make sure to comply with the regulations related to customers’ personal information safe.

Planning can be done efficiently when you understand your customers, as this will help predict their buying behaviour. Accordingly, the stock needed can be decided, resulting in better customer management and profitability.

2. Providing better customer service for new opportunity identification

If you have been wondering how to grow my business? Then, the most important answer to this is ensuring satisfaction. Exceptional customer service will spread positive word-of-mouth among potential customers, by which more and more people will get interested in your products and services. Besides this, stay in touch with your customer base through newsletters and by emailing them about offers and other promotional events. Make sure to keep an updated email list.

When you understand the demography of a region better, it will open up new opportunities. This requires understanding everything related to product distribution channels, competitors, foreign markets, and other related factors. Carefully analysing these can help you grab the right opportunities.

3. Customer profiling

It can be done based on their gender and buying behaviour to refine the products and services that are being offered and better focus on various customer groups.

4. Gain customer insight through social media

Effective marketing strategy uses social media, where most people express their views openly about a product. This can help you know their behaviour, enhance customer service, and easily reach out to similar customers.

Besides this, time needs to be invested in attending different networking events to interact with different groups of people and get a chance to turn them into customers.

5. Hosting events

This is a great way to interact with existing customers and strengthen the business’s bond with them. You can even encourage them to invite their friends to the events to use the opportunity to grow your business.

6. Spread awareness of your products and services

It is often the case that people might be desperately looking for the products and services you are offering but are unaware of them. So, spreading brand awareness through sponsorship or participating in community events can enhance your business’s profile.

7. Conceptualisation of sales funnel and using the customer management system

The sales funnel plays a significant role in automating the business. So consider the various funnels first and then conceptualise them. Similarly, the customer management system is needed to eliminate the need for manual tracking of transactions, which is often an obstacle in the path of business growth.

With apps like OkCredit, you can eliminate errors encountered when businesses use physical books to maintain transaction details. This digital bahi khata eliminates manual collections by providing reminders via SMS or WhatsApp. Besides this, there is no chance of losing data as it keeps them safe through local and online backup.

8. Learning about competitors

Unless your product or service is the first of its kind to be offered to consumers, it becomes extremely important to carry out in-depth research of the existing competition. This will help you focus more on offering a USP that would make consumers prefer your brand over others.

9. Loyalty programs

Acquiring new customers is quite expensive, so it is important for businesses to build loyalty programs. This helps in retaining existing customers and attracting new ones. When people get an incentive for spending more money on your products or services, you will be benefited in the long run.

10. Partnering with the right companies

This can help you reach a large number of customers in less time. While doing so, look for companies that are complementary to your business so that working together can be a win-win situation for both parties.

11. Opt for franchising the business

A successful business can opt for the franchise model to grow quickly. This can be expensive, complex, and needs a lot of marketing knowledge but can result in significant and quick growth.

12. Webinars for product promotion

A webinar is a great way of reaching out to the masses about your products and services in the least amount of time. It captivates audiences by seamlessly clinching sale after sale, so businesses should try using this automated selling tool.

13. Diversification of offers

Try to find out other complementary products and services that you can include in your business. This is a proven strategy that can lead to business growth when you are able to identify the pain points and work on them.

14. Visitors should easily reach out to you

When potential customers like your products or services, they should easily find you on the internet. Make sure you have a user-friendly website. It should provide them with contact information, free newsletters or guides, and other similar resources. It will make capturing a lead easy, with whom you can follow up regularly to turn them into a buyer. There must be contact information, business name, and other related information to help people reach out to your business directly. The company name must be printed on the products so that new customers won’t forget it easily.

15. Learn why prospects didn’t turn into buyers

When you tried your best, but people didn’t purchase your products, check the reason behind it. Ask them for their feedback to see if the product needs any changes to meet the needs of the customers in a much better way.

16. Attract customers through offers and coupons on special occasions

Promote your products and special offers and discounts so that potential customers can turn into buyers. Those making repeated purchases can be further motivated by being provided special discounts on their birthdays or anniversaries. This will also ensure brand loyalty.

17. Carefully planning the ads

Create impactful short ads instead of longer ones to cater to the lower attention span of viewers. Target the ads to reach the right audience, set daily and monthly budgets, and check your account frequently to get a better idea about their performance.

Bottom Line

Since all businesses are unique, some time needs to be invested in checking which strategies work best for them before jumping into implementation. Thoroughly studying successful competitors and gradually taking small steps can help with business growth through an increase in sales. The first attempt might not be successful, but with consistent research and experimentation, the best results can be obtained.

Also read:

1) Best Tips for Customer Retention for a Small Business
2) Tips to Understand Your Market while Starting a Small Business
3) Tips for Businesses to Overcome the Covid Blues - Revival Tips for Businesses
4) What are the keys to success when operating a small scale business?
5) OkCredit: All you need to know about OkCredit & how it works.

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FAQs

Q. How to identify the target market for solutions like OKCredit?

Ans. Small business owners who make digital transactions throughout India and need to keep a record of it may use effective business solutions like OKCredit. Small firms will use it to reduce the burden of maintaining paper account books. It ensures on-demand clarity on the records maintained by the merchant to its shoppers.

Q. Is conventional marketing one of the efficient ways to find new customers?

Ans. This is a good way of increasing the customer base but not quite effective. But using customer-friendly digital marketing approaches can be a great way of getting new customers for a business.

Q. How to grow the business when a product is not meeting customer expectations?

Ans. This needs investing in enhancing the product quality, following the feedback from existing customers to improve the way it meets their needs. This will ensure improvement of customer experience, which will lead to the growth of the business.