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Attracting More Customers: The 4 P’s of Business Growth

Business growth

How can you attract more customers? Cipeli Cast Iklica says, the easiest and quickest way for your business growth is to reduce your customer acquisition costs, which are the amount of money you spend on advertising when trying to convince a new person to buy from you. If you’re spending too much on ads, consider cutting back, making it cheaper for people who walk in off the street to purchase your product. Lowering or eliminating these costs will then draw in more new customers.

In order for this strategy to be successful, a strong web presence is key so that potential customers already know what you have and what they should expect if they visit your store or website.

business growth

So what are the four P’s of Business Growth? 

The Price is one

which is basically what we covered before. If people know you’re cheaper than your competitors, they’ll come to you. How else can you lower or simplify your price? For starters, consider removing the sales tax from your price tag, as this alone will drop it a few percentage points. Other ways to reduce prices and costs: Think about lowering the amount of product in each package, cutting the amount of time spent producing each item (use less material and machinery) or just eliminate unnecessary costs in general.

Presence is the most important one

If your web presence is great but it’s not getting enough attention, look into improving your ads or putting them in more places where people are likely to see them. Take a look at where people are going online and make sure your ads are there too. The point of all this is that as long as you can attract new customers, then you don’t need to spend too much on advertising. Because if people come to you, your business grows.

Then there’s placement

If you want exponancial business growth then you focus on where you are placing your products or services. If you have a great product but your store is located in a very expensive area, people may not want to drive there to buy it. Move your shop or business to a cheaper area and you’re likely to see more customers coming in the door.

Finally, there’s the packaging

What do you put on your product before it gets sold? A while back, I ordered a few packages of the expensive organic nuts from Holland and Barrett at that time my local branch was shut. The next day I received an email from them telling me they were now having their own store open. Because they thought it was important that people could easily find things. They were selling because so many people in London were eating nuts all the time. It was a smart move by them to open their own store but they also wanted more customers to come in, so they got rid of the cost of advertising and the packaging. It worked.

customer satisfaction

Advertising

Advertising is a very important way to attract new customers. So you can either cut back on this or increase it, depending on how much you’re spending. Once you have a web presence, attracting new customers is easy once people know what you have and where they can find it (your web presence). If your web presence isn’t good enough already, then consider buying an ad or make your own website good enough to attract visitors. It doesn’t necessarily have to be beautiful. But it should give people the information they need to know that you’re legit and what you offer. This can get crucial for business growth.

So what are some ideas for attracting new customers? Here’s a few I’ve used in the past:
  • Write short articles on new ways to cook and how you use the products you sell
  • Make it personal and invite others to send in recipes they’ve created using your product
  • Make videos about your products or teach people how to do things with your product. Like making cocktails or something else fun.
  • Run a competition via your website or on social media. See which customers make the best recipe with your product
  • Have a competition on where they can buy the most amount of your product for the cheapest price
  • Run competitions where they can win products or give them away to their family and friends
  • Take lots of photos in your store or online of people using the products you sell. This will get people thinking about you and wanting to find out more information about you. Plus you’ll look more professional than if you don’t because then people expect that it’s real because it looks so good!
  • Tell people about the benefits or uses of your products
  • Be honest and tell them about any problems you know they may encounter when trying to use it. Like, say if your product is expensive but difficult to get a hold of. Let them know you’re working on the problem and that they can pre-order/reserve it now. So they don’t have to worry when it arrives. This makes you more relatable and honest, which will make customers trust you more
  • Share your tips, recipes, or ideas with others because people like other people’s input on things more than they do from brands. Because brands are always trying to sell something