customer interest Archives - Angel Investors

What is Customer base?

It’s important to understand that it is far more cost-efficient and easier way to retain a customer than to gain new customers as acquiring new customers can sometimes mean an entirely new marketing strategy to be developed and adopted by the whole business, which can add to the expense. Hence, a very dynamic approach must be used to maximize sales, i.e. keep old customers and make new customers.

More two-way communication instead of just one-way communication

Customer must be treated as an asset and their feelings and suggestions towards the product must be taken into account to make it into an even more accessible and easy to use in a better way. As it is expected the old retaining customers can help bring new customers. Retained customers will feel a lot more involved with the company thus pushing their undying loyalty towards an increment.

Customer’s suggestion has helped many companies make slight changes to their product which can even help them set a USP (Unique Selling Point) as they might discover a loophole no one else might have. Some companies stopped themselves from failing miserably just by focusing on what the customer wanted, rather than what the company wanted to make. This has even led some companies that make shampoos to turn into making other products like face wash due to their customer base demand.

Maintain good after sales service and support for the customers

An effective calls support system helps the company outshine other companies. Some companies may have the most innovated product but due to some technical, usability issues and confusions have led to their termination.

A customer will always choose and trust a place that has provided all the necessary information online. Hence, It is critically important to keep fresh new content on the website with all the necessary FAQ already answered with instructions if any.

An even better option is to provide each individual as to their status of their purchased good e.g. if it is processing or has been completed and the product must be on the way with an exact date and time of receiving. This helps the company gain a little trust and patience as they could now see their purchase status. This also helps the customer support team to deal with real customers real problems that are technical.

Promote business through social media and always keep on updating fresh content

Another very innovative technique is to use bloggers on Google and vloggers on YouTube and Facebook and sponsor them to advertise your product for 10-15 seconds with very specific instructions as to what they have to say and a short how to use film. This helps reach a very vast audience with very low cost. It is not necessary that a product that failed in the USA for technical reasons will also fail in India.

Snapchat is a very useful tool for businesses to get their product out there in the eyes of a wider audience. Snapchat helps these businesses show off different things like how their product is different, the background, production, usability and the office environment showing smiles giving the customer a sense of hard work with more smiles than sweat.

Some companies have even changed their logos and outer appearance for a better impact on the customer. By using brighter colors and short, attractive slogans can help achieve newer customers. Most small start-ups are using YouTube vloggers to introduce their product and even sometimes make them their product activist. This is a much efficient and cost-saving way than using TV advertisements which is very costly.

Some companies have even resorted to no TV advertisements but somewhat social media, e.g. Snapchat, Instagram to promote their products, e.g. Lamborghini Automotive. Newer car companies are also making their own YouTube channels to improve and show off their concept cars and newer models, e.g. Tesla, Koenigsegg .etc.

Other quick adjustments to attract new customers

Another very well known way to gain new customers is to partner up with another company that has already either been in business, is new with innovation or has a considerable following. This allows for the companies to benefit mutually from the partnership either for long-term or temporary. This has been done throughout history and is not a new idea.

It is also very imperative to know your target audience. This will help you target a specific group who will be your customer people from outside your target demographic will be a surplus. This helps the company stick with one line of action as a strategy. This will affect the way you package, color and show the overall aura of your brand, e.g.

Kids will not a buy juice box that is black and white hence, juice packaging that is aimed at kids is mostly bright in color as it catches the attention of the viewer’s eye. Similarly, if you are making extremely sweet nitrogen Ice cream, the primary customers will not cross the age of 35 or 40 at most. Similarly, Ferrari was aimed at young millionaires hence it is spaced and colored accordingly however on the other hand rolls Royce is aimed at much older gentlemen who are now retired. Therefore, it speaks luxury signifying that they made it.

Who we are: Funded.com is a platform that is A+ BBB rated over 10+ years. Access our network of Investors, get instantly matched with a Lender, or get a business plan by visiting us Funded.com

You can review our featured partners to help your success with your business or project.

Irrespective of how exquisite the product or service is, it might not sustain itself in the market for long if the makers or providers are not aware of the reasons behind the success of their product or service. It’s crucial for any business to understand their customers – thoroughly get into the minds of consumers – to sustain and thrive in this world of stiff competition.

We human beings generally have the same mental forces that drive us to take certain actions. For a business to be successful it is highly recommended that it identifies those driving forces and utilize them as part of their marketing strategies. This is because our minds work in strange ways, leading us to take actions that we ourselves are not even fully aware of.

The three questions that all businesses should ask themselves regularly are; what do we know about our customers? What makes our customer buy a certain thing from us over everything else and everyone else in the market? What impact will your product or service have on the lives of your customers?

What Do We Know about our Customers?

Having knowledge of the very basic things, such as name, age, gender, etc, to having in-depth knowledge of demographic, psycho-graphic, and socio-economic factors provides a multi-dimensional view of your customers’ choices.

It allows businesses to strategically analyze these insights and find patterns to anticipate the current and future needs of their customers.

Whether it’s a B2B, B2C, or any other kind of business, knowing your customers – their likes and dislikes, interests and disinterest, cravings and distaste -is imperative before striking a deal. It’s actually quite simple, knowing about your customers will make things easy for you as well as them.

Here you’ll implement a crucial cognitive rule; less is more. We do tend to opt for the shortest ways to achieve the fastest results. By using words like: easy, convenient, fast, and systematic in marketing campaigns businesses implicitly, as well as explicitly, gives out a vivid message that they are the simplest solution providers to individuals’ problem.

This ensures success in generating current and well as future sales. Even simple transactions, such as ordering a pizza or buying clothes, if the organization will already have insights about the previous orders that the customer placed, they can easily make customized suggestions to that customer. They can also skip taking the basic details about their home address, phone number, etc, and most importantly they can ensure an optimum level of satisfaction from the customers’ side.

What makes our customers buy a certain thing from us over everything else and everyone else in the market?

Think of this as someone choosing a life partner; what possible reasons they could have to choose you over anyone else, and what possible reasons could they have to break-up with you and move on to your competitor.

Looking on the bright side, businesses can easily find answers to these questions, as compared to individuals. Fortunately, businesses can be divided into multiple characteristics, from service, price, magnitude, and recognition to customers’ experiences, product range, and accessibility – to name a few – to access their current and future progress.

It is worthwhile to find that the reasons behind the choices that your customers make helps you discover your Unique Selling Proposition (USP). Your USP is the gist of this answer; it determines why your customers show a certain level of interest in you over your competitors. Your USP can (and in my view should) change with changing market trends and you can even have different USPs for different customers.

Businesses should always have the big picture in mind that with this one transaction they are making way to many more. One way of achieving this is by providing customized product or service. This will make your customers feel important and you will let them know that you actually care about their needs.

Don’t give them a reason to be back, but make sure that they have a choice that if they do, their query will be the most important duty you have to perform. Furthermore, it is even more fruitful to have your USP constantly in-check because if your competition has adopted your USP, then it is not unique anymore, and your customer can easily switch to your competitors.

Moreover, we as homo-sapiens have a tendency to grow indifferent toward monotonous things. Hence, it is advisable that products, marketing campaigns, packaging, and other elements associated with selling a product or service, are revised after every few months or so.

This creates a sense of novelty and it is scientifically proven that experiencing something new releases dopamine in the human brain that plays a vital role in motivating behavior, thus driving more sales.

What impact will your product or service have on the lives of your customers?

A business’ duty does not end after ensuring successful sales of their product; on the contrary, it starts from there. Businesses would want to ensure that customers have a great experience using their product or services to not only make a long-lasting relationship with that one customer, but also to exponentially increase sales through the referral of all the satisfied customers.

Did you know that consumers are two times more inclined to share their bad customer service experience as compared to a positive one! Moreover, it costs 5 times more to engage a new customer as compared to sustaining an existing one.

We as individuals would know this very well that we tend to love taking advice – whether in business or in our personal matters – consultation has always been that one thing which gives us a sense of assurance and guides us to a specific path or thing. Likewise, that is the power of referrals.

Businesses can ask their customers to refer them and let individuals know that their references are highly appreciated or they can utilize the most powerful cognitive tool to ensure their attention toward the product that is – memory. By associating products or services with top celebrities in a marketing campaign, it not only triggers a memory whenever the consumer spots the product, but subconsciously they are already drawn toward that particular product or service.

Who we are: Funded.com is a platform that is A+ BBB rated over 10+ years. Access our network of Investors, get instantly matched with a Lender, or get a business plan by visiting us Funded.com

You can review our featured partners to help your success with your business or project.