Our Take on Expanding your Customer Base
Unless you increase your sales team or there is a sudden high demand for what your business offers, you shouldn’t expect a drastic increase in the number of new customers without implementing new business strategies. Taking a sampling of experiences from our current Powerlinx members, here are five examples of simple ways your business can ultimately “reach more customers.”
1. Form Strategic Partnerships
The two types of partnerships we see most often on Powerlinx are geographic expansion-focused partnerships and complementary partnerships. A geographic expansion partnership can help manufacturers or distributors expand their customer base and subsequent outreach and improve customer loyalty, by inherently absorbing customers from their partners. Complementary partnerships can help to divert customers from other companies in similar sectors. By aligning your business with another in your space, you effectively can gain a broader, more loyal customer base, and divert them from your competitors.
2. Product Diversification
Diversification is an important means through which you can expand the reach of your company to new sectors and markets. It generally brings new products to your current market while allowing you to expand your business operations to new markets while being able to reach more customers. Despite involving more risk (e.g. moving into unfamiliar markets…), diversifying your product offerings can bring you the single biggest return on your investment as you look to reach more customers.
3. Finding New Service Providers
As your business grows, so should your support. There are many services that will help you with new customer acquisition. Support includes advertising agencies, PR firms or marketing agencies. All of these services will build your company’s brand identity and help you expand your reach. PR campaigns can be an ideal solution to help your business grow and establish a reputation on a local or regional scale, which in the long run can ensure that you reach more customers.
4. Explore New Verticals and Industries when Aiming to Reach More Customers
A common mistake made by business owners is confining themselves to a market they are familiar with in hopes of keeping a steady and constant stream of customers. However, if you are looking to grow your business, exploring new industries or verticals that will be able to utilize your product or service in new ways may be the next big step for your company.
5. Creating and/or Increasing Web Presence
Many businesses or individuals looking for a product or service will start their search online and will be more likely to pursue companies with stronger web presences. Creating a business presence on free platforms such as Powerlinx, Linkedin or even Facebook will dramatically improve people’s ability to find your business online and increase the level of trust that potential clients may have in your company.
Have any of these ideas inspired you? Do you want take the next step in growing your business? Here at Powerlinx we will help you achieve those goals and connect you to the companies that you need to fuel growth. Click here to get started on Powerlinx