Do you really know what your customers want? Are your products really what they are looking for? When was the last time someone tweeted about them or your service? Do the complaints outweigh the compliments?
If you are stumped, you can find the answers you are looking for via marketing. How you market your business determines if it attracts customers, makes them loyal and how successful it remains. These reasons will help you determine why you should invest in advanced marketing efforts for your brand:
Make Customers Work for You – Willingly
Did you know that you can make customers market your business for you and they will be happy to do it? This is possible with marketing efforts that involve satisfied customers in new customer acquisition. You can attract more people and convert them into leads and who will have no qualms about spreading the word about your services or products.
This is known as customer advocacy, and it starts with satisfied clientele who are willing to spread your success story. They do this via blog posts, interviews, social media, video testimonials etc. This content provides the proof your business needs to draw in new customers and give them the confidence to make you their go-to brand.
If your brand has an active online community, customer advocates can keep in touch with new leads and help you actively in closing new ones. Of course, this doesn’t mean you should ask customers to advocate your cause. Before popping the question, make sure that you are at the point in your relationship with them that they would say yes.
Increase Revenue Exponentially
Existing customers are more likely to invest in new products and services compared to new ones especially if you increase your efforts to up-sell or cross-sell to them. That is much more cost efficient than say begging them to buy a new offering.
The reason why is simple. Existing customers don’t need to be convinced to buy from you. New ones have to be cajoled, and that takes time and money. However, with efficient marketing techniques, you can skip this step with current customers because you have already proven yourself to them.
That means that any sales you make to them cost less than those that are made to new ones. This increases overall revenue especially if you remain focused on what they like to purchase. No need to re-invent the wheel in this one. Existing customers already went through your sales funnel, and the only thing they will be interested in are improvements.
Expand Revenue Options
A startup has limited options since it is usually strapped for cash. However, with marketing solutions, even a small enterprise can get access to options that can increase revenue in a short amount of time. If you are the owner of a startup, marketing solutions will give you the freedom to penetrate new markets.
It will also give you enough influence and a large enough customer base to ditch clients who have unreasonable demands. In fact, without marketing, you may have to contend with customers who pay peanuts and expect the lion’s share of your efforts.