To bring in a larger volume of paying customers, companies need to leverage effective business strategies. Customer acquisition is a competitive undertaking in today’s saturated markets. In order to increase revenue and interest, companies should take creative steps to stand out and rise above the rest. Continue reading to learn more.
Offer Creative Payment Solutions
When you have a sought-after product that delivers, people want it. If it happens to be a pricier item, such as big-ticket electronics, your target audience may feel they cannot afford your price point. Instead of losing a key market demographic, you need to look for creative ways to put your product in their hands and their money in your company’s bank account.
If you are wondering how to make it happen without causing buyers unnecessary stress or buyer’s remorse, the answer is easier than you thought. By embracing the buy now, pay later electronics plan, you can still make the transaction occur, but on different terms. BNPL, as the process is commonly referred to, is an easy strategy that gives your buyers options instead of pricing them out altogether.
Low-risk, high-reward payment solutions like buy now, pay later programs are especially tactical and tactful around the holiday seasons. Show your customers you are a caring business owner by introducing them to the strategic BNPL payment option so they can still spread joy throughout the gift-giving seasons and afford to pay for expensive items, such as high-quality electronics.
Begin a Newsletter
Email is not dead, and newsletters are not dinosaurs in business. They are both still creative ways to reach potential customers. The barrier to using email addresses to further your company goals is obtaining them.
Get creative with how you connect with people. Go to them on a variety of social media platforms. Place a banner front and center on your website’s home page. Offer customers something exclusive, sought after, and clever if they enter their email address and sign up for your business’ newsletter. Perhaps you can offer a meaningful discount on a future purchase online or in-store. Maybe you can entice customers into your store by offering an exclusive gift upon purchasing a certain amount and signing up for the newsletter. Whatever you choose, ensure it gives your customers value and piques their interest.
Watch this video to learn how one entrepreneur has fine-tuned how she requests and receives customer email addresses for later communications and connection opportunities.
Take note of how the content creator in the video is focused on the digital space and offers services versus products. Regardless of the niche or industry, the advice applies across the board. Simply substitute a professional call with a product discount or free gift if applicable to your business.
Conduct Market Analysis
Putting forth the effort to conduct a thorough market analysis is beneficial for your company and will bear fruit in a variety of ways. From understanding the current consumer climate to learning more about changes in the market, you can use these key data points to your advantage.
While you can run a successful market analysis in-house, if you have never taken on such an endeavor, consider outsourcing it to an agency specializing in this field. The advantage of outsourcing is that a fresh pair of eyes without an emotional attachment will give you an honest assessment of the findings, which helps remove the potential for skewing data or biases.
Some of the key findings of a market analysis should include:
- Understand how to distinguish your business from your competitors.
- Assess current trends for potential market opportunities.
- Forecast future possibilities.
- Reduce risk by understanding what the market will bear.
- Avoid unnecessary expenditures through best practices research.
Of note, conducting a market research project is not a one-time event. Use this effective business tool judiciously. When considering a major pivot from current operations or the possibility of entering into a different market niche, having an analysis to create a roadmap will help you determine your next steps.
When your business has more paying customers, you obviously do better. The math speaks for itself. Unfortunately, it is not as easy as it once was to reach consumers due to the competition in the marketplace. Through innovative and helpful strategies such as the buy now, pay later approach to purchasing, your customers can fulfill their purchasing dreams of buying more expensive items, such as electronics. There is satisfaction in that purchasing power. Look for other ways to improve sales by implementing a market research campaign to learn what your next move will be.
