As a small business owner, we know that attracting new customers can be a struggle at times (but fear not!), because we have some great ideas that will help you out!
Commitment and customer loyalty is the backbone of almost every service-based business, therefore, bringing back your existing customers should be your #1 priority.
The bottom line - you need to attract new customers and provide them with an incentive to try your service. We’ve found that the best way to do so is to provide an Introductory Offer to potential customers.
Depending on your business, this offer may entail a free massage, discounted haircut, giveaway or some other variation based on your industry. Regardless, you need to make (small) financial sacrifices, in exchange for loyal customers, whose lifetime value will well exceed this ‘sacrifice’.
Below, are 5 quick, easy tips to help you create the perfect introductory offer, execute it and reap the benefits!
1. Discount or Free?
When creating an intro offer, your first question should be, am I discounting a service/product or am I giving something away for free? By giving away a free service/product, you are taking a ‘leap of faith’ with the client, hoping they come back, yet there is no guarantee. With a discount, the customer will invest in your business to receive the offer, therefore creating a sense of commitment!
2. Set a time limit on your offer
Complacency is a huge threat when dealing with introductory offers. The longer customers have to choose to use the offer or not, the more likely they won’t! We recommend giving prospective customers anywhere from 1-3 months to use the offer; if you give them more time than that, you risk losing their business entirely!
3. How to spread the word
So, you have your intro offer established and you are ready to execute, but you may be thinking -how do I reach these potential customers? Some of the easiest, most efficient ways are:
- Word of Mouth - Don’t fix something if it isn’t broken. Word of mouth promotion was, is, and will continue to be one of the most powerful and effective means of advertising there is, as 64% of marking executive agree, word of mouth is the most effective form of marketing.
- Social Media - 74% of all internet users use social networking sites. It's an easy, cost-effective way for you to reach a large audience of potential new customers.
- Referrals - More than anything else, customers trust their friends. That's why it's no surprise 92% of consumers trust referrals over all other forms of advertising.
4. Strong and straightforward message
Remember, your customers are as busy as your are. They've got a hundred things on there plate, with no time to sit back, read, and deceiver an unclear, misleading offer. Instead... it's on to the next one. That's why it's SO important to make sure your offer is straightforward and to the point, to ensure you keep customers' attention!
5. Making a lasting impression
Once the new customer has walked through the door, your offer has worked! Congratulations!!! Loyal customers have been found to cost 6-7 times less than acquiring new ones, and they typically spend about 67% more than first time customers on transaction. So, once you've got you customer through the door it's vital to switch gears and focus on making a lasting impression.
So, what’s your story? What’s your business’ secret to the perfect introductory offer? Be sure the share in the comments below!
About the Author
Will Woodward is a Marketing Analyst at Booker. He currently specializes in SEO, and web analytics and holds a passion in Business Management.More Content by Will Woodward