Take a larger bite of the marketplace - find similar customers

If you want your business to grow in size, it’s important that you build on your existing customer base. One of the best ways to do this is to analyse what it is that your existing customers like about your business and see if you can extend these qualities to similar markets.

These are just a few ways that you may go about finding new customers for your business:

Launch referral schemes for existing customers. A popular system is to offer monetary rewards to customers if they introduce a friend and this introduction leads to a sale. Not only can this expand your customer database with minimum effort, but it will leave existing customers feeling happier as well.
Analyse your existing sales data to target the areas that are working well for you. It may be that the majority of your sales are made from a particular age group, occupation or geographical location. You should try and identify these key areas and see if there is scope to focus more of your time on them.
Look at how your competitors target the marketplace and see if there is anything they offer that you don’t. For example, your competitor may be giving away a free e-book with every sales enquiry they receive. If it seems that this is helping them gain custom over your business, you might consider adopting or building on this strategy to reclaim relevant customers.

Covered in this guide

Part 1: Introduction

Part 2: Get existing customers to spend more

Part 3: Find similar customers

Part 4: Winning old customers back

Constructaquote.com is a trading title of Moorhouse Group Ltd which is authorised and regulated by the Financial Services Authority. The Financial Services Authority's Register can be accessed through http://www.fsa.gov.uk/Pages/register Reg No 308035.

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