Despite the many ways to expand your online business through advertising, you can also change your prices and offer more to your existing customers. This is something that many small business owners neglect. They only go after they have found new customers, rather than taking advantage of what they already have, loyal customers who can grow your business if you offer them more.
People don’t buy only on the basis of price either. Testing a new pricing structure can increase your net income in the long term. Yes, you could lose customers, that’s right. But if your profits are increasing and most of them stay, you’ve already grown your business with a simple change.
You can also use your existing customers to increase your customer base by offering referral rewards. Give your existing customers the motivation to attract new customers for you by offering them a discount or some kind of reward.
People will buy the same products at very different prices. They can buy the same pot of coffee from Harrods, for example, as they can get from ASDA for less than half the price. By aligning your brand image and that of your company with a high-end image, you can charge more and customers will be happy to pay if you provide good service.
It comes down to the perception of the brand. If you are perceived as a market authority, people are more likely to buy from you anyway, because they perceive you as “the best”.
You can build your reputation in several ways. Branding, celebrity support and marketing are just a few simple strategies. First of all, you must build a loyal audience. Once your customers love you, they are much more likely to continue to use you. If they trust you and know you offer good service, they are likely to continue to use you, despite small price increases.
If you look at the major mobile phone brands, for example, you will see them making price changes on an almost constant basis. That’s because they know you’re probably going to stay with them anyway, and for the few people they lose, they’re going to make a huge profit for those who stay. In any case, their future customers will accept their prices immediately, as they build their business.
So, if you test your prices, offer additional products for existing customers and offer a referral system to reward customers who refer you, you can do substantial shit in your business right away. That’s before you spend money!
Then you can also use Google Places for business. This is a free service that you should use if you are a small business. It allows you to list your local business in the Google directory and will usually appear in search results for your main keywords.
Bing and Yahoo also offer a similar service. It is well worth the few minutes it takes to set up your ad. Then simply check your ad after receiving a code by mail. Once you have done that, you are all in working order. You will potentially have a free list of companies that will bring you new customers for years to come. It’s worth its weight in gold.
Facebook also offers the possibility of creating a free company list. It is worth doing. Your business ad on Facebook can easily be ranked on the first page of Google as well, based on your relative competition. Again, it doesn’t take long to set up and you can build a flow of new customers through it.
Blogging is another free strategy for lead generation in your company. Of course, you need a website, but you should already have one if you are serious about your business. Once you have configured a website, you will also want to start creating a list of subscribers from it. Email marketing is an absolute necessity if you want to grow your business. By offering a free product on your website, you can encourage your visitors to subscribe to your mailing list. The gift can be anything that your customers are likely to benefit from and that is relevant to your business. You can offer discount codes if you have nothing else.