Innovative Ways to Attract More Customers in a Recession

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The recession is really biting hard, no doubt even the average 5-year old will tell you his mother has reduced the quantity of snacks in the lunch box he takes to school. But despite the recession, we all believe, ‘when there is life, there is hope’. Attracting more customers is no easy task; especially with the way the dollar has been doing shakara against the naira.

However, there are some strategies, you can employ to make your business innovative and stand out from the crowd.

Build Strategic Alliances

Today, more than ever, every enterprise needs to build strategic alliances with other businesses. ‘Friends with benefits’ is a phrase we are conversant with, there are still some friends on our speed dial just because of the benefits we enjoy from them. This is also essential to the profitability your business, forming alliances with adjunct businesses who are not competing directly in your space but, can redirect customers to you. A referral is a vital element in business, word of mouth recommendation can be viral and it has the potential of increasing your sales faster than any other marketing strategy.

Take No Chances

It has also become very important to leave no stone unturned. A multichannel marketing strategy is very imperative, especially in the today’s ever growing media space. The media space is no doubt becoming highly fragmented with the proliferation of digital media, as traditional media alone is no longer effective to reach all your customers. To attract more customers, you need to cover every media marketing channel including Google ads, social media, SEO, newsletters, an e-commerce store and more.

Rely on Your Stats

If you run an eCommerce business, your No 1 marketing strategy is to convert the visitors who come to your website into customers. The website is the major sales engine, so focus on collecting and analyzing the data to fully understand and optimize the marketing channels with the highest customer pull. The stats don’t lie, it could be either through social media, affiliate marketing, Google ads and so on. This information will help you to know the marketing channels to invest based on their return on investment.

Pay Attention

Not just to your bank balance but to what your customers are saying. The marketplace is flooded with myriads of products, offering almost the same value. However, to attract more customers, you need to listen to what your existing customers are saying. Most consumers are searching for products that are innovative and embody honesty. When promoting your products, don’t exaggerate the deliverables of what you are offering, just state it as it is. Most times, the consumers’ feedback may not always pleasant; however, if acted on, leads to improvement in the delivery of your services.

Add a Variety of Options

Variety is not only the spice of life but of business too, so give your customers a variety of options. This is where some businesses fail to meet the demands of their consumers and risk losing them to competing brands. Sensodyne, a brand of toothpaste works effectively for people who have sensitive teeth; but imagine the Sensodyne brand launching Sensodyne Herbal for people who love herbal based products, this will definitely lead to more sales of the toothpaste. By creating more options for the customer to choose from, it will be harder for competitors to sway them over.

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Author: 234Finance

234Finance.com is an online platform that promotes African entrepreneurship. We achieve this by bridging the gap between investors and early stage startups in Africa’s emerging market.
234Finance.com is strategic for promoting entrepreneurship through the power and effective use of information.

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234Finance
234Finance.com is an online platform that promotes African entrepreneurship. We achieve this by bridging the gap between investors and early stage startups in Africa’s emerging market. 234Finance.com is strategic for promoting entrepreneurship through the power and effective use of information.

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