Trade area presents great business opportunities for entrepreneurs. Almost all entrepreneurs would always like to have a strong foothold in customer generation and retention. A study conducted by Harvard Business School experts proves that if an entrepreneur can improve customer retention by 5 per cent, he/she can increase business profit by 25 to 95 per cent.
We’ll have to create new and prospective customers for the consistent growth of our business. Luckily, in this digital age, we’ve better skills, tools and techniques to build fresh followers for our products and services.
Execute Offline Marketing Strategies
We know that getting connected to target leads is easier via online marketing. But, you’ll also have to learn offline marketing strategies to build and retain your customers.
Remember, that offline marketing strategies and relationship building tools will be expensive than the online methodologies. You’ll have to develop speaking engagement strategies. You must also be involve in networking with industry experts via trade shows and other productive means. And being a part of an association is also indispensable.
Investing in print publications and managing print advertisements could be a deciding factor. All these will need capital investments. Think and decide the methodology that sounds reasonable and can help you gain expertise in your trade area.
Research Customer Behavior to Create Product Demand
Read the studies conducted on consumer behavior analysis. Irrespective of what product you sell, or to which industry you belong, neuroeconomics experts believe that almost quarter of your overall buyers will be conservative type spenders. So how do you attract this type of consumers?
George Lowenstein from Carnegie Mellon University says, that you’ll have to develop marketing strategies to help this type of buyers separate their ‘buying pain’ from what they really need and be attracted to your products. This is an immeasurable trade area secret.
Give Customers What They Want in Your Trade Area
After you carefully investigate consumer behavior and their demand, try to provide products and services that they want. Learn re-marketing techniques to optimize your advertising strategies for the customers who are interested in your products or services.
After all, they are your target market. Knowing and providing for their needs will go a long way in establishing your business in your trade area. Your top choice products and services must have good pricing and competitive quality. This will in turn provide you with quick turn over and the speed to excel in business.
Growth Hacking – Method to Create and Retain Customers
Marketing expert Neil Patel recommends using growth hacking to be successful in your trade area. Growth hacking methodologies help marketers analyze who is using their products and how in specific trade areas.
It combines technical skills and creativity to develop stronger and sound marketing practices. Startup businesses, B2B and B2C marketers, social media and content marketing experts can use this technique to attract and retain customers.
Build Consumer Engagement Strategies
Improve consumer engagement to succeed in your trade area. To create and maintain relationship with customers, develop personalized customer service techniques.
For example, write personalized emails to customers as per their product interest or concerns. There will be higher chances that buyers will notice your response and come back for the solutions you provide.
A study conducted by Gallup Group showed that customers were 9 times more responsive and engaged with brand products and services when the companies provide courteous, helpful and willing customer services in trade areas.
Creating new customers and relationship building with existing customers are long term processes. Be consistent with what you decide to do. And most importantly, remember to revise and adjust strategies as per the prevailing scenarios if you want to succeed in your trade area.