Small business marketing can be distilled into two basic elements: the acquisition and the retention of customers. For many business owners, it's not overly difficult to reach out and find their ideal target market. Where they often fail to achieve the kind of marketing results that they are looking for is in converting those prospects into paying customers and keeping them coming back for repeat purchases.
Since small business marketing can be broken into the basic elements of acquisition (the "getting") and retention (the "keeping") of customers, so too must conversion be broken down into the same two basic elements.
In this article, we will look specifically at three ways you as a small business owner or marketing manager can improve your new customer conversion rate.
Three Ways to Increase New Customer Conversions
The rate at which prospects can be successful converted into paying customers for the first time is the cornerstone of measured marketing. It is essential that you, the business owner or marketing manager, know fairly at what percentage prospects or leads are converted to paying customers for each of the marketing channels you employ.
Large "big brand" companies do not need to worry about this metric and, in fact, have a difficult time even tracking it, because of the nature of their advertising.
Some of the largest and most recognizable companies in the world employ a "brand marketing" strategy to remain in the forefront of our minds. But small business marketing managers do not have the luxury of an eight-figure marketing budget and have to take a much different approach.
Customer Conversion Tactic # 1 – Know Your Customer
Knowing your customer means understanding at a basic level exactly what fears, frustrations and desires motivate their behavior.
In many cases, business owners or marketing managers assume that they know what their customer needs, without ever asking them what they actually want.
Since people make most decisions from an emotional state of mind and then validate their decision with logic after the fact, missing this key point can be the difference maker for many businesses.
Of course, the easiest way to know what your customer wants is to ask them!
You can ask in the form of a survey that they fill out online or complete and send back to you, you can ask them directly while they can call them up and ask them.
Which method you employ will depend on the specific type of small business that you own or are trying to market.
Case in point: if people always purchased what they need instead of what they want, sports cars and beer sales would be overshadowed by economy cars and milk sales.
Customer Conversion Tactic # 2 – Craft Your Message
One of the most common marketing mistakes that small business owners make when trying to create their own marketing materials is talking about themselves instead of talking about the customer.
Just like everyone else on the planet, including you, your customer's favorite topic of …