Securing New Business that Lasts
Posted on 10/24/2011
With the recession came the onslaught of a trend that’s surely affecting your business: frugality is hip, and it isn’t going anywhere. But there’s no need to fear the influence of the frugal on your numbers. Instead, work with them. Targeting this growing customer base is likely to boost sales because money’s still tight for a lot in this turbulent economy. Check out our ideas for attracting the thrifty with your marketing strategy.
Get the Word Out with a Daily Deal
Looking to beef up your list of regulars? Know this: the push to ‘Buy Local’ doesn’t just apply to apples and eggs. Thanks to the booming success of companies like Groupon, LivingSocial and aggregator Yipit, money-conscious consumers are saving big on local products and services. And of course, customer savings add up to businesses’ earnings. But before you can cash in on the flash deals frenzy, a word of caution.
Your number of reviews is sure to go up post-deal, but they’re more likely to be negative if your store is crushed by the weight of a customer surge. To avoid a rash of bad marks, make sure your business is prepared to handle a deluge of visitors. Your staff won’t know busy until your daily deal hits. Despite the risk of being overwhelmed by business—there are worse problems, right?—daily deals effectively attract new customers, particularly the penny-wise.
Build a Rewards Program
While flash deal sites help you attract new customers, creating a membership or rewards program entices them to keep coming back by fostering a positive relationship between you. Bargain hunters are attracted to rewards programs that emphasize free gifts, upgrades and discounts because they want to get more for their money.
Keep in mind that loyalty programs with surprise rewards are like grab bags—no one wants them because we assume we’re in for a disappointment. The most successful membership programs have clear-cut rewards customers can anticipate, because that’s half the fun. According to many bargain shoppers, working toward some known reward is a goal worth investing in.
I Have a Coupon for that!
Bargain hunters are coupon cutters and discount code savers. Appeal to their desire for a bargain by convincing them that they’re getting a deal. Print 20% off coupons on the back of their receipts and your business cards, and include a discount code in your emails. When a bargain hunter needs your product and has the choice between your business and your competitor’s, you can bet they’ll choose yours if they have a coupon.