Most companies tend to think that they need to invest a lot of their budgets on promoting themselves so they can reach their target audiences, but that’s not always the case. In fact, companies can have a lot more success if they simply start focusing on improving the elements of the business that the consumers have already expressed their interest in.
Given the sheer number of options that most consumers have these days, in the digital space, companies should be focusing on their existing consumers if they want to generate more sales and have sustainable growth over a long period of time, instead of generating an unsustainable number of new customers that might get disappointed in the future.
Additionally, with the costs of acquiring new customers constantly increasing, focusing on getting repeat purchases from the existing audience is a much smarter decision overall.
Sense of Urgency
Plenty of times, website visitors that end up leaving a company’s website without making a purchase don’t generally complete that sale. However, to make it more compelling for the customer to complete the purchase companies can create a sense of urgency.
There are different ways to approach the sense of urgency, and as long as the company creates a feeling with its customers that they shouldn’t miss out on a great deal, companies can be successful.
There are plenty of different ways to do so, either through getting customers to feel like they’ll miss out on a great deal or through exclusivity.
For example, companies can display a limited stock of the product, or add a timer to their shopping carts.
Businesses can also use pop-ups that will show other customers that have made purchases of that, or similar products to what a customer is currently thinking of purchasing, or send out emails that will encourage customers to convert because the price they’re getting has a limited time offer.
Plenty of customers enjoy it when the companies that they do business with offer brand new products.
That means companies have to consistently launch new products and make industry-run innovations that are going to be focused on making a positive difference in the lives of their customers.
If a company doesn’t create its own products, there are plenty of different ways it can still innovate, such as bundling different products together or creating a subscription box.
The best way to figure out how companies can create new products for their customers is to look at what their competitors are doing, and find ways that the business can’t take it to a new level.
Co-CEO at 5W Public Relations, Dara Busch oversees 5W’s Consumer PR Practice, which includes Travel & Entertainment, Apparel & Accessories, Non-Profits, Home & Housewares, Health & Wellness, Mom & Baby, Beauty & Grooming, and Consumer Packaged Goods.