Make more Sales With your Current Customers Through Segmenting your Market
Small business owners will often look outside of the customers that they already have when brainstorming how to create more sales. Expanding customer base is undoubtedly an essential part of growing a business, as well as its brand recognition and market share. However, for businesses that are trying to increase their sales numbers who aren’t already making an effort to provide more to their current clients, using their sales data for segmenting the market they are already serving and then increasing their targeting is a strong way to increase their revenues created by their core clients.
The segments that buy the most of your products should be the first you target. When you break up the categories your buyers fall into, by age, gender, location etc. you will start to arrive at a clearer picture of who are the best customers of your business. Once that customer group is identified, targeting them with special offers and keeping lines of communication strong will help ensure that they continue to create positive numbers for your business.
Fine tune your pitch to appeal to segments of your market that are not as active. Along with who are your best customers, your market segmentation will reveal who buys your products but with lower frequency. Creating a pitch that will directly appeal to these less active segments can expand your businesses gross monthly sales, and depending on the marketing channels you utilize to reach out and their cost effectiveness, can create some liquid capital for use in other aspects of business development, or simply to keep on hand in in order to be able to react to positive opportunities.
Aside from sales, reach out to market segments to promote loyalty and word of mouth. While sales and creating more repeat buyers through segmenting is important, business owners should not neglect reaching out with interesting content in order to build their brand loyalty and word of mouth buzz among their current client base. Increasingly, consumers expect to be able to interact with their favorite brands. Keeping in contact with them is essential in a market that is saturated with instantaneous communications. Falling off the radar map can have serious consequences for brands that don’t do enough to foster loyalty in their customers.
Photo Credit to Beta-J on Flickr