The elusive new customer: How to tap into the hardest market

Take a look at any successful, thriving business and one thing will become abundantly clear – they have a clear strategy when it comes to targeting new customers. New customers are the bread and butter of pretty much every business out there – without them, growth is hugely difficult and it’s one of the reasons why companies are so happy to invest huge amounts of money into this segment.

Additionally, if you were to analyze some of the tactics used by leading business strategists like JD Dukes, it would soon become clear that new customers are at the forefront of their philosophy. Again, it’s just so much more difficult to move a business forward without them.

Taking this into account, let’s now look at some of the most common ways in which businesses will look to attract new customers to their product. Suffice to say, considering the rewards on offer, new customers also happen to be the toughest segment to tap into.

Know your customers inside out

Firstly, let’s start with an obvious one. If you don’t know your customers, you simply won’t be able to attract new ones.

We’re not talking about personally knowing them here, but rather knowing the ‘type’ of person they are. There’s a reason why companies are investing significant sums of money into data and analytics these days, it’s because this can tell them exactly what type of customer is buying their product and ultimately, how to find them.

As well as this, you’ll find out exactly how much you should be spending to target them. If you put your data together, you can start to realize the lifetime value of a new customer. In turn, this might allow you to spend a little more initially in gaining their custom, but it’s a sum that you will make back over time.

Consider a partnership with another business

This might not necessarily apply to every business out there, but most can take advantage of partnerships that their prospective customers have with other companies. Usually this will apply to those companies who provide a service which complements yours – one that’s in the same industry but isn’t a direct competitor.

On some occasions this can explode a business, particularly if you’re lucky enough to net a collaboration with quite a large company. On others, it might not make a huge difference to your customer base, but it’s certainly an approach which is tried and tested.

Keep the balance – don’t forget about your existing customers

The bulk of this guide talks about new customers, and new customers only. With that, some of you might be surprised to see the ‘existing’ segment gain a late mention.

However, there’s good reason for this. We should firstly point out that a business needs to have a balance of new and existing customers. This latter group can allow you to prosper in another way though; their good experiences can be passed on through word-of-mouth to customers who are on the fence.

In other words, use your networks. You have a loyal bunch of existing customers and if you treat them correctly, this will indirectly allow your new customer base to expand.