Around 51.3% of new businesses have managed to stay in their market within a five-year period, according to the US Census Bureau. Approximately 82% of those who were successful in their industry admitted that having the right background and qualifications helped them. For startups, it pays to listen to what your customers are looking to help grow your business. What’s more, you will also need to have the right strategy in place and the tools appropriate for your business to be successful in your chosen market.
Build Customer Loyalty
Startups or small businesses can become successful by building up their customer base. This can be done by making your clients feel more connected to the products as well as services you are offering. For example, most employees nowadays don’t have time to prepare their own meals at home. If your startup is related to food, one way to build up your customer base is to deliver meals to them. This is a good time to invest in a vehicle that you can use to bring your freshly made meals to your customers.
Learn To Use Technology
Using technology in your business is important if you wish to reach your target customers. This is helpful considering that most people rely on the Internet for their needs. You don’t have to start with building an AI-based business, but technology can be used for simplifying basic tasks. This includes monitoring productivity levels, creating an inventory of your products, and even keeping tabs on your finances. With technology, you will be able to maximize your time by focusing more on building your customer base.
Customer Reviews Boost Sales
Aside from building your customer loyalty, getting customer reviews can also help make your business known. Most consumers tend to read reviews first before buying products or hiring certain services. After all, they need the assurance that their money will not go to waste. Asking your customers to leave feedback will not only increase your ratings in the market, but they can help you fix any issues that they may have. This way, you will be able to improve the way your startup caters to the needs of your clients.
Provide Efficient Customer Service
Regardless of the business that you are running, customer service will play a major role in its success. Most startups focus on getting new customers, but this will cost you 5 times more compared to keeping your existing customers. Based on research by Bain & Company, keeping your existing customers satisfied can lead to a 25 percent increase in your company’s profit. By providing your customers with a unique customer service, they will patronize your business more often.
Starting a business today is both exciting and frightening at the same time. Making sure that it stays a float is the challenging part. Fortunately, there are strategies that you can incorporate into your business plan to ensure that you can build a customer base, and help your startup grow and develop over the years.
