While the development of analytical CRM software may have helped to popularise the concept of retention marketing, it is the challenge of winning new customers that truly represents the Holy Grail for business owners. This is far easier said than done, however, as factors such as cost, market competition and a lack of creativity can make it extremely difficult to win new customers in the current business climate. So let’s consider three ways in which you can turn unique website visitors or interested parties into paying customers.
Incorporate ‘magic’ pricing
Pricing is crucial to your success as a brand, so consider the individual price points that you apply require a great deal of thought. One of the key trends in business involves the use of so-called ‘magic prices’, which drop a penny from their originally conceived market value to offer the illusion of savings to consumers. Using the price £9.99 as opposed to £10.00 has been proven to offer considerable incentive to customers and actively drives sales, so it is worth adopting this strategy as aggressively as possible. There has been significant research in this field, with a French study suggesting that lowering the price of a pizza from 8 Euros and 7.99 Euros ultimately boosted sales by 15 per cent.
Incentivise consumers as part of your brand
Incentivising consumers is a great way to encourage their participation and long-term brand loyalty, although the form that this takes is entirely up to you. The target end result is a happy, engaged and ultimately loyal consumer.
Invest in aggressive sales techniques
The word ‘aggression’ is often frowned upon in business, although when controlled and managed carefully a tenacious approach can drive higher rates of sales conversation rates and turnover. This approach is best embodied by aggressive and direct promotional offers, where customers can buy three products for the price of two. You can encourage more significant spending by expanding this offer to encompass more products, or create significant discounts (of 25 per cent and upwards) that offer huge value and force customers to make a purchase.
The last word
These steps will help you to drive your business and win new custom, while they also based on your ability to strike a keen balance between aggression and subtlety when engaging customers. While aggressive promotional offers and discounts will grab the attention of customers, for example, the subtle implementation of ‘magic prices’ will entice them further and persuade them to make a purchase with your brand.
