Any business owner worth their salt knows the importance of attracting new customers and demographics. Sure, existing customers are the lifeblood of your business. But if you're not identifying new opportunities and markets, you're simply stagnating until your inevitable demise.
But with so many ways for customers to find new businesses—social, mobile, peer recommendations, societal pressure, etc.—how do you make sure your business is doing all it can to attract new demographics?
Here are just a few ideas that business owners can adapt to try to attract new audiences for their products or services.
First Things First
Before you actually look to identify new audience opportunities, one of the first things you should do is ask yourself whether your business is ready for them. It's no good saying you want to attract a younger demographic when your product is geared toward seniors and retired folks.
The same goes if you're looking to attract mobile-first customers but your website isn't optimized for the mobile experience. In fact, far from attracting a new audience, you're more likely to scare them off at your first attempt because you wouldn't be a fit for their requirements.
Before you launch a marketing campaign to attract your new target audience, answer these three critical questions:
- Does my product or service have the ability to be adapted to my new target audience?
- Do I truly understand my target audience's research and buying patterns?
- Is my front-end user experience up to the task of satisfying my new target audience?
By answering these questions, you can begin to plan on how you're actually going to attract these new consumers. More important, you're going to be able to understand how to keep their interest once you've piqued it.
Simple Ways to Identify Opportunities
Once you've confirmed your business has the ability to attract and keep a new audience, it's time to identify the channels and mediums where you can have the most impact on both finding and attracting this audience. Initially, much of that will come down to demographics and consumer behavior. These three steps may help:
1. Check your analytics software. Find out which popular searches are related to your business, but for services or products you don't yet sell. Or see what the highest bounce rates are for searches around those terms. High bounces from high searches may reveal the places you have an opportunity to create something for that search traffic/potential customer.
2. Understand where your new audience "lives." For example, if your product is a higher-end one, it's pointless advertising to people with income levels who can't realistically afford to buy from you. Use data from the U.S. Census Bureau to identify locales, areas, statistics and more about the neighborhoods and districts close to your target geography. If the data suggests consumers in that area are a fit, that's where you can target your promotions.
3. Understand the mindset of the generation you're trying to attract. You may have a product well suited for an older demographic but want to attract millennial consumers, or maybe just a younger audience than you currently enjoy. So what motivates them? If you were to implement a greener methodology of production and gave back a percentage of profits to a global cause, would this attract a buyer who is a socially responsible buyer (often the mindset of today's Generation Y)? Think of how your business practices can change to attract the audience you want.
These simple, yet attainable, suggestions can help you change direction in order to build on your current customer base and attract a new one that may take your business into the future.
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