To scale marketing to a whole new level without increasing ad spend, you must balance these two things. One, the acquisition of new customers. And two, the retention of the existing customers and making them stay longer with you. Both demand a completely different approach altogether.
While retaining the existing customers is important, growing its size needs to be prioritised. It is easier to grow your revenue from the existing customers rather than acquiring new ones. On the other hand, the only way to grow the size of the existing customers is to get more and more new customers, isn’t it?
New customers acquisition
To win new customers, you need outbound marketing. There are many ways to play outbound marketing. An advertisement is just one of the elements in it. You can use other approaches such as email outreach, partnerships, running affiliate programs and referrals.
If you decide that the advertisement must be in your outbound playbook, then do it subtly. You can set aside a small amount, say $15 or $20 per day and run it non-stop daily as an awareness campaign. That’s pretty much about $450 to $600 per month, a budget that you need to set aside. It is going to be worth it, don’t worry. From the ad, people will notice you, some will click to check you out and will reach out. Before they reach out, you need to ensure that you can capture their contact details, whether they’re buying from you or not. This is where having an online form matters the most. Without it, there’s no way you’re able to secure their contacts.
Existing customers' retention and growth
To keep the existing customers from leaving and continue to use your products, you need two things. One is regular communication that can be done effectively and directly without the interference of algorithms. And two, you need fresh content daily or weekly that showcases your authority in the subject or industry you are in.
To do these, you need a platform where they can subscribe (not follow) as a community member, and content can be published or uploaded there regularly. For example, you can use your website’s content webpage where people can subscribe to and be notified when new content is uploaded. You can also use platforms like LinkedIn and Medium, where people can subscribe and be notified when you have a new content published on the newsletter. Or, you can use WhatsApp Channel or Telegram Channel to update them.
What now?
Advertisements are getting expensive each year. Companies are competing hard for attention. That being said, by implementing this simple playbook, you can double or even triple your conversion rate by being creative in your marketing strategy. Scaling your company is no longer about how much you spend. It is actually about how much of that spending you actually capture and keep.
