SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home SME

7 Tips on Building Sustainable Customer Base – Feranmi Ajetomobi

Jubril Agoro by Jubril Agoro
May 16, 2020
in SME, Startup
0
7 Tips on Building Sustainable Customer Base – Feranmi Ajetomobi
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Hi there! In case you missed our inaugural Instagram Live interview session, we have compiled the best parts into this article.

Join our communityJoin our communityJoin our community

On Thursday, our guest, Feranmi Ajetomobi who is the Lead Content and Engagement officer at Cowrywise, had a chat with our host, Tallulah, on how to build a sustainable customer base, now that many businesses are struggling to get on with affairs due to the COVID-19 pandemic.

  1. Nodging People to Refer Your Product/Service: As a small business or startup, running adverts every now and then might be a little too costly, so an effective and organic way to improve your customer base is by employing little, inexpensive Call to Action (CTA) measures through physical touchpoints with existing customers to help refer your business. We call this referrals. It could be as little as a short note attached to the product delivery. Such emotional connections go far in the hearts of customers.
  2. Managing Concentration Risk: It is imperative to pay attention to where your customers come from or who they are and this has to do with researching your customer data and segmenting them into tiers. Managing your concentration risk simply means you’re staying on top of your game by ensuring your customers don’t all come from the same demographic environment or social class. One way to acquire good concentration spread is by increasing your product/service line such that each customer segment has a unique solution to their problems. That way, in time of crisis, the risk of getting affected by trickling income is reduced considerably. For businesses that draw strength from having a strict niche, managing concentration risk would mean a constant tailored engagement strategy is employed so that if you have a customer base of 1000, and 400 are regular customers, you will need to maintain close contacts with all 1000 to ensure an average of 400 are still patronizing. Keeping a locked engagement could also increase your customer reach.
  3. Social Media and Online tools: For small businesses, Instagram remains one of the best and most effective social medium to maintain proper engagement with customers, it also grants you real opportunity to upscale as a business because potential customers are likely to see your offering based on recommendation and will only engage you if they see you have real customers. Typeform is a great data gathering and engagement software for you to find out more about your customers. As a business, you need to figure out what platforms best suit you and creatively leverage them to stay in touch with customers.
  4. Content Marketing: This is an important aspect for upscaling as a businessand it comes in two parts. First, when running a business, you’re constantly exposed to incredible amount of data about your product, audience and audience interaction with the product. You need to pay attention to this data in order to know how best to curate your contents and where to position them for your customers to feed on. For example, you can own a shoe business and discover that more women from Lekki buy black shoes than anywhere else in Lagos, a simple, funny blogpost like “Here is the reason why women in Lekki buy black shoes,” it doesn’t add much to your business financially, but it sure is a unique way to stay in touch with your audience and because of it’s uniqueness, it can give you more visibility. The other part to content marketing is understanding the information your customers are seeking for and providing contents or data based on those information. That is the easiest way of getting your contents shared among customers, existing and potential alike. Content marketing helps you build an audience or community, until you have this, running Ads are a waste of time and money.
  5. Testing and Learning Consistently: Usually, every business activity presents a learning process, moreso for the marketing and/or engagement side of it. You have tried strategy A for a period in engaging your audience, it’s okay to try strategy B for another period especially when strategy A doesn’t work as well as you expected. Testing new and refreshed ways of doing similar things in business helps you learn what works for your customers and helps you understand them better in order for you to provide an improved interacting experience with your business.
  6. Distribution: For any business looking to build sustainable customer base, investing on your content/product distribution should be top priority. You should constantly worry about how to get across to your customers with your offering at every point in time because that’s the beginning and end of interaction with them and ensuring that, that meeting point is as surreal as can be should be of paramount concern to any business owner.
  7. Audience Segmentation: Segmentation is the most important thing in your customer base. Of course, there should be an overall brand tone that connects with the entire audience, but you need to segment them in order to know your most profitable segment and the least profitable segment. When you understand both, it will be easier for you to build strategies that can grow your business faster. If you’re not segmenting your audience, you’re joking with your business.

To see the entire video follow us on Instagram @smartpreneurng.

Previous Post

DO YOU KNOW OBA OTUDEKO?

Next Post

Do You Know Tiwa Works?

Jubril Agoro

Jubril Agoro

Related Posts

Here’s Why Businesses Will Benefit when CBN’s Cashless Infrastructure Comes Through in 2025
SME

Here’s Why Businesses Will Benefit when CBN’s Cashless Infrastructure Comes Through in 2025

by Blessing Osazuwa
January 5, 2023
0

The Central Bank of Nigeria recently disclosed in a document that cash-based transactions would reduce by 2025. According to the...

Read more
How Panaramic founders grew a business out of cartooning Nigeria’s history
Brand Insights

How Panaramic founders grew a business out of cartooning Nigeria’s history

by Ruth Okwumbu-Imafidon
January 3, 2023
0

Many Nigerian millennials grew up reading comic books watching tv animation shows that featured toon characters that looked nothing like...

Read more
76 % of African exports rejected annually due to poor quality – Professor Oramah
Trending News

Fuel supply crisis to end soon – IPMAN

by Ruth Okwumbu-Imafidon
December 29, 2022
0

The President of the Independent Petroleum Association of Nigeria, IPMAN, Mr. Chinedu Okoronkwo, has assured that once all independent marketers...

Read more
76 % of African exports rejected annually due to poor quality – Professor Oramah
Trending News

76 % of African exports rejected annually due to poor quality – Professor Oramah

by Ruth Okwumbu-Imafidon
December 29, 2022
0

President and Chairman of the Board of Trustees (BoT) African Export–Import Bank, Afrixembank, Prof. Benedict Oramah, has said that about...

Read more
Gates Foundation equips women farmers through agro marketing workshop
SME

Gates Foundation equips women farmers through agro marketing workshop

by Blessing Osazuwa
December 27, 2022
0

No fewer than 500 women farmers have been equipped with commodity and grading skills for competitive marketing of their produce,...

Read more
Lekki Port ready for commercial operations
Trending News

Lekki Port ready for commercial operations

by Ruth Okwumbu-Imafidon
December 22, 2022
0

Managing Director of the Lekki Port LFTZ Enterprise Limited, LPLEL, Mr. Du Ruogang has said that newly completed Lekki Deep...

Read more
The New CBN Cash Withdrawal Policy; What will happen to MSMEs now?
Trending News

CBN raises weekly cash withdrawal limit for individuals & corporate bodies

by Ruth Okwumbu-Imafidon
December 22, 2022
0

The Central Bank of Nigeria (CBN) has raised the weekly cash withdrawal limits set for individuals and Corporate Organisations to...

Read more
Load More
Next Post
Do You Know Tiwa Works?

Do You Know Tiwa Works?

Please login to join discussion

Recent News

5 Key Takeaways from Spotify's Business Model: How Small Business Owners Can Increase Success and Build a Sustainable, Profitable Business

5 Key Takeaways from Spotify’s Business Model: How Small Business Owners Can Increase Success and Build a Sustainable, Profitable Business

January 26, 2023
Borrowing From Friends & Family Made Easy With These Four Steps

Borrowing From Friends & Family Made Easy With These Four Steps

January 26, 2023
Business ideas that Nigerians could develop that will appeal to both local and international customers

Business ideas that Nigerians could develop that will appeal to both local and international customers

January 25, 2023
Do not do these 5 things when you’re behind schedule in delivering orders to customers

Do not do these 5 things when you’re behind schedule in delivering orders to customers

January 25, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur