Easily, Customer growth is one of the major challenges for any product/company. Acquiring new customers could be a challenging, and sometimes a daunting task for you.
Apart from pouring your time into marketing month after month, you will also have to spend a good amount of budget in paid ads.
Let’s do a little math here.
Say you’ve spent $30 on average, to acquire every customer who pays you $10/month, and you have brought in 1,000 of them.
Total amount spent $30 x 1,000 = $30,000
Your Monthly Revenue: $10 x 1,000 = $10,000
Before you are dreaming about making profits from 4th month, calculate other overhead costs: Server, Salary, Taxes, Rent, Telephone bills etc.
At this rate you are not going to have a profitable product/company; at least not for the first 18 – 24 months.
But again, you will have to spend $30 (or maybe more) to acquire every customer during those months.
Wait.. Whaaaat? But..
Relax. What if I tell you that you can make more business without having to spend on advertisements?
Running a business without ads & get more customers? YES, you heard that right.
Here is the Golden key: Focus on your existing customer base.
Leverage your Why focus on existing customers?
2. Referral Marketing
3. Personalized offers & discounts (for annual / lifetime)
4. Affiliate Marketing
5. Cross promotion