Every businessman or entrepreneur plans to increase the sales of the company. In the process of multiplying the customer base, different techniques and methods are adapted. One sure way to grow your business and increase your market share is by convincing your competition's customers. In other words, it can be said stealing your competitor's customers. In different industry parlance, it is called by various names, for example, it is called MNP (Mobile Number Portability) in the telecom industry. “Stealing customers” might seem a little too crafty or unethical.
It is not just acquiring new customers for your business; one should also worry about losing customers to your competition. Getting customers to switch from your competition without appearing desperate makes it even more challenging.
Target the competitor’s customers – convince them that your business & services are far better than the one they are using; this requires a lot of care strategies. You want to prove that your product is better whilst still preserving your ethical integrity. Extensive research is the best way to do this. As the saying goes, knowledge is power. There are various ways to ethically steal your competitors’ customers, but here at present we shall discuss one method i.e. nurturing. Nurturing is the continuous process to be followed till the customer is completely convinced to move out or reject. Can discuss other methods of customer migration in the future.
Data of customers is collected by the sales & marketing team by various methods. Once it is evident that a particular customer is from your competitor then it becomes apparent how to move the customer to our base. Here the things become dicey will the customer shift to your company if not should we keep influencing, convincing, and swaying till he shifts. Irrespective of the outcome customer cajoling and nurturing have to be done. During the ingeniously crafted process, the customer might change his mind either for service or for product feature which is not available at present with him.
It’s always better to follow the multi-channel lead nurturing process. We should be in continuous touch with the customer with the targeted content. Research has to be done about the customer needs and necessities. Your targeted content should be designed based on the company’s interests, goals, and objectives. To achieve all this with ease and perfection we all need to have a CRM like Toolyt. A marketing automation platform that will help you identify, segment, and target your potential customers. Lead nurturing is still in a nascent stage.
Targeted personalized emails also have less than 20% email open rate and a small percentage of conversion to sales. A lack of effective lead nurturing is the common cause of the poor migration rate. It essential to look for new lead nurturing tactics and technologies.
It is a combination of different methods like marketing automation, email marketing, social media, paid retargeting, dynamic website content and direct sales outreach – to be employed as a part of incessant nurturing. As there are so many tactics involved, to execute this properly, you really need to ensure that you use the best CRM like Toolyt.