Market development: attract new customers

[mouakter13]

You may already be a pro at customer retention, but what about customer acquisition? If you don't have a market development strategy in place to attract new customers, you could be missing out on a significant portion of the market. This is especially important if sales of your existing products are stagnating or you want to expand your reach by expanding into a new region or trying to reach a new audience.

If companies do not open up new markets with their products and services, sales and profits can collapse. Especially today, after the Corona crisis has turned many traditional sales channels upside down due to safety japan city name list measures and supply chain disruptions, new markets are more important than ever.

Take, for example, a local gym that had to close at the beginning of the pandemic. To avoid losing its members, it quickly moved its classes online. It also created a comprehensive video library of on-demand workouts so that it wouldn't be outdone by cheaper fitness apps. However, to increase its sales, the gym needed to attract new members even during the pandemic. So it developed a bonus system for new customers, which included a gift card for the in-house wellness shop (which also helped the shop's sales!). New members were also entitled to discounted training sessions with a personal trainer or in small groups - while observing all social distancing rules - something an online fitness app cannot offer.

So instead of losing members due to the corona crisis, the gym was actually able to increase its customer base . The key to this was tailored and locally available offers that impersonal fitness apps cannot compete with.