Find new demographic data

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These new consumers will become loyal customers, reducing your competitors' market share.

Innovation doesn't necessarily mean launching new models a la Tesla. You can even think of Starbucks' successful approach, which has been able to seize seasonal trends by offering drinks and products inspired by Halloween, Christmas, etc.

starbucks halloween campaign
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3. Focus on customer loyalty
Strengthen customer relationships and build loyalty to ghana telegram number database prevent them from choosing a competitor if they offer discounts or new deals.

Gaining market share through referrals and customer satisfaction can increase your business revenue without increasing marketing spend. After all, as an iPhone owner, you’ll be much less likely to choose a shiny new Samsung over another iPhone since you can transfer all your phone data to a new iPhone with one click.

Attracting new demographics goes hand in hand with creating new products and features. Pay attention to gaps in the market that your competitors may not be filling and see if there is an opportunity for you to serve that audience.

The best example is McDonald's expansion of healthy menu options, which shows how the brand is trying to address the growing market of customers who prefer to eat healthy.