Did you know that the typical small business has about a 50% chance of surviving the first 5 years?
If you’re an aspiring business owner or entrepreneur, those odds aren’t necessarily in your favor. So, how do you overcome this period and establish a brand that’s designed to last?
By revolving your product around the customer of course!
Here are a few tips on how to boost the success of your newborn business in a dog-eat-dog world, where the consumer knows all.
If you haven’t already, it’s time to rethink the business to customer relationship, considering the accessibility of information these days.
When it comes to managing a business, the internet can act as both a friend and a foe. Because of the internet, the average consumer has the upper hand in terms of transparency.
The thing is, the customer is a key factor for preserving the quality of your brand and just one bad experience has the potential to pull your business down with it.
For this reason, it’s important to take a consumer-centric approach that allows the buyer to personally relate to whatever you are trying to sell or promote.
First, realize that there’s more than just the sell.
While selling a product should most definitely be a top priority of your business, it’s important to focus on the post-sale experience as well.
You obviously want a returning customer, but if you think you can get by with initial purchases alone, then you may want to take a look at the numbers…
Studies show that a 5% increase in customer retention can boost profits anywhere between 25% and 95%!
Have you ever heard the saying: “the customer is always right”?
Well, these percentages speak for themselves and there’s no wonder why so many business models stress the importance of customer service.
Put consumers first and ensure that they know how to take advantage of what you have to offer.
This is why simplicity is key. It not only applies to the accessibility of the product itself but also the advertising that goes into it.
Be straightforward and transparent about your products or services. If not, the internet offers a perfect opportunity for your customers to discover otherwise.
And the last thing you want to do is have an audience that’s untrusting or skeptical.
Like I said, you can easily bypass this through a simplistic business approach that lays everything out on the table; however, you can achieve this by relating to your buyers and speaking their language.
Attract people to your business by showing what your product can do for them.
There’s no harm in displaying the history and achievements of the brand you’ve worked so hard to construct, but highlighting the benefit it has in relation to your customer is far more valuable.
Why not let the personal experiences of your buyers drive the brand instead? If people are pleased with a product, they’re going to want to spread the word. It’s that simple!
Keep your business moving with the customer in mind. Recognize the value they pose to your product and realize that they act hand-in-hand with its overall success.
Over time, you’ll find that it quite literally pays to do so.