With the rise in online shopping and more choice than ever in every industry, traditional brands can no longer get by on reputation alone. Customers are more likely to compare prices and research before purchasing, meaning your business can lose out if it doesn’t take note. Many old brands take their customers for granted when customers now have all the power – they can switch brands and products with the click of a button or two. This means that businesses must constantly be thinking of new ways to retain customers.
In this article, we delve into four of the reasons that customers are choosing to turn away from the old and set their sights on newer brands.
Not Listening To What Customers Want
At the end of the day, the saying is “the customer is always right”. Many old brands change up their branding, shut down branches, stop stocking popular products, and don’t listen to customers once they’ve made a business decision. Of course, brands cannot consult customers on every single choice they make but for bigger decisions, they should. It can be something as simple as asking for feedback. Some of the best survey platforms allow companies to ask detailed questions, simple yes/no questions and get ratings out of 10. The best way to get to know your customers is to just ask them! Entice them with a giveaway or entry to a prize draw for even more responses.
Failure To Diversify Or Niche Down
In today’s markets, businesses need to either offer a range of products and services or niche down and offer something no other business does. Whilst it’s great that companies experiment, any additions to their portfolios must be relevant. Widening product ranges, collaborating with other companies, and scaling multiple brands under an umbrella company are great ways to start the process of expansion. However, if the business seems to be growing for no particular reason and is not bringing customers along for the journey, it will not be as successful in the long run.
No Online Ordering System
It is a travesty that in 2021, some businesses do not have a website, let alone an online shop. Whilst there are some exemptions, 2020 showed us that the businesses that survived were able to turn to their online shops to keep their businesses running. Customers are doing more and more of their shopping online now so it’s a huge market to miss out on. It allows customers from all over the world to purchase from you at any time of the day. Many companies are put off as they think it will be too expensive; however, it will cost more in the long run by not having an online shop. Going digital means that sales will increase, allowing you to make or buy products in bulk. You can also offer free delivery or click and collect for local customers so they feel part of your expansion.
Zero Interaction On Social Media
Traditional brands have been slow to add social media into their marketing mix, despite the fact that it is free to use. Keeping customers updated with what is going on with the company is the best way to form relationships with them and it’s an easy way to get word-of-mouth out there. Many customers will share their experiences with your brand as well as pictures of your products, giving you free user-generated content to use across your channels. You can use social media however you see fit but customer service is still at the forefront of it. Interact with your customers, solve their problems promptly and you will see sales increase.
Customers are far savvier than ever before so brands cannot afford to rely on loyalty anymore. By making changes suggested by your customers, you can keep them in your customer base for even longer.