If there’s one word to properly describe 2020, it would be uncertainty. Do you agree? These are uncertain times for each one of us, and business owners have not been spared. However, businesses can choose to see the silver lining and seize the opportunity that comes with the challenges of this so-called new normal. New business trends are emerging, and businesses can take advantage of this to rise up stronger than before.
- Increasing awareness of data importance
Now, both big and small businesses are starting to understand the importance of data and harness its power. No wonder there are many analytics applications and tools on the rise, to help businesses leverage their customer data and create a more effective, targeted marketing campaign to increase sales and lock in customer loyalty. Before the rise of big data trend, businesses have limited ways to know who their loyal customers are, keep track of them, and bring them back to their business from time to time. Now, businesses can know everything about their customers from general data like age, birthday, gender, and demographics, to specific ones like favorite menus or visit frequency!
Businesses who pick up on this trend thus have a clear competitive edge. Yet, it is important to remember that no matter how broad or detailed the data is, it will only be of little use if the business cannot harness it into actionable insights.
Click here if you want to learn more on turning your valuable customer data into impactful marketing campaigns to increase customer retention.
- Focusing on personalized customer experience
Businesses are getting more and more aware that their customer is an individual, and thus require personalized customer experience. Simply showcasing all your products to potential customers will not work. There is too much noise and too many options for the modern customer. Nowadays, customers naturally go towards businesses which offer them personalized service.
A great example of a business that does this is Amazon. If you go to their website, you will see product suggestions that are similar or related to what you have purchased or looked into, instead of irrelevant products. Simply put, it’s attuned to your interests and needs, and you might even end up buying more from them.
This trend is connected to the first one. When we know our customers better, when we understand their preferences and needs, we can provide campaigns, services, and experiences tailored specifically for them.
- Relying on advocates
Nowadays, simply posting your product on the largest billboard by the most crowded part of the city is not that effective anymore. Even relying on macro-influencers on social media to endorse or promote your product won’t do much, as customers realize they have less credibility and thus do not fully trust them. So, what works?
Position yourself as a customer. What is usually the most powerful way that will get you to purchase a certain product? We’re guessing it’s the recommendation of a friend or family member. A simple, “I visited this restaurant last weekend and it was really good," or “I got my haircut in this salon, look at the result!” will easily convince us sooner or later. We naturally trust those we know personally. As a business owner, what better way to increase sales and gain loyal customers than hundreds of customers excitedly advocating for your product or service?
Thus, your business can create advocates by incentivizing your customers when they become your advocates by referring your business to a friend. With the tools we provide, it’s simple, trackable, and measurable!
- Crowding the digital market
This trend is mostly a result of the COVID-19 pandemic, pressing the pause button on our old routines. Customers are now more skeptical than ever even to step out of their homes. Businesses are shifting to various online channels to maintain sales and attract customers. However, this can cause overcrowding in the online channel. A customer looking for a certain product will end up finding several similar businesses that offer the same product and perhaps choose the one with the best deal. This is not a sustainable way for your business to run.
Continuing from the trend of advocates that we previously mentioned, we believe businesses can take the digital market trend one step ahead, by turning advocates into resellers of their products. This way, your business can claim its presence in a previously untapped channel, where advocates-turned-resellers can market your products to their friends, family and relatives for a commission, completely digital. Click here to learn more about the emerging digital social selling trend!
These times are not the friendliest for businesses, but great business owners always choose to look ahead and embrace the new reality of the business industry. Instead of resisting change and adhering to old strategies, they use the current situation to their advantage and ultimately sustain their business. We’ll be happy to assist you too, so don’t hesitate to contact us and learn more!