Tips to keep your business ahead of the game
Aug 26 2019
Tips to keep your business ahead of the game
Whether it is evolving technology or changing consumer expectations it’s a fast-paced and highly competitive environment out there so, it is important that you stay ahead of the game. Here are some ideas, tips and trends to look out for.
Personalisation will be critical
Personalisation is important for customers, as it helps to make them feel like you care about them. Some ways to do that for example are – going the extra mile to include a thank you note in purchases, and addressing customers by their preferred name via email marketing, face to face and on the phone, walking a customer to your front door and thanking them for being a valued customer can all help to influence repeat business. After all, everyone likes to feel valued and as we must understand our customers are one of our most important assets in our business.
Taking it further, statistics show personalisation can boost email open rates and click-through rates, while consumers are more likely to be responsive to personalised offers and discounts.
- When an email is not personalized, 52% of customers say they’ll find somewhere else to go – Salesforce.
- 82% of marketers reported an increase in open rates through email personalization, 75% believe it yields higher click-through rates. – Adestra.
- 74% of marketers said that targeted messages and personalization of emails improves customer engagement rates. – eConsultancy.
Customer reviews and word of mouth can be a powerful influencer for new business
There’s nothing like the persuasive effect of peer opinions when it comes to swaying a potential customer’s buying decision. Research highlights that 91 % of people regularly or occasionally read online reviews, and 84 % trust online reviews as much as a personal recommendation. This is why including testimonials and customer reviews on your website and on other marketing collateral will become increasingly important now and in the future.
So, why not take every opportunity to build and highlight a number of positive reviews. Some examples – invite customers to take a customer satisfaction survey after making a purchase, as many as 68 % of customers could leave a review if asked.
Listening to your customers is the best way to improve your business — and get ideas for new services/products. And, if you do receive a negative review, take this as an opportunity to gain valuable insights for improvement, as well as a second chance to turn an unhappy customer into a satisfied one or a raving fan. Bad reviews are a huge opportunity, not a problem. The opportunity once a negative comment or bad feedback comes in is to address it and turn it around. The customer will then be even more impressed and will typically tell people about the great experience.
Cybersecurity is essential
Recently the World Economic Forum revealed that cyber-attacks are now in the top five risks to doing business. The scary thing is that they are becoming a growing concern, largely because it’s easier to launch an attack thanks to the sprawling internet of things and increasing digitisation.
Now and into the future, it will be crucial to have sophisticated cybersecurity measures in place for your website and business online presence while ensuring they’re kept up-to-date to help minimise the risks to your business and customers.
When choosing website security elements for your website, look to a provider who can offer around the clock support and increased protection.
The Rise Of Experiential Retail
We are living in the experience age. The old model was one of in-store (and even online) retail strictly focused on products being sold. However, over the last 5 or so years consumers have slowly but surely been moving away from strictly shopping for products, instead seeking a more engaging experience. The trend has been driven largely by millenials and their preference for experiences over things.
Even so, simply remodeling a store isn’t enough. There are shop closures every day and the brands that do survive will have done so by creating great experiences. Stores like Sephora, for example, have rethought their stores by combining traditional elements with mobile apps and activities that are completely unrelated to making a purchase. Samsung unveiled a $43 million “pop up” that features its products, but doesn’t have any for sale. Now that is different.
The emergence of virtual reality, augmented reality, and improved mobile technology will continue to push retail brands to add layers and new experiences to their traditional retail models.
Shipping will continue to be a major opportunity
This isn’t as they say sexy news, but it is a very important way to differentiate your business from the crowd. The competition for the fastest and most cost-effective shipping options may not be news but convenient and efficient delivery solutions are still one of the most popular ways in which businesses try to gain a competitive advantage. According to one survey, 91 per cent of consumers said free shipping would make them more likely to be a repeat customer while 90% say free returns are very important. Zappos an on line retailer in the USA offers free shipping and free returns and they state that the pay-off is customer loyalty:”75% of sales come from repeat customers”. With these compelling statistics in mind, now could be the time to get your shipping methods ship-shape – that is if you haven’t already.
We truly hope the above trends and thoughts help you consider your business in depth and help you make changes where required.
The Global Business Camp event coming up on the 23rd to the 25th of March 2020 is vital in this dynamic time.
Do not miss out, register on the link below now and pay the event off over the next 7 months. Find out how to tackle the above and much more.