6 strategies to sustaining business relevance
In our current business atmosphere, all competitors are trying to keep their current customers and to get more by using different techniques.
Previously, marketing and sales experts were trying to keep and to enhance their number of customers by using loyalty techniques such as providing incentives, bigger discounts or subscription methods to provide lower prices and to keep customers on board.
Based on research done by Kantar Retail, 71% of customers don't follow a company only due to attractive incentives.
Then what should be the next approach?
The next approach is not as easy as before. It needs a deep study, great endeavor, and smart planning. We can call it: "Business Relevance"
To make it simple, we would like to explain that if customers are not looking for incentives then how else can we attract them?
This topic needs hours and hours of discussion but to open the basic items, we can discuss the 6 following strategies briefly:
1. Custom made: people would love to see products and services designed and produced for their specific problems. The more we live in this world, the more problems and expectations are getting complicated.
For example, in electric vehicles, companies not only create options for connectivity, more comfort or joy but they also make different ranges for batteries based on the purpose of use. If you are buying a small car only used for shopping around your house and picking up your kids from school then you don't need to pay for a bigger and more expensive battery. The more custom made your products are, the deeper relationship you create between your product or service and your customer.
2. Collaboration with your customer: It is not only about getting feedback and listening anymore. Nowadays it's about building success together. Clients and customers should feel that cooperation. Sometimes, we should invite them to advise and sometimes we should involve them in some processes. Of course, the policies and the methods should be well defined by board members and directors.
3. The excitement and good feeling: Successful brands create positive feelings that are lasting long. Tesla customers are proud of their products since the car by itself shows that the owner is environmentally aware of the situation of the earth. BMW owners are excited about the luxurious brand, speed, and comfort. They feel it and they enjoy it.
4. Same values and objectives: Customers should feel that they are sharing the same values with the company. It gives them a feeling to support the product even more.
People who are keeping pets at home are very sensitive to animals' rights and freedom. If a company is producing pet food as an example, it would be very nice if the company donates free food for homeless animals or helps animal shelters in their programs. Customers are not ATMs just to pay us the money. They have feelings and common values make them excited.
5. Reliability and safety. Customers would like to trust the products' functionality. They would like to believe that companies care about them.
On December 24th, Boeing CEO, Dennis Muilenburg resigned due to all problems that 737 Max created. In one word that plane was not safe and reliable and airlines and people lost their trust.
6. Going the extra mile. This is what creates a competitive advantage. Smart business leaders try to figure out how they can keep their customers happier by going the extra mile.
A simple example can be delivering before the due date.
This is different than offering a big discount as a focus on loyalty.
There is no one size fit all solution for making your business relevant but the more you know your customer, the better you can partner with them.
That's the key!