When a recession hits there will be chaos. There will be turmoil. There will be lost customers.
Despite the negativity, the paramount question you ask yourself is: How can I sustain my business in a declining market? How can I have a solid customer flow? How can I create a “sticky business” that people are loyal to and want to come back to?
Now when I say the word ‘sustainable’, I do not mean that these customers are the same customers that you now have. You will have to expand your market. When you expand your market you are able to attract new customers and keep the existing customer flow throughout your business. Less returning customers, although the same customer flow with the newcomers.
Because the fact is, people are still spending money in a recession. However, what they are looking for when they hand their money over is something more!
So what is it that they are looking for?
People are looking for an experience!
People are not always looking for the most amount of features or highest benefit. People are human. They have thoughts, emotions and feelings. This is one of the key factors as to why Apple as a company broke records during the last recession despite mobile phone and laptop sales declining globally. What does Apple give people? They give people an experience. From when you walk in the front door of the store, to when you yell out “Hey Siri” and she knows your name – they are selling you the experience. We all know if we were looking for the highest of tech or the most features and benefits the average consumer would not buy Apple products.
So this is all great information, but how can you utilise this and implement it into your business practice?
14/6/17 8:42 AM
You can do basic things like:
– Getting to know your regular customers names;
– Greeting with a smile;
– Creating a great atmosphere for your customers;
– Following your customers on social media;
– Reposting your customers photos on social media and giving them a shout out However, the most cost effective way to have great customer retention is ensuring your staff know how to effectively communicate with your customers.
And what, you ask, is effective communication?
Lets… break… it… down:
Effective communication is understanding the way that your customers would like to be spoken and communicated to within their model of the world. What I mean by this is, how can you engage with your customers and make them feel significant whilst understanding their world. Who are they? What do they do? Where do their interests lie?
Everyone at an unconscious level wants to feel significant. If we can incorporate this into everyday business, we will create not only long-term customers, but also raving fans throughout any market. This is what I refer to earlier as a “sticky business”.
So if you would like to know how to engage with your customers, make your customers feel important and create a “sticky business” – get in contact with us today to see how we can help you give your customers a stellar experience!