Pavel Stepanov is the founder of Virtudesk. He talks about business development and outsourcing.
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Anyone immersed in the business world has a grasp on how dynamic the market's behavior is when it comes to consuming goods and services. Every year, business owners across the country are forced to adapt and find new ways to capture customers' attention. However, previous years have shown us patterns in consumer engagement that entrepreneurs can use as a reference to develop new strategies moving forward.
As we begin the second quarter of 2024, using these insights can make all the difference in continuing to thrive in your respective industry. Here's how business owners can capitalize on the past year’s trends and increase their chances of success.
Remember, consistency is still the key.
As with every year, staying consistent is still one of the most foolproof ways to encourage your consumers to embrace your business. Now, being consistent can mean a lot of things. Internally, I've found consistency can yield benefits for your team, such as improving morale and increasing productivity.
On the external side of your operations, delivering the same (or higher) level of service to your consumer is a trait that’s highly recognized and usually brings more success to your operations. Nearly 80% of customers expect a consistent experience, according to a 2023 Salesforce survey of 14,300 consumers (registration required). Given this, prioritizing quality service can increase your chances of building customer loyalty and establishing your reputation as a competent business.
Explore influencer marketing.
If there’s one thing that influencer marketing has taught businesses, it’s that word-of-mouth is a powerful promotional tool when used effectively. With new influencers seemingly popping up left and right and many consumers being receptive to them, this type of marketing can be an effective strategy for businesses that are looking for a viable way to tap into a specific group of shoppers.
The influencer marketing industry is estimated to reach $24 billion this year, so it looks like this strategy is not showing any signs of slowing down soon. Depending on what your operations need and the products or services you offer, exploring your influencer marketing options could help maximize your efforts.
Level up your customer service experience.
First impressions matter. Aside from how visually striking your website or social media page is, one of the initial factors consumers look for when making a purchase is the quality of the customer service. Zendesk reported that 60% of consumers proceeded with their purchase based on the service they expected to receive, and 73% switched to a competitor after multiple negative customer experiences.
Over the years, I’ve seen an uptick of clients looking for remote employees who can go above and beyond just performing routine customer service responsibilities. Anyone can learn how to do these, but it takes a different skill to resonate with the consumer. That’s why I prioritize emphasizing to my employees the importance of going the extra mile to ensure every consumer has the best experience whenever they explore their client’s products or services.
Prioritize the consumer journey.
Regardless of whether it’s a returning customer or a new one, businesses must strive to provide the best consumer journey. Aside from securing purchases, making every consumer feel valued from the beginning can yield an array of additional benefits for your business in the long run.
A 2023 study by Qualtrics XM Institute shows that customer satisfaction not only influences whether consumers buy a product or service but also affects "consumers’ likelihood to trust, recommend, and purchase more." Depending on your industry, the consumer journey can vary. For example, in my company, our journey begins with a discovery call, where we take the time to guide our clients through the process and assign the necessary employees with round-the-clock availability to ensure all their concerns will be addressed immediately.
Explore the possibilities of going green.
From a consumer’s perspective, many factors influence the decision to purchase a certain product or service. Whether it be price, quality or shipping convenience, these are all valid elements to consider. However, one significant shift in consumer behavior over the past few years is the importance of a brand’s values and environmental priorities.
A report by McKinsey on the fashion industry revealed that 67% of respondents considered sustainable materials a purchasing factor. With this in mind, I believe it’s important for brands to explore the possibilities of embracing the transition to eco-friendly practices; this not only helps the environment but also maximizes the opportunity of tapping into this market of consumers.
Don’t be afraid to get more personal.
Let’s be honest: With all the data and strategies available on the internet, there’s a possibility that competitors within your industry are taking the same approach. In a competitive world where every business is trying to stand out, a unique thing you can do is leverage your brand guidelines and brand identity to see how they can help personalize interactions with your consumers.
Intimacy and personalization are the keys to increasing your chances of acquiring customers. A different study by McKinsey is a testament to this; it highlighted that 71% of consumers go into transactions expecting a personalized interaction, and 76% are dismayed with companies that don’t deliver. Throughout my career, I’ve dealt with entrepreneurs from different industries. Even though they work in different sectors, they all share the same objective of success, which I use as a common ground to establish a connection with my clients.
We’re still not halfway through 2024, which means you have a lot of time to capitalize on consumer behavior trends from the past years and implement them into your operations. In our competitive business world, data is everything, and that luxury helps us evolve with the times and deliver the best service to our consumers. If valued and used correctly, you are one step closer to fulfilling success.
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