Your business must meet the needs of today’s and tomorrow’s customers. Many companies fail in this and do business in the same way for years. While this strategy may work for parts of your business, refusing to change to meet modern needs can cause a company to stagnate and fail.
The “customer of the future” may not be as far away as you think. Right now we have six living generations here in America – and the eldest in Generation Z will be adults in only two years.
Business has changed and will continue to change as our youngest generations grow older and become serious consumers. Here are five predictions you can utilize to envision business expansion:
- Companies with no online presence will be considered nonexistent. Many Millennials and Gen Z people do all of their shopping and much of their living online.
- Online reviews from happy customers will be worth their weight in gold as the web becomes oversaturated with brands.
- With so much online shopping and interaction occurring, product-based businesses will find that quick, efficient shipping and excellent online customer services will be vital elements in creating a good name for themselves.
- A much larger proportion of Generation Z are of Latin descent than any previous generation, so businesses will need to reevaluate their marketing strategies and become far more diverse than we currently see.
- Content will still be critical. Your future customers will combat the online brand saturation with plenty of research about your company, your products, and how they compare to other businesses and products. They won’t be physically comparison shopping, however – but doing it online. You can already see this phenomenon being catered to in companies like Amazon.
You can see that many of these “predictions” have happened already and will only continue to become more and more vital. With so much information about existing and future customers at our fingertips, it’s easy to get lost wondering what the best way to expand your business may be. Here are some simple strategies to help you broaden your customer base now and into the future:
Re-examine your target demographics. The Millennial generation is already in our workforce and is the largest consumer generation in existence at the moment. If you are not already marketing to this demographic group, it’s time you consider doing so.
Embrace technology. New technology seems to be invented at the speed of light, but there are two pieces of tech that have become mainstays in the lives of both employees and consumers. Those are computers and smartphones. There are already youngsters in Generation Z who have never seen a world without smartphones.
This is the reason it’s a great idea to embrace technology right now. If you don’t have a professional looking, mobile-friendly website and a social media presence, your company is missing out on straightforward and low-cost marketing opportunities.
Survey existing customers. Some things like fast service, excellent products, great customer service, and more are important to every customer. Find out what your clients most love about your business – and where they’d like to see improvement – by simply asking them! Discovering what makes customers come back for more can help you bolster those actions and knock out operations or products that don’t make you money.
Be diverse in both hiring and marketing. Many products and services are ideal for all types of people, no matter their skin color or religious backgrounds. Embrace the great melting pot that is Generation Z and begin hiring and promoting to people of all ethnicities and backgrounds.
Gather excellent reviews NOW. Word of mouth has been and will always be the best way to promote your business. The most effective way to spread great word of mouth in modern times is to collect testimonials for your website and encourage customers to review your site on places like Google, Facebook, and Yelp!. Reviews can take some time to gather, so make sure to ask for reviews immediately and often.
Create a fantastic customer service team. No matter what your business is, great customer service is a key strategy to retain clients. Set up a customer service team that can sort out issues both on the phone and online either through email, online chat, social media, or other online environments.
Many businesses do not invest enough in their future. Don’t be one of them! If you would like guidance specific to your company, contact us today. Business Success Consulting Group can provide the consulting services you need to keep your business expanding – across the generations.