I don’t know about you, but I was expecting The Great Gatsby-style parties all 2020.
Unfortunately, we got exactly the opposite: lockdown.
This past year has changed, well, everything.
Because of this, new growth strategies have emerged as consumer behavior and popular demand have shifted. In order to quickly adapt to customer patterns and drive growth, check out the following tips:
1. Shift to a deeper focus.
Most companies have, or currently are, revisiting their growth expectations and scaling back to meet the current reality. They’re identifying new and more narrow targets to focus on, as well as seeking to expand within their current client bases.
2. Grow your brand.
A lot of us have tried a new brand since being home everyday. And based on convenience, value, and availability; most of us will continue to use these brands regardless of what the future holds.
That being said, it’s now more imperative than ever to have an ecommerce presence to help grow your brand. You can also advertise within walled gardens to drive and facilitate growth.
Since consumers are trying new brands, it’s ideal to shift some advertising dollars to these walled gardens and marketplaces. Doing so provides a highly-targeted method for reaching your customers.
3. Concentrate on benefits.
Just as happy customers leave, sometimes unhappy customers stay. Shifting to benefits and outcomes means ensuring your customers can receive the value they seek.
With commodities, consumers are usually fixated on the price. But businesses can overcome the price war with a purpose-driven approach. The benefit becomes less about the product and more about creating a better society. A lot of people stop buying and even boycott businesses that don’t align with their beliefs and ethics.
The customer experience is another major aspect. The new metric to measure alongside the customer satisfaction score (CSAT) and Net Promoter Score (NPS) is time to value (TTV).
TTV measures the time it takes for your customers to achieve their desired outcome or benefit. The quicker you can help them reach their particular milestone, the greater lifetime value they begin to have, and the more ironclad loyalty you create.
With a drastic shift in consumer behavior and popular demand, new opportunities for success have presented themselves. Narrow your focus on fewer personas in order to dive deeper within them. Grow your brand to exponential heights by advertising within walled gardens and marketplaces.
And finally, shift from experiences to benefits and increase your customer retention. Applying these tips will help you be among the successful businesses still standing at the end of 2021. For more tips on driving growth this year, check out the Bizzuka blog.