With the rate at which technology and business management are improving, 2016 is set to be another exciting year for the business world. These are the top five trends that will drive business success in 2016.
Measuring and Delivering Solutions
Businesses and individual consumers buy products because they expect those products to solve a particular problem. If a product does not live up to its promise, trust is broken and repeat business is less likely to occur. Companies that are more focused on measuring and delivering effective results will be able to charge even more for their products and services. A quality product or service will always be able to demand a higher price.
Differentiation Based on Service Rather than Price
In today’s technologically-driven world, consumers can quickly and easily compare prices. This level of transparency has made it nearly impossible for one company to charge more than another on an identical item. Businesses are realising that in order to capture market share, they have to focus on the quality of their service.
For example, if you want to purchase a new washing machine, and you know the make and model of the machine you want, it only takes a few minutes to go online and see what the appliance stores in your area are charging for that specific item. In most cases, all of those stores will be charging very similar prices. Therefore, you will likely decide which store will get your business based on that store’s perceived level of customer service.
Customer Service Corporate Culture
What do you think costs more: keeping a customer or attracting a new one? The answer is that it’s always more expensive to attract a new customer. Because of this, companies need to do whatever it takes to keep their existing client base happy and engaged. Consumers, who are becoming increasingly wary about falling prey to manipulation tactics, no longer wish to be targets of elaborate marketing strategies. Instead, they want to be assured that they will have an amazing customer experience when they engage with a particular company. Businesses that understand the growing importance of customer service will capture market share.
Society has shifted from an industrial economy to a connection economy. Consumers reward businesses that create personal connections. Facebook, for example, is the world’s largest media company, even though it creates zero content. It instead facilitates interpersonal connections. AirBnB is the largest accommodations provider, despite not owning any real estate, but its success comes from its ability to connect those with accommodations to those needing them. Successful businesses recognize and capitalize on consumers’ desires for these connections.
Integrating Market Content into Sales Strategy
Consumers are researching products before they buy like never before. Businesses have two choices: they can either allow consumers to find information on their own, which will likely be consumer reviews, or they need to be educators, imparting information in a way to makes potential buyers feel confident about purchasing a particular product. Consumers do not want to be sold to using traditional means.
The commonality between these five trends is a commitment to customer service. Customers want to feel that their needs are being heard and respected. When you personalize your audience’s experience to your business, you build a positive reputation and increase consumer loyalty.
Rick Meekins is the Managing Consultant at Aepiphanni, the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth. Our entrepreneurial multidisciplinary team works with clients to develop differentiating solutions and provide direction focused on lasting, strategic results. We exist to help our clients CREATE | DESIGN | BUILD extraordinary businesses.
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Rick Meekins is the Managing Partner at Aepiphanni, a Business Consultancy, an Atlanta, GA based small business consultancy that provides Management Consulting, Implementation and Managed Services to business leaders and entrepreneurs seeking to improve or expand operations.