Recession or not; A CRUCIAL factor your business NEEDS in order to survive.
Right now, there’s a lot of talk about an upcoming recession. With trade wars, Brexit, some countries with their own problems, it looks like we're in for a bumpy ride, at least.
But, regardless of whether a recession is coming or not, there's one thing you need to take care of in your business or brand.
In my opinion, this is the only thing that keeps you in business, and it's the main thing that can put you out of business, if you're not careful.
People who do business with you!
In today's world, losing a customer is really easy. With the non-existent barrier of entry for almost any industry / niche, anybody can pop up and grab your market share, anytime.
Unless you make it difficult for them.
By treating your customers right.
Businesses spend the top dollar, when it comes to acquiring new customers / business, branding, PR. But most of them don't give much hoot, when it comes to their already-established customers.
Most of them think that their customers will stay loyal to their brand, no matter what.
Well, I hate to break it up to you, but your customers don't care about your brand. They only care about the value your brand represents, and what's in it for them.
So, if you don't treat your customers right, one of two things will happen.
A recession hits for real, and your customers cut down what they spend on your brand, since you don't mean much for them anyway.
Someone else is going to pop up in the marketplace (it's just a matter of time), and start sucking up all of your market share, by exploiting the fact that you don't treat your customers right. Since it's actually true, it wonttake much convincing to break them up from your brand.
Or both can happen.
So, folks. Go the extra mile to make sure that your customers understand that you value them, and actually listen to them. Pay attention to analytics. Listen to what the statistics and numbers tell you.
Customers may be right. Or maybe they're not. Either way, THEY are the ones who are paying YOU.
NEVER forget that.