As we like to say, our current economy certainly doesn’t make it easy for small businesses to survive out there. Despite the fact that you’re well aware of this, however, there might still be mistakes that you’re making in your business model that could eventually end up costing you “big time” down the road.
Are you making these mistakes?
Overestimating Customer Loyalty
You have a strong customer base that is enthusiastic about your products and customer service, but a retail chain just opened up – and offers the same type of product. You aren’t worried, though, because your customers love you and are loyal to you and wouldn’t just ditch you for a miniscule price drop at a big mass merchandise store, right?
A few of them won’t, because they believe in supporting the local community or think they’re sticking it to the big retailers by not purchasing from them, but a lot of them will desert you quickly enough to make your head spin.
Never assume that your customers will stay loyal to you or your business when competition comes, and know that keeping them loyal will require offering them a new incentive to remain so.
Failing to Create New Marketing Campaigns
Again: you have a strong customer base that is enthusiastic and loyal – so why bother coming up with new marketing campaigns? Well, for one thing, you want new customers too, and if you never change your marketing profile, after a while you are just reaching the same group of people that are already buying from you.
It doesn't matter how amazing your product or service is if the people who aren’t already your customers don't know it’s for sale or why they should buy it. If you’ve been using the same marketing tactics for years, it’s time to get out of the rut and bring some new blood into your customer pool.
To keep bringing in new customers, you need to always be branching out into different types of marketing. Don't be hasty in completely dropping a marketing method, of course, but once you have milked an option for all it’s worth, scale back on that one and free up some funds for new tactics.
It’s easy to get complacent in business, especially if you do have what seems like a solid, loyal customer base.
For more information, contact Oates & Company today. We have a long history of helping businesses like yours find the unique angle they need to stand out and succeed.
