On today’s Business Beat, Jeff Sloan tells small businesses what they need to do to keep customers happy.
Tune in below to learn more about the Raydiant survey results on what consumers want:
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Good morning, Paul!
Ever heard the old saying the customer’s king? Indeed, we all have and the fact is, it’s true. The customer is the one who ultimately drives success or failure of a given business. Serve them right and take care of them and you’ve got a customer for life, but if you don’t, especially in today’s environment, you’re cooked. So, what does this mean for small businesses today?
First and foremost, it means you cannot lose touch with the ever-changing consumer tastes and trends if you want to remain relevant and profitable. And now a new study by Raydiant has just been published, the State of Consumer Behavior 2022. And this study highlights a couple of really key areas of focus to pay attention to given how consumers placed importance on choosing the stores they do business.
Number 1: Shoppers want memorable experiences these days. It’s not all about shopping and buying. It’s also about the experience a consumer has doing it. Seventy-seven percent of consumers believe that the in-store experience is critical to deciding where they shop and if, and what, they buy.
Number 2: Shoppers today are demanding value. We know that today the dollar doesn’t go as far as it used to. Purchasing power has shrunk, so consumers are focused on getting the most value they can from their spend. How to provide more value. 25% of those surveyed indicated that they love seeing in-store discounts. They say that’s the surest way to provide added value for their spend and dazzle them as a customer.
So if you’re a retailer that plans to be around in 2023, keep these consumer priorities in mind and make sure you execute on them.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.