By | Ihor Dubovetskyi | www.entrepreneur.com
The current state of the market allows us to single out several significant tendencies:
- Direct-to-consumer competition is rising. Although retail business doors have reopened, ecommerce sales aren’t slowing, resulting in an influx of DTC brands competing for customer attention.
- Advertising costs are skyrocketing across platforms. Digital advertising costs are eating up marketing budgets, putting performance marketing models in jeopardy.
- Customer acquisition and retention are tougher than ever. As more businesses are online, it’s harder and harder to find new customers. Paid ads are getting really expensive.
- Brand building is and will be the major way of attracting and retaining customers. Businesses can also overcome the ever-growing competition by investing in brand building.
Deriving from these trends are the important thing to keep in mind.
Positive customer experience is everything
Some trends never fade, and one of them is positive customer experience. The most successful companies have come to realize that customer service is not something that comes and goes but something that should be an inherent part of their culture. Eighty-four percent of individuals state that the experience provided by a company is just as critical to them as the product they’ve purchased from that company. If a company wants to survive and thrive, its customers should feel valued and appreciated throughout the relationship.