Business owners set up business strategies to meet consumers’ demands and adjust the strategies if necessary as the market is ever-changing. It is a known metric that customers or consumers are the lifelines of every business.
Characteristics of modern consumers
Kevin Stirtz said, ‘Know what your customers want most and what your company does best. Focus on where those two meet’.
Understanding a little about your modern consumers can help business owners grow exponentially, especially SMEs, as their consumers are thinner.
Modern Consumers are:
- Personalised services and products,
- Convenience as the new norm,
- Personal treatment, and
- Desire to buy from “awesome” companies.
Quoting Mahatma Gandhi: ‘A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favor by allowing us to do so’.
Mahatma highlighted a key point, which in summary stands that businesses are dependent on the consumer or customers to make the most out of the market to strive and make sales.
However, as hinted earlier, some strategies need to be implemented to make the most of the consumer. Yet, it is safe to note that customers can be likened to the market, which is volatile; similarly, customers are volatile, and the need for business owners to adjust their strategies is ever paramount.
Identifying the right strategies is sometimes seen as an easy feat. However, we consider some factors that should embody the idea of the product or the value of the business.
How do you get your message to your modern consumers effectively? How to boost visibility, increase sales and sustain profit with a converting offer? There are so much catching consumers’ attention, from social media to blogs, ads, SEO; it is easy to see many business strategists frustrated.
Fast-thinking strategists or business owners join the fray. Many entrepreneurs work “in” their business that they forget to work “on” their business. Hence, some business owners neglect the right marketing strategies that help fuel our business growth.
We draw the line to consumers, who have changed substantially over the past eight years. That is due to advancements in technology; businesses are getting new possibilities for fulfilling the demanding request of consumers.
Business Strategies to meet demands of modern consumers
Several businesses are challenged with problems. There is an urgent need for increased visibility to improve sales; money needs to be spent to achieve that. However, what happens when the well runs dry?
There is a need to research strategies to work on shoestring budgets to reach modern consumers without breaking banks. All that is required is the availability of time.
Leverage Social media
Social media have become more personalised and suitable for modern consumers as it remains in sync with their characteristics. This variant cannot be ignored or overemphasised because that is where the “magic” happens.
Some businesses have been built entirely on the back of social media, especially since the rise of Covid-19 and the lockdown. That challenge made business owners reconsider their physical reach to consumers.
Social media can be intimidating and sometimes difficult to navigate due to its personalised feature. Also, the media market can be crowded, but hiring a social media manager can reduce its difficulty. Yet, SMEs, limited on finances, can reach their own by being one with your business value.
- Be authentic
- Post your thoughts that touch human emotions
- Post your product
- Post educating things about you and your business.
- Use direct messages on platforms like Instagram and Twitter to communicate with other successful businesses and potential consumers.
Start a blog
Blogs provide content on a product page that helps modern consumers use their mobile devices to make a buying decision or learn more about a service. A blog can be updated daily or weekly; that depends on the strategy’s goal.
Companies feature guest blog writers to confirm and educate modern consumers. Sharing blog posts across social media expands the audience and consumer base. An example: https://www.jumia.com.ng/ an online shopping outlet.
Maximise Search engine optimization (SEO)
SEO keywords or phrases are inputted into a search engine to locate a particular subject or answer a query. Web browsers, e.g., Google, are designed to search keywords or phrases on websites and present users’ results.
Such keywords can be Business news, shopping, books, etc.
Effective SEO can place a business at the top of search engine results; it is also a powerful way to target modern consumers. While keywords are valuable, companies must also create engaging content that offers value.
A prime example is https://bizwatchnigeria.ng/
This online newspaper website creates engaging business-related news and offers for consumers seeking to know business ideas and strategies.
Call to action (CTA)
A call to action can be a question, a suggestion, or to create a sense of urgency that meets the personalised characteristic of modern consumers. CTA is a prompt for the consumers to ask questions, follow up, or decide. They are made to pull the ever-changing attention of consumers.
Engage consumers with chat
Engaging consumers using the direct message is a great way to answer consumers’ questions or solve problems right away. Some modern consumers find it challenging to visit a physical outlet. The like of banks and online shopping outlets make good use of these to keep their consumers engaged and happy. Some chat features can transfer the chat to the consumer’s device, leaving the business’ website but not the interaction.
Build an affiliate program
Affiliate programs mean your consumers do the selling for you. They serve as a medium to reach their personalised group, thereby reaching wider consumers. An affiliate also receives an incentive for every sale or referral to the business that comes through the website, which serves as a motivator. The higher the referrals, the more the incentive.
Affiliates get people to talk about a product, expand awareness and educate consumers.
Other business strategies to adjust to that meets the demands of modern consumers are:
- Partnership with influencers has a wider reach and influence on modern consumers.
- Build a mailing list with email marketing; this can help businesses offer incentives that encourage consumers to return.
- Host webinars.
- Build a good lead magnet
- Use Facebook with ads-retargeting
- Use LinkedIn the right way
