Friday, February 25, 2022

6 Demands Of Today’s Me-Centric Customers On Startups

me-centric-customersI’m sure you have all noticed how today’s customers have changed the way they shop, but I still find, as an advisor and consultant, that many of you aren’t sure how to deal with the new mode, or are still waiting for things to get back to the old normal. I’m convinced you need to face reality – success with customers now requires developing a whole new relationship with your customers.

The relationships are online, with influencers other than your advertising and promotions setting the trends, customers deciding where to buy, and how much they’re willing to pay. It’s a radical power shift, which I found outlined well in a new book, “The Metail Economy,” by renowned international retail consultant Joel Bines.

He suggests, and I agree, that connecting with customers these days requires a total rethinking of your strategy and actions. The focus must now be on “ME as the customer,” each embodied in individualized, highly fragmented, and fluid clusters. You don’t tell them what they like – you must let them tell you, along the lines of six key parameters outlined here:

  1. Cost – now customers define and find the bargains. Everyone has their own view of the price-value equation, they listen only to other customers like them, and they have an instant world-wide view of the alternatives. This view can change quickly by location, or time of day, and your challenge is listen to their needs and be there at the right time.

    Customers skip over your ads, and easily find the real best deals through “best value” sites on the Internet. Also, research from Hawk Incentives found that 40 percent of the surveyed consumers say it makes them "feel smarter" when they can find better deals.

  2. Convenience – make the experience memorable for me. Convenience is in the eye of the customer, not your company. It means making your customers believe that you will do whatever it takes to make their lives easier, perhaps even ordering from a competitor if you are out of stock. Customers expect to feel good about the whole experience.

    For example, at every Ritz-Carlton, employees are empowered to spend up to $2,000 per guest to overcome any negatives and make a stay more memorable. The initiative has paid big dividends in customer loyalty and advocacy, as well as employee team spirit.

  3. Category expert – show me that you know what I need. It’s not enough to have everything in a given category. You have to audaciously cultivate a following, to make your business the first place customers think of when they have a relevant problem. That means investing in people, and building trust in your expertise and information provided.

    A positive result of being a recognized category expert is that it gives you the credibility to broaden demand and start new trends, instead of waiting for outside influencers and other customers. Naturally, you then get the lion's share of that increase in demand.

  4. Customization – convince me it was made-for-me. Me’s don’t want to feel like part of the herd. If you can do mass-customization through technology, that is a good start. Then you have to add a personalized experience to make it feel like one at a time. It’s a careful balancing act between investment and the costs you are able to pass on to the customer.

  5. Curation – customers expect a chosen-for-me feeling. “Me” customers become loyal when you to know them so well that you recommend things they wish they had picked. You can use their historical purchase patterns, plus trends from influencers to anticipate future wants. It takes intense attention to detail to create and sustain that special feeling.

  6. Community – make me feel part of something bigger. There are few things more effective at making customers today feel good about themselves and your brand than giving. It’s less about the stuff you sell than the big idea that surrounds it. Work hard and smart to create a space that consistently makes your customers feel they belong.

Of course, it always pays to adapt these evolving customer principles to your own strengths, to cater to the ever more sophisticated, powerful, and demanding consumer. The key to remember is that they are now in charge, not you, and that is not likely to change. But don’t let that keep you from capitalizing on your innovations, your team, and your intelligence to reap the big rewards.

Marty Zwilling

*** First published on Inc.com on 2/10/2022 ***

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1 comment:

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