Daily Data 📈
Relationships between businesses and consumers have done cartwheels over the last few years, and the avenues by which new small businesses and subscription box options connect with potential customers makes it seem like a brave new world. What can you be sure of, as you set course for with your own strategies?
We've got plenty of data to share with you this week, but let's warm up with a few tidbits about value.
According to the 2022 Digital Consumer Trends Index by The Wise Marketer, value is a significant driver of customer loyalty. But what signifies value? Interestingly, not necessarily product or price, but ease of access and customization are standout value-adds.
Down the line, you'll need to sort out who are your loyal customers versus your habitual customers. But to get that far, consider strategies that allow your customer to build an experience that works for them.
Is Your Small Business Cutting Through the Noise?
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In our consumer-driven world, something is always competing for our attention. If it’s not billboards on the interstate or ad spots before a Youtube video, it’s going to be TV commercials, radio ads, mailers, and algorithm-driven social media solicitations.
And guess what? The people behind those ads probably have more money than you. They’re probably a better-established business. As an entrepreneur or new business owner, you’re in for an uphill battle to be heard and valued above the rest.
7 Customer Service Statistics That Are Kind Of Shocking
While new customers are exciting, it’s the ones that keep coming back that make up the foundation for a good, lasting business.
If you don't believe us, we have seven certifiable sources to back up why you can't skimp on customer service.
The Word
Check out our recommended reading for the week:
- How to Build a Customer Care Plan for Your Small Business (The Ascent)
- We like this definition of customer care, and how it compares to our everyday, less "human" experiences with customer service.
- Why should you care? Small businesses—heck, any business—can't afford to take shortcuts on this.
- Fast Growth May Be the Brass Ring in Business, but Not If It Comes at the Expense of Your Company (Inc)
- What happens when your approach to customer service still leads to a negative interaction? Like, a major one?
- Why should you care? Learning from your mistakes is an essential aspect of business.
- There Is Shadow Inflation Happening All Around Us (NY Times)
- We've talked about value that effective customer service can provide. So is there a literal cost when that service gets rolled back?
- Why should you care? Entrepreneurs are dealing with inflation, same as consumers. Hiding the ball makes things worse.
