So, I recently read an article in a local paper that really stuck with me. It was about how local businesses are struggling because people aren’t supporting them like they used to. While I totally agree that we should support small businesses whenever we can, the article seemed to put all the blame on consumers, painting them as selfish for choosing to spend their hard-earned money elsewhere. That really rubbed me the wrong way.
Yes, supporting local is crucial, but here’s the truth: businesses aren’t blameless in this situation. Consumers' expectations and requirements have changed, and if you’re not willing to meet them where they are, you risk losing customers.
So, what’s driving these shifts in consumer behaviour?
Here are some key factors I’ve noticed:
Connection: Today’s consumers want to support brands that share their values and tell compelling stories. Take Ben & Jerry’s, for instance; they’ve built their reputation not only on funky, pop-culture inspired flavours, but also on their strong activism. Customers feel part of a movement, not just like they’re buying ice cream.
Visibility: In a crowded marketplace, being visible is crucial. This means not just posting regularly but ensuring your branding is powerful and coherent across all platforms. Strong, consistent branding helps establish recognition and trust, making it easier for consumers to remember you. If potential customers see your content frequently, they’re more likely to think of you when they need something. If you post sporadically or fail to maintain a cohesive brand identity, you risk fading into the background.
Accessibility: In a world that’s all about convenience, businesses need to ensure they’re easily accessible. Think about how big chain stores thrive—they provide fast service, and consumers know what to expect. The popularity of self-checkout lanes in supermarkets is a perfect example of this shift. Customers prefer fast and effortless experiences, so if engaging with your business feels like a chore, they’ll likely look elsewhere. Businesses without an online presence or merely a phone number will struggle to reach younger generations. Today’s consumers expect straightforward access to contact or book services online rather than having to visit an office or make a call.
Experience: Customers today want more than just a product; they crave an experience. Think about Apple: they’ve invested heavily in creating an unboxing experience that feels special and smooth. Their stores and websites are designed to provide a unique experience, making the purchase feel more valuable. When customers feel that extra touch, it sets a brand apart.
Trust: Building trust takes time, and consumers are more likely to buy from brands they feel they know. Take the viral Australian bakery Brooki Bakehouse, for example; they’ve generated buzz by sharing behind-the-scenes videos of their processes and products. This isn’t just about selling pastries; it’s about crafting experiences that make customers feel valued. Their known for "The Internet's Favourite Cookies', limited-time flavours, standout pink branding, and the founder’s engaging "day in the life" reels. All this fosters a sense of community and connection, and has contributed to the small bakery's massive success.
Social Currency: According to Jonah Berger in his fantastic book Contagious: Why Things Catch On, the social aspect of consumer decisions is crucial. People want to feel part of something special, often seeking brands that provide a sense of exclusivity or desirability. When consumers perceive your brand as valuable or "cool," they’re more likely to engage and share their experiences. This isn't a new phenomenon; trends come and go, which is why a brand-new business might be busy at first but then fizzle out when the novelty wears off. The key is keeping the hype going. Social proof also plays a significant role here; customers want to see reviews and products in action. If they know someone who had a great experience with your brand, they’re more likely to make a purchase.
Value for Money: Let’s be real—price has become a significant factor in decision-making. Shoppers are doing their homework before spending money, especially with rising costs. A staggering 81% of consumers say they research online before making a purchase. They compare prices, read reviews, and seek the best deals. If your pricing doesn’t align with perceived value, or if you don’t provide an exceptional shopping experience, customers may take their business elsewhere.
In conclusion,
Adapting to the evolving landscape of consumer expectations is not just beneficial; it's essential for survival. If you're a business owner trying to keep up, ensure you're doing as many of these things as possible:
Understand Your Customers: Get to know who they are and what they value. Engage with them on social media, ask for feedback, and listen to their needs.
Prioritize Visibility: Consistently promote your brand across multiple platforms. Make sure your branding is strong and recognizable, whether through social media, advertising, or even effective signage.
Ensure Accessibility: Make it easy for your customers to find and engage with you. This means having a solid online presence, offering straightforward ways to contact you, and ensuring your services are easy to access.
Create Memorable Experiences: Go beyond just selling products; offer experiences that resonate with your audience. Think about how you can make their interactions with your brand unique and enjoyable.
Build Trust and Community: Focus on fostering genuine connections with your audience. Use storytelling, share your journey, and engage them with behind-the-scenes content. This builds loyalty and encourages word-of-mouth referrals.
Offer Value for Money: Be aware of pricing dynamics and ensure your offerings align with perceived value. Shoppers are savvy; they’ll compare, research, and seek the best deals, so make sure you’re providing an exceptional experience that justifies their spending.
Ultimately, the businesses that will thrive are those willing to evolve and meet their customers where they are. Yes, it would be amazing for customers to support small local businesses, but those businesses need to ensure they are not only evolving to meet consumer expectations but also creating products and experiences that resonate with people.
Let’s rise to the occasion and transform our approach to business. Embrace these insights, adapt, and let's work together to ensure our businesses flourish in this new era of business!
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