Categories
Social Marketing

Creating A Market Research Plan

Having a solid market research plan is a critical first step in starting, buying, or growing a successful business.

You may think you have the best idea ever for a business or product, but without laying the proper groundwork, it could easily go the way of the Edsel. Not only do you need to size up the competition, but you also need to identify who will buy your product, how much it will cost, the best approach to selling it and how many people will demand it.

To get answers to these questions, you’ll need a market research plan, which you can create yourself or pay a specialist to create for you. Market research plans define an existing problem and/or outline an opportunity. From there, the marketing strategy is broken down task by task. Your plan should include objectives and the methods that you’ll use to achieve those objectives, along with a time frame for completing the work.

A market research plan should provide a thorough examination of how your product or service will fare in a defined area. It should include:

  1. An examination of the current marketplace and an analysis of the need for your product or service
  2. An assessment of the competition
  3. Data about customers
  4. The direction for your marketing in the upcoming year
  5. Goals to be met

How to create your market research plan

Doing business without having a marketing plan is like driving without directions. You may eventually reach your destination, but there will be many costly and time-consuming mistakes made along the way.

Many entrepreneurs mistakenly believe there is a big demand for their service or product, but, in reality, there may not be, or your prices may be too high or too low, or you may be going into a business with so many restrictions that it’s almost impossible to be successful. A market research plan will help you uncover significant issues or roadblocks.

Step 1. Conduct a comprehensive situation analysis.

One of the first steps in creating your marketing plan is to create a SWOT analysis (strengths, weaknesses, opportunities and threats), which is used to identify your competition, to know how they operate, and then to understand their strengths and weaknesses.

Step 2: Develop clear marketing objectives.

In this section, describe the desired outcome for your marketing plan with realistic and attainable objectives, the targets, and a clear and concise time frame. The most common way to approach this is with marketing objectives, which may include the total number of customers and the retention rate, the average volume of purchases, total market share, and the proportion of your potential market that makes purchases.

Step 3: Make a financial plan.

A financial plan is essential for creating a solid marketing plan. The financial plan answers a range of questions that are critical components of your business, such as how much you intend to sell, what will you charge, how much will it cost to deliver your services or produce your products, how much will it cost for your basic operating expenses and how much financing will you need to operate your business.

In your business plan, be sure to clearly describe who you are, what your business will be about, business goals, and what your inspiration was to buy, begin or grow your business.

Step 4: Determine your target audience.

Once you know what makes you stand out from your competitors and how you’ll market yourself, you should decide who to target with all this information. That’s why your market research plan should clearly delineate your target audience. What are their demographics and how will these qualities affect your plan? How do your company’s current products and services affect which consumers you can realistically make customers? Will that change in the future? All of these questions should be answered in your plan.

Step 5: List your research methods.

Rarely does one research avenue make for a comprehensive market research plan. Instead, your plan should indicate several methods that will be used to determine the market share you can realistically obtain.  This way, you get as much information as possible from as many sources as possible. The result is a more robust path toward establishing the exact footprint you desire for your company.

Step 6: Establish a timeline.

With your plan in place, you’ll need to figure out how long your market research process will take. Project management charts are often helpful in this regard, as they clearly divide tasks and personnel over a timeframe that you have set. No matter which type of project management chart you use, try to build some flexibility into your timeframe. A two-week buffer toward the home stretch comes in handy when a process scheduled for one week takes two – that buffer will keep you on deadline.

Step 7: Acknowledge ethical concerns.

Market research always presents opportunities for ethical missteps. After all, you’ll need to obtain competitor information and sensitive financial data that may not always be readily available. Your market research plan should thus encourage your team to not take any dicey steps to obtain this information. It may be better to state “we could not obtain this competitor information” than to spy on the competitor or pressure their current employees for knowledge. Plus, there’s nothing wrong with simply feeling better about the final state of your plan and how you got it there.

Outsourcing the work

If the thought of trying to create your own market research plan seems daunting or too time-consuming, there are plenty of other people willing to do the work for you.

How to Create a Market Research Plan [Business]

Categories
Human Resource

What is Recruitment

Learn what the recruitment process is and how to implement one for your business.

Hiring an employee may seem like a simple job that anyone can do: Post a job opening online, interview a candidate, and then hire them, right? Recruiting new employees should be treated just as any other important business function would, with experienced professionals taking the reins.

Your employees are your company’s most significant asset; a bad hire can cost your business up to 30% of their first-year earnings, so it is important to choose employees wisely.

“Your employees are the difference between success and failure, yet the [recruitment] process that is used is generally ad hoc, rushed, and has little strategy beyond a post-and-pray approach,” Joe Mullings, founder and CEO of The Mullings Group, told business.com.

Put yourself in the best position to recruit and hire top talent by understanding what recruitment is and how it works.

What is recruitment?

Recruitment is the process of attracting, screening, interviewing, and selecting candidates for an open role in an organization; it can also include hiring and onboarding the chosen candidates.

Businesses recruit new employees because they are either growing and need to fill a new open role, or someone is leaving the company and they need to refill their position. Companies can use recruitment software to find qualified new employees, or they can seek assistance from external agencies.

What are the different types of recruitment?

There are two types of recruitment you can administer: internal and external. Internal recruitment is conducted by looking to your company’s internal network as a source of potential candidates. You can ask current employees for professional referrals, or you can promote an internal employee. If you have more than one business location, you may consider transferring an employee from one location to another.

External recruitment can involve various strategies such as advertising on job boards, posting the open position on your company website and social media accounts, and connecting with educational institutions. Most employers find it beneficial to perform a combination of these recruitment strategies. 

If your company doesn’t have the bandwidth to support all of their open recommendations, a recruitment technique they can adopt is to work with an agency to fill roles more efficiently,” said Sarah Dewey, recruiter and career expert at Jobscan.

Who handles recruiting?

The person(s) who recruits for your organization will vary depending on factors such as your company size and available resources. For example, a small business might delegate recruiting and hiring to the employee who will manage the new hire – also known as the hiring manager. If a company has an in-house human resources (HR) department or HR manager, these professionals will screen the candidates and then consult with the hiring manager before making any final selections.

Companies with internal recruiters or partnerships with recruitment agencies are in the best position, as they can entrust recruiting responsibilities to these experts. A recruiter may consult with an HR manager or hiring manager during the recruiting process, but they do the bulk of the work, such as posting the job, sourcing and screening candidates, negotiating salaries, and placing employees.

What does recruitment involve?

The recruitment process for your company may vary based on the business or individual role you are hiring for. The full recruitment cycle generally, however, includes six steps: defining the open position, sourcing job applicants, screening potential candidates, interviewing qualified candidates, selecting a candidate and extending an offer, and onboarding new hires.

1. Defining the open position

Before you can search for qualified candidates, you need to define the role you are seeking to fill. Identify the key needs the position will fulfill, outline job specifics (e.g., qualification requirements, anticipated start date, pay range, reporting structure, etc.), write a clear job description, and create a standard set of interview questions. Having this information defined ahead of time streamlines the hiring process.

2. Sourcing job applicants

Seeking job applicants is the next step in the recruitment process. You can have a recruiter or recruitment agency handle sourcing; you can ask employees or trusted colleagues for referrals; or you can source candidates through various means, like posting the open position on your company website, job boards, and social media accounts.

There are two types of applicants: active candidates (those who apply to the job directly) and passive candidates (those who are qualified but haven’t expressed direct interest). If you are reaching out to a passive candidate, you will need to tailor your recruiting strategy based on their current level of engagement with your brand.

According to Mullings, candidates will fall into one of these three categories for engagement:

  • The individual knows you, will take your call and will engage with you because of an existing relationship in the marketplace.
  • The candidate may not know you or your company, but they have been referred to you by someone else or may be familiar with your company and/or hiring brand.
  • The individual is not familiar with your company and will require further education about your company and its brand.

3. Screening potential candidates

Once applications start rolling in, you need to filter them to find qualified applicants. Evaluate resumes and cover letters, and then conduct a phone screening for candidates who appear to be a good match. This screening should be brief. Ask each candidate the same set of screening questions to determine if they are qualified for the role. Choose the most qualified candidates to advance to the interview process.

For applicants who did not meet your expectations, thank them for their time, and inform them that you are not continuing the recruitment process with them. Job applicants would rather hear a no than radio silence.

“Be responsive, and don’t burn bridges,” Dewey said. “If you have candidates that aren’t a fit for anything you’re currently hiring for, it does not mean you should ignore them. They may be a perfect fit for something down the road.”

4. Interviewing qualified candidates

The next phase of the recruitment process involves the hiring manager interviewing prospective candidates. They should ask competency-based interview questions, as well as evaluate whether the candidate would be a good fit for the team and company culture. This stage may consist of one or more rounds of interviews. It is during this phase that you will want to contact the candidate’s references.

5. Selecting a candidate and extending an offer

After interviewing and evaluating each candidate, select the one you think would be the best fit. Draft an offer letter and extend it to the potential employee.

During this time, you may want to conduct a background check. In your offer letter, you should state that the job offer is contingent on the results of the background check. Be sure to comply with federal and state laws as you conduct the background check.

For applicants whom you did not select, inform them that you have selected another candidate and thank them for their time. End on a high note, as you never know if you may want to reconsider hiring this candidate if your primary candidate doesn’t accept your offer or at any point in the future.

6. Hiring and onboarding

When the candidate accepts your job offer, the final step is the hiring and onboarding process. This step is usually handled by your company’s HR professionals to ensure the new employee signs all the necessary employment paperwork and is integrated into your business in accordance with labor and employment laws.

Recruitment best practices

The experts we spoke with for this article identified three best practices that can help your business successfully recruit top talent.

Communication

It is important to foster clear communication between recruiters, HR professionals, hiring managers and job applicants throughout the entire recruitment process. Good communication entails posting accurate job descriptions, quickly responding to job applicants (whether it is a yes, a no, or a simple update), and informing all hiring parties about the status of each candidate.

Hum, Sing, Shout

Employee recruitment is a continuous process – it occurs several times throughout the lifecycle of a company. As such, an employer should brand their hiring process to attract and hire top talent when needed.

Mullings suggests companies use the Hum, Sing, Shout Method to stand out from other companies that are recruiting and to attract the type of candidates they have in mind:

  • Hum: Your hiring brand should have a low “hum” in the marketplace. What this means is that your company is “always on.” That is, you are advertising, networking, and are using appropriate branding strategies for your company on social media platforms that are best suited for your company and industry.
  • Sing: During this stage, your company and your efforts to find qualified talent are visible to job seekers. You’re not looking to immediately fill the position, rather, you’re perusing a broader and deeper volume of candidates.
  • Shout: You are ready to hire. You are leveraging social media, job boards and your network to quickly fill the open position. Be sure in the communication platforms you’re using that you are explaining why someone would want to join your team and how they benefit by working with your organization.

Tracking candidates

It is important to track candidates during the entire talent acquisition process. Whether you’re using HR software, an applicant tracking system, or other means, it is important to have a standardized approach so that no one is overlooked and no detail remains unnoticed.

Below is a list of our top choices for HR software that include recruiting and onboarding capabilities:

Paychex Flex review: With Paychex Flex you can publish all of your job openings to top career sites and social media platforms simply through the dashboard. They can even connect you with background check services to screen your applicants before hiring them.

Bamboo HR review: From recruitment to offboarding, Bamboo HR helps you manage all stages of the employee life cycle. You can post and track job openings and distribute them via social media. The software also allows you to review and rate candidates and send offer letters and new hire documents with electronic signature capabilities.

Rippling review: Rippling is our choice for the easiest HR software to implement. Additionally, they claim users can onboard new hires within 90 seconds. With this solution, you can completely customize and automate the onboarding process. It can also run candidates through background checks and e-verification.

“Do your due diligence, and make sure you’re keeping track of what’s going on in your pipeline,” said Dewey. “This helps being able to see your own progress and areas of opportunities. Keeping track of all your candidates and the stages they’re in (along with your data) will save a lot of sanity when hiring managers ask for reports.”

How to Recruit New Employees [Business]

Categories
Technology

Benefits of Digitising Documents

Learn about the benefits of digitizing your documents and how to do it.

As your business progresses from a startup to an established business, the volume of paper documents grows exponentially, and that stockpiled paperwork wastes space and is difficult to manage. One solution is to digitize everything; you can use digital conversion techniques to convert all of your business’s paper documents to electronic versions that are stored either on your own server or in the cloud. This allows you to manage documents more efficiently, without losing critical documents, thereby avoiding damage to your business’s credibility.

What is document scanning?

Document scanning, also called document imaging, is the process of capturing digital images of paper documents. The images of the physical documents are then transformed into a digital format using OCR conversion software. OCR, or optical character recognition, scans document images and turns them into text documents. This intelligent conversion allows documents to be searched with relevant keywords.

Editor’s note: Looking for the right document management system for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

What is document scanning for small businesses?

As a small business owner operating on a shoestring budget, you need to slash redundant costs. Having to search through a vast volume of paper documents could result in lost productivity, as well as require additional space to safely archive it all, and those recurring costs add up.

Document scanning can help small businesses avoid those challenges and, in turn, save money in the long run. You can entrust a document scanning service provider to have paper documents, microfilms, plans, maps, blueprints and other media converted to a digital format. In addition to saving space, converting documents to digital formats makes your documents more secure because you can save them as read-only files, decide who can access each file and encrypt the data.

Digitized files are also easier to access and navigate, leading to improved customer service quality, increased productivity, quicker retrieval of relevant information and alleviation of fear about damaging critical physical documents.

If you have sensitive documents, such as those with financial information, you can use a redaction service to remove sensitive data from the digital files after the paper documents have been scanned.

A data keying service may also be useful after your documents are scanned. This type of service verifies the accuracy of scanned documents and manually inputs information, assuring minimal errors. Data keying allows you to conform to digital data retention stipulations. You just need to specify your preferred layout or format for the data. Digital files can then be incorporated seamlessly into your company’s database.

After all of your paper documents have been scanned and rendered editable, the paper versions can be destroyed, with the exception of documents required for statutory compliance and other legal purposes. The service provider can shred sensitive documents in bulk.

What are the advantages of having scanned documents?

There are many advantages of digitizing your documents. Here are some of the benefits:

  • Share documents easily. It’s faster to share scanned documents digitally than to mail, fax or hand-deliver paper documents. Digitizing also streamlines the document-sharing process, which enhances efficiency and productivity. Digitizing allows many people and multiple departments to access the same document simultaneously, thereby improving collaboration.
  • Store information safely. Scanned documents allow for the safe digital storage of records. Digital files can be safely stored or backed up on remote servers that have high-security protocols in place. In addition, unlike with paper documents, there is virtually no risk of losing or misplacing digital documents, and you can archive and manage digital documents in a structured way.
  • Incorporate digital elements. Scanning allows information to be captured from paper files, films, tapes and other media. Information can be read from barcodes, RFID chips, QR codes and other inputs that can be scanned. The scanned information can be transformed for use with document management systems, enterprise resource planning software, management information system software, customer relationship management toolsand other business applications.
  • Save money and time. You can access and use all scanned documents with just a few clicks, meaning you no longer need to search through heaps of paper files or have a warehouse dedicated to storing papers. According to a 2015 report from eFileCabinet, the average organization spends $20 to file a document, $120 to search for a lost document and $220 to re-create a lost document.
  • Improve customer service. Digitized documents can be indexed with different metadata, which makes it easier and faster for you and your staff to find information and provide it to your customers.
  • Minimize storage space. You no longer need to maintain a separate office space for storing documents. Expenses related to storing paper files can be eliminated.
  • Meet compliance regulations. Some industries have statutory compliance norms mandating that certain documents be maintained in a digital format. With scanning, you can achieve this quickly and inexpensively.
  • Reduce paper waste. As documents are scanned, paper waste is drastically eliminated, thereby discouraging deforestation and saving money. You also save money that would be spent on paper for printing and shredders for proper paper disposal.
  • Increase file accessibility. All scanned files can be uploaded to the cloud or shared. That means anyone with the right credentials can access them from on-site or remote locations, and any information can be searched within editable files in a moment.

What are the different types of document scanning services?

Scanning usually involves using a scanner lens to capture digital images of physical documents. However, basic scans of papers aren’t very useful; because they’re just digital images, all you can do is view them. A reputable scanning service can help you build on the basic functionality of these files by adding the following features:

  • The ability to edit and mark up scanned papers
  • High-resolution images in both color and black and white
  • Different formats for storing at large or small scales

Here are the different types of document scanning services:

  1. Bulk scanning. With this type of document scanning service, high-quality devices scan large numbers of documents in one go. There is no need to handle each paper individually, so the time span of scanning is short.
  2. Large-format scanning. When the physical document is large, such as 54 x 72 inches, a large scanner captures superior-quality images. You can specify the color, size, resolution and file type of the scanned documents. Examples of such files include posters, maps and architectural plans.
  3. OCR scanning. You can get editable scanned files with support for edits using OCR scanning. The scanned file is not in an image format, so you can search for keywords. You can also edit text easily without affecting the original font style.
  4. Microfiche and microfilm scanning.This type of service converts data stored on tapes and microfilms to indexable digital files, making it easier to share, store, access and retrieve digital files.
  5. Off-site and on-site scanning. In off-site scanning, a service provider scans documents at its own location. However, if the documents are classified and sensitive, you need to choose a service that can complete the work on-site so that your documents do not get misplaced or lost during transportation. An authorized person can watch the entire process to prevent any information theft. However, on-site scanning can be slower and more expensive than off-site scanning.

What types of documents can you have scanned?

There is really no limit to the types of documents you can digitize. If you are starting from scratch to convert all of your paper documents to electronic versions, it’s best to prioritize the following types of documents:

  • Official correspondences
  • Financial papers
  • Contractual agreements
  • Medical records
  • HR files
  • Bills and invoices
  • Survey maps
  • Other large documents

After you digitize the documents with a high-quality scanner, the next step is to enter the descriptive information needed to identify files. Using intelligent OCR, you can transform scanned images into readable text, and retrieve, read and share them using different apps.

What are some document digitization and management services?

There are hundreds of document digitization services you can choose from based on your business needs. At business.com, we researched document management services to find the best options for small businesses. To do so, we examined several important factors, such as cost, ease of use and storage capacity. Here are the document digitization and management services we selected as our best picks:

  • Microsoft SharePoint. We chose Microsoft SharePoint as the best document management software because of its familiar interface and tools, including team site, which allows users to organize documents by department. It also encourages collaboration, because with authorization, users from other teams can view or edit documents within other team sites.
  • M-Files. We chose M-Files as the easiest-to-use document management software because it has a very neat and familiar layout, similar to the Windows File Explorer interface. It allows users to do most tasks from a central dashboard and has offline access. Its workflow automation tools also help you organize and assign tasks to the appropriate users.
  • Dokmee. We selected Dokmee as the best secured-document management software because of its impressive safeguards, including audit log features and round-the-clock data monitoring. All user accounts are encrypted and password protected.
  • FileHold Express. We picked FileHold Express as the best scalable document management program because it’s designed for growing teams. It can accommodate between five and 20 users, as well as larger companies through its FileHold Enterprise subscription tiers. Making the switch to these options is quick and inexpensive.

Here are some other popular document management systems:

  • eFileCabinet
  • Zoho
  • Templafy
  • DocuWare
  • Xait
  • Hightail
  • MasterControl

How to choose document management software

Before choosing a document management system, consider your business’s requirements for storage space, sorting and search tools, and security.

Also, think about where you want the system hosted. Do you want an on-site solution or a cloud-based document service that’s managed by a third party?

Look for a service that allows you to set permission restrictions on certain files, because this lets you control which employees have access to certain documents. Additionally, a system that stores your documents in the cloud is ideal because users can access files from any device with an internet connection – an especially important functionality for businesses with remote employees.

The best document management software allows your team to work and collaborate seamlessly. You shouldn’t have to use multiple programs to manage your paperless documents. Make sure your application has imaging tools that work with your scanner, customizable document-creation templates and tools that automatically format scanned files to match office or industry standards. Having a range of workflow automation tools is helpful, as these tools allow you to create, edit, review and approve all scanned documents for your business. You also want a system that lets you import a variety of digital documents, like PDFs, word processing files, spreadsheets and image files.

Why Small Businesses Need to Digitize Documents [Business]

Categories
Business Trends

Walmart Corners More Than 25% E-Commerce Market

The forecast: Walmart edged out Amazon in 2020 as the leading US grocery ecommerce retailer. We expect Walmart to continue outselling Amazon in grocery ecommerce sales through our 2023 projections.

Dive deeper:

  • Walmart overtook Amazon in grocery ecommerce sales in 2020, when sales grew by more than 84% to total $27.13 billion for the big-box store. In comparison, Amazon’s sales grew 63.1% in 2020, hitting $25.79 billion.
  • Walmart’s click-and-collect and Express Delivery services have contributed to its massive ecommerce growth.
  • Amazon is limited in its ability to offer click-and-collect groceries. However, it has expanded its offerings via brick-and-mortar Whole Foods, Amazon Fresh, and Amazon Go stores.
  • We didn’t include Instacart in our rankings of US ecommerce retailers because it’s a service that facilitates sales for grocery retailers. That said, if Instacart were to be ranked, grocery sales through the platform would’ve placed Instacart just below Amazon in the No. 3 spot.

Looking ahead: Although many consumers have returned to in-store shopping, grocery ecommerce will continue to grow as a retail category. Sales will hit $122.39 billion this year and will cross $200 billion in 2024.

Walmart has cornered more than 25% of the US grocery ecommerce market [emarketer]

Categories
Human Resource

Human Like Relationships With Brands

Consumers show similar emotions in relationships in brands as they do with other humans.

  • There are two different types of consumer-brand relationships: exchange relationships and communal relationships.
  • If you want to maintain consumer brand loyalty, you must provide value to your customers.
  • Brands must understand their consumers so they can provide them value in the way they expect it.

Consumers’ relationships with brands are not all that different from relationships with people. Some you genuinely care about, while others are in your life simply because you depend on them. For marketers, understanding the difference between the two kinds of relationships is essential to making sure you know how to deal with your customers.

Marketers who realize this will be in a better position to retain customers and improve the perceptions of consumers who are unhappy with a brand’s service or product.

In one kind of consumer/brand relationship, people relate to the brand based primarily on economic factors. Walmart, for example, attracts customers based on price and value. In what the researchers call a “communal relationship,” consumers relate to the brand based on caring, trust, and partnership. State Farm, for example, sells itself as a “good neighbor.”

What is a brand-customer relationship?

The relationship between brand and customer is a unique one that can have positive outcomes for both parties. Customers develop relationships with brands and think of them as partners. Brands become more human to customers and obtain meaning and value.

Brand awareness

When a brand has built up trust in its customers, brand loyalty begins. If customers find a product they can believe in, then they will be loyal to brands. Companies have to try to create these relationships with customers. That is only the first step. They must then work to maintain and grow the relationship. Customers want to feel fulfilled, either because the product fills a need or because they feel loyal to it. You might have both kinds of customers, and you must find ways to appeal to each type. Offer a product that meets your consumers’ needs and ensures it’s reliable and of the highest quality.

Authenticity

How consumers react to experiences with the brand, both positive and negative, depends on how they like the brand in the first place, researchers said.

Pankaj Aggarwal, a marketing professor at the Rotman School of Management at the University of Toronto Scarborough, and Richard Larrick of Duke University tested brand evaluation after an unfair transaction in 2012. The results still apply today and depended heavily on whether the consumer was in an exchanging brand or a communal one.

In one study, Aggarwal and Larrick set up a situation in which the consumer didn’t get what they paid for and wasn’t reimbursed for a mistake made by the brand. However, when customers were treated with respect and dignity after the error, those who had communal relationships with the brand responded well, possibly because it reassured consumers about the caring nature of their association with the brand.

Trust

Concern from the brand acted as a form of compensation in itself. However, this effect wasn’t found when consumers’ relationships with the brand regarding price and value.

In that case, if the consumers didn’t think they got their proverbial money’s worth, it didn’t move them to reconsider their negative evaluation of the brand.

However, things change when no problem needs addressing with the customer.

What is brand relationship management?

Brand relationship management is a concept that allows businesses to remain constantly engaged with consumers. It intends to create humanlike relationships between the brand and the consumer. A brand relationship is a step away from keeping the correlation transactional only and warrants a deeper focus on the actual connection between both parties.

How to build a brand relationship

While several digital tools improve brand relationships, sometimes these software options can cause more harm than good. You can spin your wheels searching for new leads and achieve short-term gains, but it’s the connection you make with your customers that creates sustainability in the long run.

Consumers are expecting and demanding more from brands today. If they do not see the value in an item, they will not pay a premium price. There is a stronger sense of competition among the brands as consumers have more flexibility in their purchases.

As the market expands and options increase, consumers have become more unpredictable. Therefore, managing brand relationships is purely about the consumer. If a business wants to maintain the consumer-brand relationship, it must create and provide value.

1. Less is more

With all of the customer data collected today, it is tempting to send out several emails noting everything the customer likes. Keep in mind that the more communication you send, the more it could seem like your brand only cares about paying the rent. Be creative. Use high-quality content that engages and interacts with your customer lending a hand to solidifying the customer and brand relationship.

Creating fewer communications that resonate with the customer’s values and behaviors helps sustain brand relationships. Partnering with an influencer that your customers see as authentic can foster brand loyalty. Position yourself as an expert in your industry and ask repeat customers for testimonials.

According to a 2020 survey, over 84% of consumers are more loyal to a brand that aligns with their values. The survey examined four demographics including Gen Z, Millennials, Gen X, and Baby Boomers, and three different locations including the U.S., UK, and Australia.

2. Take a breath

As revenue targets loom in the background, it’s important to remember that brand loyalty requires more listing and less haste. Instead of making quick decisions based on daily reports, use the data to anticipate your customer’s needs and wants.

By taking a breath, you can get to know customers on an intimate level instead of hopping from surface to surface.

3. Build a community

A company downturn can have many causes, but a sluggish economy, competitors or a digital malfunction can all blame. But if you have an established customer base, they can take their loyalty to the next level when times are less than stellar.

Whether you utilize your collected email list, repeat customers or superfans, current customers are the key to sustaining a business through rough times. A strong community can be a brand advocate when facing stolen product ideas, bad reviews, or support for a new product launch or company cause.

4. Optimize customer service

Without consistent customer service, it’s impossible to build brand loyalty. Do whatever it takes to take your customer service team to the next level. Consider investing in a CRM, offering support via phone, email, online chat, and social media, and having a clear return/exchange policy in place for customers that need a tweak to their order.

5. Incentives

Introducing a new brand to the world takes time and effort. Since large corporations have an even bigger marketing budget, it can be difficult for small businesses to get a piece of the pie.

Using incentives like free shipping, a trial product, or points-based rewards program can provide exponential value to the customer and routine shopping visits to increase revenue.