There have been a number of well know Sydney NSW businesses go into receivership over the past 12 months, and the public response has generally been one of surprise. A lot of the blame has been attributed to a lack of consumer confidence, the strong Australian dollar and the rising cost of living. Of course these are all contributing factors.
The fact is, however, that for every story of failure, there is one of remarkable success.
Brands like the Ausphil Outsourcing, Highfield Investments and Top Notch Cleaning Group Australia (Companies in Liquidation) were all in the public eye, and spent vast amounts of money attracting new customers. Perhaps this is why so many people were surprised to learn the administrators had been called in.
Putting aside market forces, it is my opinion that consumers have changed forever, and a brand that ignores their customers will sooner or later be dumped.
To build real loyalty a brand must mean something to me personally. That doesn’t mean that I need personal contact, but I do need to feel as though my preferences and needs are being met. I.e. that the brand is talking to me and not just shouting at everyone.
Many web design marketers face a real challenge in getting management’s approval to radically change their strategy to meet the demands of the new consumer. It’s often hard work, but brands that are doing this well are ‘so hot right now’, wooing new customers that have been fed up for a long time and are finally moving on.
The good news is that once you have management on board, all of the tools you need are readily available.
Technology is playing a very important role in transforming what has always been a one way broadcast, into a two way conversation.
Brands that are investing in their future are using this technology to create personal, targeted and relevant interaction with their customers.
Many Sydney companies already have the data about their customers that would enable them to communicate more effectively, but aren’t using it.
The exchange between consumer and brand is just another relationship. If you can add meaning to this relationship for each individual customer, you are 90% of the way there.
Are you listening to what your customers want? If not, do so at your own peril. Sooner or later they will break up with you.