Though consumers report feeling more confident about the state of the economy, they’re not necessarily ready to spend money like they did before.
Any spending they do is carefully considered, according to research cited by small business expert Rieva Lesonsky in a recent article for the SCORE Small Business Success Blog.
How do you attract and retain customers in this situation?
“Empathica reports that cutting prices and offering discounts may be enough to attract new customers, but they won’t necessarily work to keep them coming back,” Lesonsky wrote. “Beyond low prices or one-time deals, Empathica says customers are looking for quality and great service. These demands will be especially important when the economy does pick up and customers feel more confident about spending.”
Lesonsky recommends these four ways of reaching out and hanging on to customers who are spending more cautiously today:
- Reward loyalty
- Provide a personal touch
- Survey your customers
- Cultivate referrals
To read the complete SCORE Small Business Success Blog article, click here.