Customer-Led Economy is Here. Are You Prepared?

John Krautzel
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Gone are the days when businesses could get away with selling poor-quality products or providing subpar service. The internet gives customers a powerful voice, which they can use to either praise or disparage your company. In the modern customer-led economy, meeting customer expectations is vital. Not doing so can mean big financial losses for your business. Here are three things you can do to generate positive feedback from current customers and attract new ones.

1. Improve and Expand Customer Service

Customer service is a big factor in a customer-led economy. When customers had issues in the past, they'd be at the mercy of store managers or phone operators, who didn't always provide good service. In fact, it was common for many customer issues to go unresolved. Businesses can't get away with brushing customers off or ignoring their concerns any longer. If a customer has a problem, a company representative must attempt to resolve the issue to avoid getting negative feedback on Google or social media.

In a customer-led economy, too many negative reviews can ruin a company's reputation, so it's important to take action fast. Do your best to resolve issues without causing too much hassle for the customer. It's also a great idea for companies to use social media platforms to their advantage. For example, company representatives can engage with customers online by publicly responding to their inquiries or apologizing for any negative experiences they may have encountered.

2. Enhance Products and Services

If your company sells poor-quality or defective products in a customer-led economy, don't expect to be in business for too long. Customers expect top-quality products and services, and they won't hesitate to let the world know if your company falls short. Make sure the products you manufacture and sell work exactly as advertised. Also, strive to ensure the services you provide exceed the expectations of customers. For instance, if you run a pet grooming salon, give each pet a free 15-minute massage after each grooming session as an added bonus. This small gesture is sure to keep customers coming back and is likely to give you good ratings on social media and review websites.

3. Be Honest and Transparent

Another way to provide good service in a customer-led economy is to always make sure you're truthful and transparent with customers. Customers are extremely vocal about dishonest business practices, so don't try to hide important information about a product or cover up mistakes in an attempt to keep your company's reputation intact, as this will likely backfire. If your shipping department is behind schedule, let customers know there might be a delay in receiving their items. If you run a vegan bakery, don't sneak dairy products in your items to enhance the taste. Customers expect honesty and transparency, so boost your reputation by making sure you always deliver.

Technology continues to enhance the ways in which people communicate, which means a customer-led economy is likely here to stay. Businesses must get on board if they want to keep customers coming back. Companies that continue to ignore the needs of customers or provide poor service will slowly lose business, which will ultimately affect the bottom line.

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