4. Celebrate (and Listen to) Your Customer Base
As the popular mantra goes, cultivating customer relationships is paramount to attracting new customers and retaining existing ones. This is even more true in today’s world, where internet and social media allow customers to engage with businesses much more actively.
You can even crowdsource and let your customers be part of the product development process. Harvard Business School professor Carliss Baldwin tells business owners that, when it comes to turning to customers for innovative ideas, “Accept the reality that they collectively know more than you do about whatever it is your company makes, that technology has almost completely democratized the design process, and that these user-innovators, thanks to the internet, can go through an iterative process much more quickly and cheaply than was true in the past.”
Hence, it pays to profile your customers. Find out what makes them tick, what gets them excited and what their expectations are, especially when it comes to customer care and service delivery. In addition to offering niche products and services that stand out from those offered by larger brands, keep in touch with clients through surveys and post-sale questionnaires. Surveying client feedback and tailoring your product offering to meet changing client tastes will bring you one step closer to building a strong and fiercely loyal customer base.