There are a lot of people out there selling a basic business strategy online. In the hustle of today’s marketing culture it’s the main focus everyone has is to get more customers.
But not taking the time to think about what kind or who they are already successfully selling to can cause a major loss of potential revenue.
All strategies have to start with an examination of existing data or collection of it. Essentially, get out of the conference room and avoid the maybe’s and find the facts.
Sell to who your customer is, not who you want your customers to be
Look at Disney for a moment. They acquired Lucas Film for 4 Billion dollars. But forgot something very important. They didn’t ask, “Who are the real Star Wars fans?” The ones that invest, watch and collect the toys and merchandise. The answer is that men do who are between the ages of 18-44. That’s their key demographic. The fact is regardless of opinion, women don’t buy like men. Therefore the majority are not women buying comics, toys and other items long after the movie was released. The lesson is know your customer. Demographics are REAL. And Star Wars is all about making money after the film via merchandise.
Listen to criticism
If you don’t listen to criticism someone else will take your customers. This is because your competitors are listening to what frustrates them. This gives your competition and edge and they won’t do what your customers dislike. Movie studios often don’t listen to fans criticism. DC and Disney are missing the mark because they don’t listen. Paying attention to a little bit of criticism can lead to better profits and a stronger product others can’t compete against. Have you noticed tonal changes in Marvel and DC films trailers after the the first trailer?
If you are constantly dealing with bad reviews, it may not just be a result of internet trolls and negative people wanting attention online. Really read the reviews, respond, but start collecting data and take steps to fix your product or service. You may have to avoid opening yourself to reviews until you take time to do closed group research. Again, there is a reason movies have “test” screenings. Deadpool was test screened before it’s release.
It scored a 95% rating which gave the marketing team confidence it was a good product. The sequel did a 98% in test, yes, 98%. They did a test on a highly successful sequel! It shows that no matter what, it’s worth testing and doing some research to ensure you’re delivering the best to your customers to earn brand loyalty.
Acknowledge fault and make the corrections
For all the things that happen in the market Apple is used a lot to praise and used to show what you should do. But I want to look at Apple as an example of what not to do. The smart phone market is changing and now there are devices on the market for half the cost and twice the power. When errors occur Apple isn’t known for coming straight out and admitting fault. It’s why the joke is “Apple has features, not bugs.”
When the iPhone 6 came out it was another praised innovation. A smart buyer knew better because others had water proof phones already with the camera that far surpassed Apples iPhone. Yet Apple did not care that competition was catching up.
Fast forward to the battery issue, and Apple reducing not out straight replacing the battery and you can se the problem. Usually when a product is defective or gets damaged the provider replaces it for free. Apple reduced the cost of their battery replacement service 75%. They did not recall or offer to replace it for free.
Acknowledge fault and make the corrections. And do what you promised for the good of the customers not your wishes or ego. If you forget it’s not about you or a social cause you’ve forgotten your customers needs. They have a problem, you’re the solution.
I love finding solutions to problems our customers have. Contact me about discovering what you need to make your product or service more desirable and make your business profitable.