Amid fears of a looming economic recession in the United States, consumer confidence across the country has dipped, according to a report released by the non-profit think tank The Conference Board in October.
Given the pessimistic outlook, U.S. businesses are worried that their customers will not be in a spending mood even as post-Thanksgiving Black Friday and the Christmas holidays draw near.
While there are factors beyond the control of businesses, like interest rates and armed conflicts abroad, companies can mitigate the negative impact of those events and regain the trust and confidence of their customers and suppliers.
Here are some steps that members of The Conference Board recommend:
Improve Customer Experience
Businesses can raise the quality of their interactions with customers by addressing concerns promptly and professionally. Such interactions need not be face-to-face. What is important is having an easily accessible channel, phone or online, for customers to get support when needed, including after-sales care.
Maintain Product and Service Quality
Consumer reviews offer valuable insights to potential customers. Good quality is rewarded with positive feedback and repeat purchases. This is effective word-of-mouth promotion, which is also a value-adding marketing tool on its own.
Highlight Corporate Social Responsibility
Many customers patronize brands that mirror their own personalities and lifestyles. Buy-ins become easier when people and companies share common values. Social initiatives can contribute positively to brand-building.
Innovation and Adaptability
To thrive in a crowded market, businesses should be able to take on innovation quickly and adapt to fast-changing trends and environments. The ultimate goal of businesses is to be responsive to shifting consumer needs.
By focusing on these controllable factors, businesses can look forward to a bountiful yield even during a downturn.
