How To Grow Your Business When Customer Behaviors Change

questions when you interact with them. Open-ended questions let your customers respond in ways you might not expect and dive deeper into their issues in more personal ways.”

After that, try to identify how quickly behaviors are changing and whether they’re likely to impact your business or change for the long term.

Entrepreneur also encourages leaders on 'taking action after you learn." From the article: Once you’ve got some answers from these strategies, you still have to ask yourself a number of questions to make decisions from the data:

New York, NY—When customer behavior shifts quickly, businesses need solid strategies to continue to grow. For a jeweler, customer behavior can shift in terms of both shopping habits and style preferences as lifestyle changes take place.

This article in Entrepreneur magazine offers three methods to find out what customers are doing and what they want.

1. Listen and read. Especially for companies that don’t have the budget for deep market research, there is a wealth of content already available, be it in local or industry or general media. But, says Entrepreneur, know ahead of time what kind of data you’re looking for. If you have clear questions to answer, it’s easier to choose sources wisely, cancel the distracting noise, and get real insights. (Editor’s note: for jewelers, look for fashion and style as well as business information.)

2. Flip your role. Even though you’re a business leader, you’re still a buyer. What have you been doing or seeking in your consumption? For instance, maybe more convenience? Chances are your customers feel the same way.

3. Ask your customers directly. From the Entrepreneur article: “Nobody gives customer insights like customers themselves. The trick is to make sure that you use simple but specific open-ended

> How quickly are customer behaviors shifting?

> How likely is it that different scenarios you’ve identified are actually going to happen?

> How long will the changes last?

> How do the changes in customer behavior influence your business?

Generally, if customer behavior is changing quickly, you don’t want to lag in your response — you need to act quickly, as well. If you wait too long, buyers might see you as unprepared, and competitors can get out ahead of you. Similarly, if those changes aren’t going to shift much at your company or are fleeting, then it’s probably not worthwhile to change your business model in big ways.

Address to full article: https://www.entrepreneur.com/article/368859

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