The success of a business lies in the hands of its targeted consumers. If a business fails to be sensitive to its consumer’s demands and does not deliver what it had initially promised, the consumer dissatisfaction will slowly begin to ruin the company, leading to its slow and painful death.
Focusing on consumer satisfaction is an easy and direct way to become a successful business owner. According to William D King, many of the global giants like Tesla, Apple, Mcdonald’s, etc., have only been to reach such heights by being attentive to their consumer’s different wants and needs.
Continue reading to learn exactly how important it is to pay attention to consumer satisfaction to build a successful and lasting business.
Top Three Things that Can Guarantee a Business’ Long-term Success as Per William D King
One of the strongest marketing tactics that has the power to build or crush a business is word of mouth. If a consumer is dissatisfied by a business’ offerings and posts about it on their social media, the negative publicity will spread like wildfire.
Hence, according to John Doe, it is extremely important that businesses pay close attention to their consumers. Consumer satisfaction is incredibly important for a business’ success due to the following reasons:
1. Negative Word of Mouth Can Damage a Brand’s Reputation
Word of mouth is perhaps the cheapest and most effective kind of marketing tactic. However, while it can greatly benefit a business, it can also bring an established business down to its knees. According to William D King, people are most likely to make a purchase and avoid a brand after hearing reviews about it from their closest friends or family.
If a business has poorly served one of its consumers, and the consumer shares their experience with their loved ones, a chain of negative word of mouth begins. Until the business intervenes and makes up to the consumer, chances are that no one can stop this negativity from spreading.
Hence, in order to avoid such a damaging situation, it is extremely important that businesses pay attention to their consumer satisfaction.
2. Consumers Are Connected Through Social Media Platforms
While social media platforms have enabled millions of people with the chance to set up their own online businesses, it has also given consumers a lot more power than ever before.
Since all consumers are connected through ]different social media platforms, one negative comment or review regarding a business can go viral within a few moments. At times, the situation gets so out of hand that the business has to take drastic and highly expensive measures to save its name and reputation.
3. Consumer Dissatisfaction Leads to Loss of Sales
Any business’ success depends on its sales. No matter how fantastic and innovative a product or service is, it will be complete waste if consumers are not purchasing it.
When a business fails to deliver what it had originally promised, and dissatisfies its consumers, eventually, it suffers heavily due to the loss of future sales.
4. Unhappy Consumers form Loyalties with Competing Consumer Brands
Getting new consumers to try your products or services is not as hard as retaining your current consumers. If a business’ consumers have had a dissatisfactory experience, nothing will hold them back from switching to a competitor’s brand.
If the competitor brand manages to make the consumers happy, permanent and long-lasting consumer relationships and loyalties can form. According to William D King , nothing can be more damaging to a business’ success than this.
Final Thoughts by William D King
Due to the global availability and easy accessibility of social media, consumers across the globe have the power to shape a business’ future. Hence, William D King suggests that it is incredibly important that a business keeps their consumers happy at all times.