© Shutterstock.com (X5)ecent General Motors layoffs may
signal the beginning of the end for
America’s love of the automobile. Perhaps
it shouldn’t be a surprise. According to
research from Ohio State University, Americans,
especially millennials, are buying fewer cars now.
Self-driving cars are on the horizon and ridesharing
is popular. The signs have appeared for years, but
many automakers were slow to react to shifting
market trends.
Americans have also been breaking up with
retailers like Toys “R” Us. Such “breakups” between
individuals and once strong brands offer valuable
lessons for entrepreneurs. Here are some things
you should do if you want to stay successful and
maintain customer loyalty for the long haul.
Listen actively and closely
Most brands claim
they’re listening to
their audiences. But
many haven’t mastered
the art of really paying
attention. It’s easy
to jump to simplistic
conclusions based on
what you think you know
or heard. In many cases,
what felt like an “overnight breakup” with customers
was actually more of a gradual falling apart.
Tesla is a prime example of effective corporate
listening. Last year, Elon Musk tweeted right back
to a customer who suggested a change to vehicle
features. It shows immediate acknowledgment
from a brand and a willingness to consider what
customers want. If you’re not listening this actively,
you may be falling behind. Make sure you’re
monitoring customer opinion and sentiment
diligently, whether it’s through in-person interaction
or social media listening tools.u by John Boitnott / © 2019, Mansueto Ventures, LLC.
Distributed by Tribune Content Agency, LLC.
PAGE DESIGN BY VICKY TSUNGMarketing
Don’t ignore global trends that affect everyone
Another mistake brands make is paying
attention solely to trends related to their industries.
Instead, look at the bigger picture, including any
environmental, social, political and economic
factors that might impact your customers or even
competing brands. Automakers are dealing with
several emerging trends that dramatically impact
their businesses.Topic Talks051015202019 SEPTEMBER 9, 10
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