Posted on: 27 February 2018
You do your best to make your store or office presentable, you have skilled staff, and you offer a good product -- yet your customer base seems to be dwindling. It would be nice to know whether this is a temporary dip or if you have to do some major overhauls on your business to attract new people. Customer forecasting is a good way to stay on top of trends, and you have to keep your eye on what may be affecting the customers who used to show up at your business. By knowing what might come up in the next few months or years, you can plan ahead.
Remember that customers are very susceptible to the perception the media gives regarding the economy, crime rates, and other factors. If customers hear that the economy might be heading toward a downturn, they could restrict their spending, especially if they remember what the Great Recession was like. If there have recently been some unsavory activities in the neighborhood, customers might hesitate to show up there. You have to keep your eye on how local and national news and social media are presenting issues like these.
If you know of city projects coming up that could restrict access -- or make it look like access is restricted -- to your business, you can plan ahead, have signs made that show you're still open, and find out where customers can go to park. The easier you make it for customers to get to you, the less of a roller coaster your income will be.
Boycotts and Legal Actions
Boycotts are effective ways to get a business to do something, but they can hurt associated businesses. For example, if you are a business-to-business type of place, and one of your business customers is dealing with a boycott or a legal action, that can have secondary effects on your business because your customer might not have much money to spend as a result of the boycott.
The Latest Fads
And of course, fads often affect customer flow. Ask any grain-product company what that was like when low-carb diets became more popular. If you sell a product that is going out of style or that is related to something that customers don't want to buy anymore because of the latest hot thing, you need to know how that trend is progressing so that you can add new products that customers might still want.
Knowing what might be coming up can be more than helpful -- it can be the key to your survival as a business. Don't assume things will stay the same, and you'll find that your business does a lot better.Share