Raising Concerns - Is This the Best Strategy to Grow Your Business or Are Local Businesses Shooting Themselves in the Foot?
- victorzhagui
- Sep 1, 2024
- 2 min read
Strategies that Seem to do More Harm than Good
September 1, 2024
In today's competitive market, local businesses must constantly adapt to survive. However, a growing trend among small neighborhood businesses in Chicago is raising concerns. As a frequent diner and supporter of these establishments, I've noticed several strategies that seem to do more harm than good. From raising prices and cutting portion sizes to charging hidden fees like a 4% credit card fee without clear communication, these tactics might be scaring clients away rather than attracting them.
The question is: Are these businesses choosing the best strategies to grow their clientele, or are they unintentionally pushing customers away? While it's understandable that rising costs necessitate some changes, transparency and customer-centric approaches are crucial.
Alternatives to Grow Your Business:
Transparent Pricing: Customers appreciate honesty. If prices must go up, communicate why. Transparency builds trust.
Customer Loyalty Programs: Offer incentives to regular customers, such as discounts or special offers, to keep them coming back.
Enhance Value: Instead of cutting portions, focus on enhancing the value of the experience—whether through better service, ambiance, or unique offerings.
Focus on Community Engagement: Strengthening ties with the local community through events or partnerships can build a loyal customer base.
Cash Discounts Instead of Credit Card Fees: Instead of charging a hidden fee, offer a small discount for cash payments, making it a positive incentive rather than a negative surprise.
What do you think? Are local businesses in Chicago shooting themselves in the foot with these strategies, or is there a better way to grow? Share your thoughts and let’s start a conversation!
Feel free to share your opinion and let's discuss how local businesses can thrive without compromising customer satisfaction.
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