– In the 1980s, Coca-Cola decided to change the formula of their flagship product to better compete with Pepsi. However, the new formula did not resonate with their loyal customers who had grown to love the original taste, and the company faced significant backlash. Eventually, Coca-Cola had to bring back the original formula as “Coca-Cola Classic.”
– In the music industry, sometimes a song or artist that seems unlikely to become popular will unexpectedly become a hit. For example, in 2012, the South Korean song “Gangnam Style” by Psy became a global phenomenon, despite being in a language that most people didn’t understand.
– In the fashion industry, there have been several instances where designers have created products that seem outrageous, only to find that they become incredibly popular. For example, in the early 2000s, Juicy Couture’s velour tracksuits were deemed as “tacky” and “unfashionable” by some critics, but they became a cultural phenomenon and a staple in many people’s wardrobes.
– In the technology industry, some products that are initially seen as failures end up becoming hugely successful. For example, the Apple Watch was initially criticized by some tech experts for its high price point and limited functionality, but it has since become the best-selling smartwatch in the world.
– In the food industry, some restaurants and fast-food chains have found success by offering unusual or unexpected menu items. For example, Taco Bell’s Doritos Locos Tacos, which were made with a shell made out of Doritos chips, became an instant hit when they were introduced in 2012.
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𝗞𝗻𝗼𝘄 𝗬𝗼𝘂𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀: 𝗪𝗵𝘆 𝗜𝘁’𝘀 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗳𝗼𝗿 𝗮 𝗦𝘁𝗼𝗿𝗲 𝘁𝗼 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝗪𝗵𝗮𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗪𝗮𝗻𝘁 𝘁𝗼 𝗕𝘂𝘆
Do you ever go to a store and feel like they don’t have anything you want to buy? That’s because the store doesn’t know what you like.
This is a problem that many businesses face when they don’t understand what their customers want.
For example, imagine a jewellery store that only sells big, expensive necklaces.
If most customers want small, affordable necklaces, the store won’t sell as many. Similarly, imagine an apparel retail store that only sells clothes for teenagers. If most customers are older, the store will miss out on those sales.
So, if you’re a business owner, it’s important to know what your customers want to buy. This means
• talking to them,
• asking for feedback, and
• keeping track of what’s popular.
When you understand your customers, you can offer products they’re more likely to buy. This means more sales for your business!
Remember, knowing what your customers want is essential for your business. Don’t miss out on sales because you’re not offering the products your customers are looking for.
Do you have any other examples of how knowing your customers has helped your business? Share your stories in the comments below!
Here are five reasons why knowing what your customers want is important:
1️⃣ You can offer products they’re more likely to buy
2️⃣ You can avoid offering products they’re less likely to buy
3️⃣ You can adjust your prices to better match what they’re willing to pay
4️⃣ You can improve customer loyalty by offering products they love
5️⃣ You can increase your sales by catering to their needs and preferences.
Remember, your customers are the backbone of your business. If you know what they want, you’re more likely to succeed.
