Businesses worried about keeping customers

New Zealand’s small to medium enterprises (SMEs) are most concerned about keeping and satisfying existing customers in 2015, according to a recent Yellow NZ Business Confidence Survey. 

Commissioned by Yellow® and conducted by Colmar Brunton, the survey investigated the biggest concerns for businesses and found almost 8 out of 10 (77 percent) are concerned about satisfying existing customers. Of these, a third said this was something they were ‘very’ or ‘highly’ concerned about. 

Businesses are upbeat about the year ahead, particularly retail and wholesale businesses. More than half of those surveyed expect profit to grow in 2015 and only six percent anticipate a decrease. 

“We think that business owners are aware of how bombarded consumers are with messages from an ever-increasing number of channels. They know that it can be a full time job to maintain the status quo. Competition these days isn’t just a new shop a few streets over, it’s your competitor set online too,” says Yellow CEO Michael Boersen, in relation to the concerns about retaining customers. 

The survey also investigated the areas that business owners wanted to upskill in, to make their business more successful. Keeping up with marketing trends was a top concern for 41 percent of SMEs, however digital marketing was further down the list at just 34 percent. 

“What this tells us is SMEs are viewing digital marketing as a separate area, as opposed to a core part of their marketing. They might be missing a trick if they’re not prioritising digital, as an online presence can be a cost-effective and efficient way to be top of mind with customers,” says Boersen. 

Yellow ran the second of its highly successful event series, The Biz, across 10 cities and towns throughout New Zealand during February and March.