By adopting the right mindset and harnessing the power of motivation, entrepreneurs can overcome obstacles, embrace innovation, and achieve remarkable business growth. Keep reading for tips on how to best keep your mental state in alignment with the path to success for your business.

What are the key factors driving changes in consumer behavior?

Innovation Management says, as adages go, the only constant is change, and the same goes for consumer behavior. Tracking trends, using business analytics to predict the next trend, and acting accordingly with your marketing is a recipe for success. Take a look at the main disruptors for consumer behavior:

• Societal Influence: Though many people claim to be above trends, that, in and of itself, is often a trend. With so much purchasing done online, it has never been easier to determine the demographics of consumers.
• Personal Influence: This plays a large role in consumer behavior as well. Age, for instance, has a huge effect on spending habits related to given items. And unlike societal trends, those buying factors based on age generally repeat themselves with each generation. 
• Frequency of Spending: Again, with a tip of the hat to analytics, it is easy to determine consumers’ spontaneity as well, allowing marketing teams to focus their advertising towards those people more likely to be drawn to something they will immediately purchase.
  

Why Building Customer Relationships is Especially Important Now

Based on the insights shared by Octane AI, having a strong connection based on trust and communication helps customers feel more secure and connected with a brand, and it can also lead to growing customer retention and repeat a purchase rate. Here are a few things to notice that are currently altering customer behavior.

• E-commerce is rising.
  • With consumers less likely to enter a physical store, it becomes more important to start building strong relationships in the online space. 

• Customers enjoy being heard.
  • Many consumers enjoy engaging with a brand and feel valued when brands provide opportunities to connect. Connection and relationships, in general, are very important to today’s shoppers, and the customer experience has a massive impact on purchasing decisions.

• Building relationships increases customer retention.
  • Building meaningful customer relationships is beneficial to both customers and organizations. In fact, 86% of customers who have an “emotional connection” with a brand are more likely to continue business in the future.

• Acquiring new customers is costly.
  • Obtaining new customers is more expensive than retaining current customers already investing in your brand. Harvard Business Review says acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing one.

How a growth mindset contribute to entrepreneurial achievement and overcoming challenges

Straight from Big Bang Partnership, it’s time to think outside the box if you’re interested in changing the game for your business. Try one or both of these:

1. Embrace Negative Feedback. Embracing a growth mindset can empower business professionals to transform negative feedback into a catalyst for success. Instead of the common misconception that criticism is an attack on your abilities or self-worth, approach it with curiosity and an open mind, seeing it as an invaluable opportunity to learn and grow.
2. Leverage the Success of Others. A growth mindset can help business professionals turn the success of others into a source of inspiration and motivation rather than a trigger for envy or discouragement. Embrace the achievements of your peers and competitors as opportunities to learn, grow, and refine your own approach.

By adopting a curious and open-minded perspective, you can analyze the strategies and habits that led to their success, and implement these insights into your own professional journey. 

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