Modernizing a business can be difficult to do. For so many small and medium-sized businesses, the consumer is loyal to the vintage feel of a company as much as to the services or products they provide. Of course as old customers move out of the market, making yourself relevant to new consumers becomes vital. Doing so while maintaining the essence that your loyalists have come to love is something of a tightrope walk.
Finding small business funding opportunities for modernizing a business can be great, but there are classic examples of companies that rattled their customers upon modernizing. A recent example of a huge business that alienated their customers was JCPenny. The company modernized their business at the expense of older consumers (their bread and butter) and hurt their bottom line in unprecedented ways.
As a small business you can directly ask customers about proposed changes before throwing your small business funding at an update that might turn some off. You can also figure out ways to use your business funding to modernize your customers’ favorite attributes of your business without losing their essence.
Holding onto customers is more important than bringing in newbies. Finding a way to do both of those things is the best way to invest in your business.