Valuing Your Customer
The first thing to understand is that your business is worthless if customers are not willing to pay for your product or service. Consumers are always looking for value. When they see value, the chances of them making a purchase increase dramatically. Value could mean price or benefits, it must be worth it to the customer.
The usual way to increase sales is to sell more to your existing customers, either by cross-sell or upsell. Both are good approaches, as long as you don’t over use them. This can result in a negative impact on your customer relationships. It is also true that it is more cost effective to retain a customer rather than get new ones.
So, what can we do?
1. Think about a “save team” or person, these are the people that specifically try to get customers back using a better offer or incentive to use your business again
2. You can try a loyalty program, but it must deliver value to the customer and not be overly expensive to your business
3. Your customer experience is one of the most important to improving sales. Ask yourself: “how would I feel when I walk into my business”?
- How are our customers greeted?
- How many times does the phone ring before it is answered?
- How long do they wait to see someone?
- Are they offered water or coffee while they wait?
- Are things explained to them so that they understand the next step?
- Are they given clear directions to where they need to go or does someone take the time to take them?
- Are they offered alternative produces or services? Don’t forget you are usually the expert, they have come to you.
- Are our processes to complicated, keep it as simple, easy and convenient as possible
- Treat customers ethically, this will build value because customers like to deal with businesses that have a good reputation. People will tell everyone they know, even use social media to say how much you helped them or how much you didn’t help them.
- Create a trusted brand for your business, if you can’t help them say so. You may give them other business’s they could try. If you can help them, keep your promises, and keep them advised as to what is happening if there is a delay.
- Do I have continuous improvement systems in place to fix anything that are not up to scratch?
4. Choose appropriate times and channels of communication that best suit the customer or client
5. Use images, they communicate much faster than words. Show the product, or an image reinforcing your main message.
6. Quality is another very important element of return customers, make sure it is a quality product or service, better than your competitors.
7. Think about the outcome for the customer or client, keep them focused on the benefits of using your business
8. Actively seek feedback on your performance and make improvements
9. Regularly provide ongoing educational sessions for your customers, again you are the expert and there are usually lots of things that the customer would not know about the finer points of what you do.
10. Customise your solutions and provide great personalised service, know their challenges, and understand their problems.
11. Make a connection by listening more and talking less this adds value and will be appreciated by the customer
12. When a customer or client feels that you are the authority in your field, then your value increases. Being an authority gives them a huge sense of security
Value is in the eye of the customer, why should they come to you? What is your point of difference?
Once a potential customer can see the business value of a product, understands that your solution is the best option, and sees the ROI, you’ve overcome the biggest barriers to a sale. Your customer will be ready to sign the paperwork once you’ve fully shown them the value you bring to the table.