ReportWire

Tag: customer experience

  • The Importance of Connecting Your Company to Your Product and Users | Entrepreneur

    The Importance of Connecting Your Company to Your Product and Users | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    When you first launch a startup, you, along with your small initial team, are able to build something incredible from the ground up — and that’s because everyone is intimately connected to the company vision. As your company grows to 100 employees, 500 employees, and beyond, maintaining that connectivity gets a little harder. But I believe that when all employees are aligned with the company vision and culture, and they truly understand the value of the product they’re building, that’s when you get an amazing impact.

    This is how it’s done:

    Related: A Step-by-Step Guide to Achieving Organizational Alignment

    Connecting to your company, connecting to your product

    Your company and your product are entirely codependent — one cannot exist without the other.

    A product’s development and evolution is hugely influenced by the company’s culture, vision and core values. When teams within a company feel connected to its primary goals, they’re more motivated, engaged and creative.

    A positive company culture is one of the most important things you can create. Understanding the company’s culture fosters a sense of purpose and drive among employees. It gives your workforce a roadmap to help direct their actions, aligning them towards one common goal. This alignment not only improves the product development process but also creates a positive and empowering work environment where creativity thrives.

    This is important from day one. That’s why I personally make the time to meet with all our new hires as part of their onboarding process to discuss the company values and mindset.

    Understanding the competition

    To create a product that stands out in the market, experience has shown me how crucial it is to fully understand the competition. Getting a sense of the visions and cultures of similar companies can offer valuable insights into their strategies and areas of focus. By doing so, you can then identify your company’s unique edge and really zero in on the areas where improvements can be made to better serve your users. It’s important to not only meet industry standards, but understanding your competitors allows you to go beyond them as well.

    Using competitive analyses to map industry standards, help set benchmarks and strategize the unique selling proposition — this understanding also positions your business to develop the best possible product for the user. When launching a new product, subscription tier or feature, I work with my teams to first do a competitive analysis and deep dive into the value proposition.

    Related: 8 Effective Ways to Connect With Your Customer

    Understanding the user

    There’s not a day that goes by that I don’t look at user feedback. Having a close understanding of your users is one of the best ways to be connected to your product. It’s important to look at the user and their experience from all angles: needs, pain points, workflow and skill level. By doing so, you can tailor your products to provide real solutions and even exceed customer expectations.

    To further help understand the user, I’ve found that diving into the voice of the customer is one of the most valuable and insightful ways to guide product development. User surveys and sentiment analysis allow businesses to collect feedback directly from their customers, enabling them to gauge customer satisfaction and identify areas for improvement.

    Customer support interactions are also an invaluable source of information. Analyzing customer support data can reveal recurring issues and pain points experienced by users. This information empowers you to proactively address problems and foster increased customer loyalty.

    Lastly, A/B testing is a powerful tool that helps compare different versions of a product to determine which resonates best with users. Through A/B tests, you can make data-driven decisions and continuously enhance your products based on user preferences.

    Directly engaging with users and gathering real-time feedback ensures that the user, and delivering the best possible product, is at the center of all decisions. A customer-driven approach creates trust and loyalty.

    Becoming your own customer

    Every single person who joins our company has to complete a task where they use our product to create some content. This is because to fully grasp every last detail of your product, employees need to not only think like customers but become them.

    By using the product as their clients do, teams gain first-hand insights into its functionalities, flow and user experience. This exercise allows employees to identify potential bottlenecks, fine-tune the product to enhance the user experience, understand which features are most useful, how best to market the product and so on. There’s no end to the valuable insights that can come from becoming your own customer.

    Ultimately, your product and organization are mutually inclusive — to have the best product on the market, your company has to have the clearest understanding of why they do what they do, who it’s for, and feel personally connected. I believe that by stressing the importance of aligning goals and making customer-driven decisions, both your organization and product will feed off one another and thrive.

    Related: How to Increase User Empathy and Build Better Products

    [ad_2]

    Itzik Elbaz

    Source link

  • Are Your Testimonials Helping Or Hurting? 4 Common Mistakes To Avoid | Entrepreneur

    Are Your Testimonials Helping Or Hurting? 4 Common Mistakes To Avoid | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Positive testimonials are arguably the most powerful marketing tool any business can equip. It’s no secret word of mouth can drive business growth, even if no other marketing systems are in place.

    However, the absence of great testimonials or prominent negative reviews can be detrimental. A lack of social proof or a single negative review can result in as many as 51.4% of potential prospects searching for a competitor instead of going with your offering. So your company must show off some endorsements.

    Many companies attempt to prove themselves in unethical ways to counter the consequences of having few testimonials. Startups in a rush to start earning profits are the biggest offenders. But I’m here to tell you that it’s never worth it.

    Misuse or unethical use of testimonials creeps onto product pages, websites and review platforms daily. And while short-term profits may rise, it could potentially kill your business over time as potential customers catch on.

    There are several ways testimonials can get misused and ruin brand trust. Here are 4 of the most common.

    Related: How to Get and Use Testimonials, Referrals and Reviews

    1. Irrelevant testimonials

    Testimonials must accurately represent your target audience — if your potential customers find them irrelevant, they will remain unconvinced you can solve their problem.

    An example: If you’re a growth marketing agency selling SEO campaigns for tech companies, decision-makers want to see the results you’ve delivered for those in the tech and innovation space. You don’t want to slap logos of gardening and manufacturing companies on the front page of your website.

    This disconnect in testimonials and target audience confuses buyers more than it helps.

    2. Outdated testimonials

    Take the time to revisit your most prominently portrayed testimonials. Are they recent? Do the results and processes displayed still work today? Many industries evolve quickly, and decision-makers want to know if your company has evolved with those shifts.

    Related: 5 Strategies for Getting the Most Out of a Customer Testimonial

    3. Fake testimonials

    I was once on the verge of buying a $2,000 program from a prominent digital creator promising up-to-date techniques on social media writing. I was intrigued by a new, different approach.

    While doing my research, I clicked over to the founder’s Twitter (X) account. It turns out one of his most recent tweets was a picture of him and his roommate. The interesting bit? I immediately recognized the roommate because the large testimonial on the landing page of this program was the same man.

    It turns out I was right to complete my due diligence because a conveniently located friend faked the entire testimonial — $ 2,000 saved. And the ongoing consequence for that course creator? I’ll never revisit a single product that person reveals again because any trust is gone.

    4. Anonymous testimonials

    Adjacent to fake testimonials are anonymous testimonials.

    Anonymous testimonials can’t be proven, tracked or verified in any meaningful way. So you may as well leave them off your website entirely. Any business can write nice words and say “Katie” said this about their service. But with no picture, no link to the work, and no company to research, these testimonials may as well be deleted.

    How to use testimonials effectively

    Every testimonial you decide to incorporate needs to pull the psychological levers of your potential buyers. Don’t copy and paste quotes that match your headlines. Instead, as you start gathering testimonials, focus on these three pillars to maximize their effectiveness.

    1. Have authentic testimonials

    Not only should you do the obvious and ask permission to display testimonials, but they need to be written in your current (or past) clients’ words.

    Testimonials are best believed if they come in natural language. There’s a desire to edit words, change phrases, and get the “perfect” testimonial. Often times clients are willing for you to make adjustments. But I’m here to tell you — don’t do it.

    Editing testimonials does more harm than good. It’s crucial to resist the temptation to make edits so the testimonials you display are genuinely one-of-a-kind.

    Related: Make Customer Testimonials Meaningful

    2. Highlight specific outcomes

    Just because I don’t recommend editing testimonials doesn’t mean you shouldn’t request those giving them to speak on specific outcomes. When requesting a testimonial, instead of asking someone to say “nice words,” ask what they have accomplished since working with your business.

    How many more leads are you getting each month? How much has MRR increased? How much time is your tech team saving each week? How much weight did you lose, and how fast? These are all examples of great questions to ask former clients.

    The bottom line: ask them to quantify the before and after of working with your company. This leads to specificity, believability and trust from future buyers.

    3. Display prominently

    Most of all, don’t underestimate the value of testimonials. People love safety in numbers and buy when they feel secure with your product.

    The more testimonials you can display, the better. Put them on your website, product pages, social media, and marketing materials whenever possible.

    Over and over again, remind people of the quality of your work and service. This way, when it’s time for them to buy, they’re thinking of you and your company, not your competitors.

    [ad_2]

    Thomas Strider

    Source link

  • The Key to Building Unshakeable Customer Relationships | Entrepreneur

    The Key to Building Unshakeable Customer Relationships | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Hey entrepreneurs! You’re doing everything by the book. You’ve got your CRM software, email newsletters and 24/7 customer support, and yet, you’re not seeing that extraordinary spike in customer loyalty. Ever wondered why?

    Let me tell you: Your customers have evolved. They’re not just seeking a transaction; they’re seeking an experience — the kind of experience that transforms them from mere window shoppers to lifetime brand advocates. It’s time to move beyond basic customer service and learn to capitalize on micro-moment magic.

    Related: 3 Best Practices for Build Lasting Customer Relationships

    Defining micro-moments in the customer experience spectrum

    Micro-moments are those fleeting yet powerful instances where your customers engage with your brand spontaneously. It could be when they swipe through your Instagram story, spot your product on a friend’s feed or step into your retail location “just to browse.”

    But here’s the kicker: These seemingly trivial moments often hold the key to impactful customer relationships. During these micro-moments, you can swing the decision pendulum in your favor. Don’t let them pass you by.

    The alchemy of impactful micro-moments

    1. Leverage emotional triggers

    You’ve got split-seconds to make an impression. Use emotional cues to hit that sweet spot. The customer should feel something — the thrill of a flash sale or the comfort of knowing your product is eco-friendly and sustainably made. When you tap into the emotional resonance, you instantly make the micro-moment memorable.

    2. Dynamic personalization is your wand

    Personalization isn’t a novel concept, but let’s crank it up a notch. Dynamic personalization goes beyond just knowing the customer’s first name. It means offering product recommendations based on browsing history, nudging them with location-based offers or even altering your website layout in real-time according to user behavior. When customers feel like the universe (or your brand) is talking directly to them, magic happens.

    3. Encourage social validation

    Now, this is where the rubber meets the road. During the micro-moments, your potential customers are likely checking reviews, asking friends or even looking at how many followers you have. Make sure you have compelling social proof in place. The power of a peer recommendation is gold — leverage it.

    4. Be predictively proactive

    How about surprising your customers before they even know what they need? With machine learning algorithms, you can analyze behavior patterns and be ready to offer solutions even before the customer identifies the problem. Talk about being a psychic!

    5. Navigating the pitfalls — what not to do

    While the scope for making a lasting impression during micro-moments is astronomical, there are also pitfalls you must avoid like the plague. Overwhelming your customer with too many options, invasive marketing and slow page load times can break the spell faster than you can say “customer churn.”

    6. The ROI of investing in micro-moments

    Let’s get real — investing time and resources to orchestrate perfect micro-moments is not just a flight of fancy but a business imperative. The ROI is real, and it’s massive. Customers who have been wooed successfully through micro-moments are far more likely to become repeat customers and enthusiastic brand advocates. These people will spread the word, create user-generated content and boost your brand’s credibility.

    Related: 7 Amazing Ways to Build Long-Term Relationships With Your Customers

    The future of micro-moments: The unexplored frontier

    Don’t think for a second that the micro-moment wave has peaked. As technology advances, so do opportunities for crafting even more meaningful and immersive micro-moments. Think augmented reality, think virtual reality, think Internet of Things. The possibilities are endless, and the future looks brighter than ever for businesses willing to walk this thrilling path. Here is what you need to know.

    1. Data-driven decision-making

    You’re a visionary, but let’s bring some science to that art of yours. You can’t capitalize on micro-moments without relying on some hardcore data. Big Data and analytics tools can be your guiding star in this labyrinth of customer touchpoints. With proper analytics, you can identify when these micro-moments are most likely to occur and prepare to deliver a curated experience. Imagine knowing precisely when your customer usually browses your website or at what point in the video they’re likely to click through. Knowledge isn’t just power; it’s profit.

    2. Uninterrupted user experience

    While you’re busy orchestrating these exquisite micro-moments, don’t forget the broader setting: the overall user experience (UX). Your website or app should be so fluid and intuitive that it paves the way for these micro-moments to shine. Even minor glitches or delays can disrupt the magic. For example, if your app crashes during a “swipe up to buy” moment, you have lost a sale and a chunk of customer trust that’s tough to regain. Your UX is the stage, the lighting and the background score to your magical show — make sure it’s flawless.

    3. A seamless omnichannel strategy

    We’re living in a digital omniverse. Your customer might start their journey on Instagram, move to your website to browse and finally purchase on your mobile app. This isn’t just multi-channel, my friends; this is omnichannel — a continuous, consistent experience across all platforms. In this interconnected world, your micro-moments must transcend individual platforms and weave into a seamless narrative. For instance, a coupon code discovered during an Instagram scrolling session should be easily applicable on your main website or app. If you create this omnichannel symphony, brace yourself for standing ovations and encores.

    4. Customer-centricity is your North Star

    As we navigate the increasingly complex maze of customer engagement, remember that your true north is customer-centricity. Everything you do, every micro-moment you create, should come from a place of genuine customer empathy. This isn’t just a business tactic; it’s a philosophy. It’s about recognizing that behind every click, swipe or tap is a human being with specific needs, desires and emotions. Master the art of mirroring these sentiments in those fleeting moments, and you won’t just win customers — you’ll win hearts.

    Related: 5 Actionable Ways to Improve Your Customer Experience

    Wrapping up: Your playbook for seizing micro-moments

    By now, I hope you’re buzzing with ideas and itching to put this knowledge into action. Remember, in the grand scheme of your customer relationship ecosystem, micro-moments are the unsung heroes. Overlook them, and you’re leaving money and loyalty on the table.

    It’s time to shatter the glass ceiling of traditional customer relationship management and seize these moments of pure, unadulterated customer engagement. Because, my fellow entrepreneurs, in the digital age, the true currency is not just money; it’s engagement, relationships and trust.

    So, are you ready to master the art of the micro-moment? Your success story is just one “moment” away.

    [ad_2]

    Chris Kille

    Source link

  • Citizens to debut digital assistant | Bank Automation News

    Citizens to debut digital assistant | Bank Automation News

    [ad_1]

    NEW YORK — Citizens Bank will launch a virtual assistant, Digital Butler, on its commercial banking app in the next quarter, Jo Wyper, executive vice president of commercial digital operations at Citizens Bank, told Bank Automation News at Finovate Fall 2023.  The $222 billion bank’s Digital Butler launched in February but was only available on […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • The 3 Tiers of Customer Service (and How to Get to the Top) | Entrepreneur

    The 3 Tiers of Customer Service (and How to Get to the Top) | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The way I see it, your decision to read this article already puts you ahead in the customer service game. Here’s my logic: There are literally billions of human beings out there who, unlike you, will never read an article or book on the subject of customer service improvement because the subject isn’t of interest to them, and they don’t understand the power that customer service improvement can bring.

    Because of your demonstrated interest in the subject, I’m going to assume that you’re already providing “pretty good, much of the time” customer service. You’re already getting quite a few things right — at least on most days and in most customer interactions. So, take a moment to pat yourself on the back. (But don’t strain your neck.)

    If I’m right about this, it means that you’ve already learned the value of customer service from the moments when you have gotten it right, and you’re now inspired to take these successes even further. You’re ready to elevate and polish your relationships with customers to a sufficient level to build the customer connections (and business results) you’ve always hoped to achieve.

    In other words, you’re ready to get out of the middle of the pack — what I call Rung 2 of the Customer Service Level Ladder — and ascend to the top rung, Rung 3.

    When you’ve only reached the middle rung of customer service, while you may be judged more-or-less satisfactory by your customers, you’re not yet loved (or even probably remembered) for the quality of customer service you provide.

    Related: Yes, the Rich Are Different — Here Are 5 Customer Service Secrets I Learned While Working With Wealthy Clients

    The problem of providing “pretty good, much of the time” customer service

    Being on the second rung loads better than languishing at the bottom on Rung 1 (unacceptable service). Still, it will never inspire the engagement, passion and loyalty you need from customers to grow your business.

    The problem is that a merely satisfied (Rung 2) customer will still have a wandering eye. And how can you blame them? If your more-or-less-decent customer service is no better and no worse than what your competitors can also supply, where’s the value to a customer limiting themselves to only one supplier — you?

    What do merely satisfied customers look like? Picture them like this: Although they harbor positive feelings towards your business, they haven’t yet ascended to becoming a devoted advocate for your brand. Unlike a genuinely loyal customer, merely satisfied customers maintain (frustratingly) open minds and remain willing to explore alternatives to your business in the vast marketplace.

    Related: 5 Reasons Why Your Business Is Losing Customers

    A merely satisfied customer is like a free agent, always ready to be enticed by competitors

    In other words, here’s what you need to remember: A merely satisfied customer belongs to the marketplace. A loyal customer belongs to you.

    This is why it’s so important to elevate your organization’s performance to Rung 3, the level of iconic customer service, where customers now consider you their only possible supplier—a category of one—and start going out of their way to sing your praises and share the word about the extraordinary level of customer service you provide.

    Once you’re viewed this way in the marketplace, you’ll be able to use your new, elevated status to grow your company reputation and to reliably and repeatably grow your bottom line.

    Moving your organization up the customer service ladder: The art of anticipatory customer service

    If customer service were a game of hockey…that would be super weird, wouldn’t it?

    But let’s say for a minute that it is, in which case the highest level of customer service, anticipatory customer service, is like being one step ahead of the puck, giving customers what they want before they even know they want it, and anticipating their needs, desires, and questions even before they express them. It’s one step beyond generic reactive customer service: simply fulfilling a request when asked, and it’s the key to creating unforgettable experiences—and memories of your business—for your customers.

    Customers often don’t ask for what they need because they don’t realize they could benefit from something your product or service offers. (Or even know that you offer it.) Or, sometimes, they’re too shy to speak up or “don’t want to be a bother.” (I promise: this last phenomenon isn’t as rare as you think!)

    That’s why anticipatory customer service is so powerful. You’re actively seeking out unexpressed needs and going above and beyond to meet them, as well as unasked questions and answering them. When you uncover and take care of those unspoken needs and wishes, you create a whole new reality for your company. In this reality, delighted customers become loyal advocates, spreading the word about your exceptional service.

    This level of mind-reading service, where customer needs are met before they can even utter a request, is the ultimate secret to winning customer loyalty. And guess what? You can train and inspire your employees to get there—and transform your relationship with customers (and your business results!)

    You may have some doubts

    Now, I get it: you have some doubts. You’re probably wondering if your employees could become Jedi masters of customer anticipation. Hold onto your hats because I assure you they can and will. This will, however, require you to:

    1. Embrace the anticipatory mindset
    2. Promote this mindset throughout your company
    3. Support the anticipatory customer service approach with targeted, meaningful customer service training.
    4. Build, over time, a culture of anticipation through the power of “positive peer pressure,” an environment where employees know that the way things are done around here is to do more than the minimum in a way that is meaningful to our customers, rather than merely complying when asked to do so.

    You also might be doubtful for another reason. You’re wondering if you can afford to provide such an extravagant standard of service. And yes, it doesn’t come for free. But creating mind-blowing service systems is a brilliant investment for any business. The rewards in terms of customer loyalty are worth every penny of your investment and then some. Once you commit to elevating your game and embracing the power of anticipatory customer service, get ready to score big and watch your business grow and prosper like never before.

    [ad_2]

    Micah Solomon

    Source link

  • Barclays employs automation for CX\ | Bank Automation News

    Barclays employs automation for CX\ | Bank Automation News

    [ad_1]

    Barclays PLC is looking to increase its investment in technology and automation to improve customer experience and reduce costs.  The company reported an increase in operating costs of 6% year over year to £3.9 billion ($4.4 billion) in the second quarter, driven by “continued investment in talent, systems and technology,” the company’s earnings presentation stated. […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Why Your Business Must Prioritize Its Network Health | Entrepreneur

    Why Your Business Must Prioritize Its Network Health | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As the world becomes increasingly connected through the web, your customers come to expect a healthy network when they do business with you. When your network cannot deliver a seamless customer service experience, your company loses income. In fact, companies in the United States lose over $75 billion a year due to poor customer experiences. While not all of those are related to network downtime, the cost of network downtime has recently grown to about $9,000 per minute.

    The cost of a poor customer experience is clear. Yet what can you do to improve the customer experience? One thing to focus on is a healthy network with reliable connectivity.

    Related: How to Bulletproof the Internet Connectivity in Your Office

    A strong network supports customer journeys

    Your customers rely on your network in a number of ways along their customer journey. For example, if they’re researching your business, they’re going to want to visit and explore your website. If your server is down, they can’t — a barrier to entry.

    Perhaps a customer is ready to make the move from research to purchase. They start an online chat with one of your customer service representatives. They finally get to a human after going through the chatbot, only to find that the network crashes, and they have to start over.

    While these things might seem like small frustrations, they can derail your customer’s journey, leaving you with lost revenue. You need a strong network to guide your customer from interest to purchase.

    A strong network protects your customer experience investments

    If you’re a savvy business owner, you already know the importance of a positive customer experience. In fact, you probably have invested quite a bit into your CX tech. The average organization will spend over half a million dollars on this technology. While your budget may be smaller or larger than the average, it’s still a significant amount of your overall spending.

    You need to protect it.

    If your CX tech is internet-dependent, like it is for most organizations, you need to know that you have network connectivity at all times. Without it, you’ve wasted your investment.

    A strong network enhances contact center experiences

    You need a strong network if your business has a contact center to connect with your customers. Not only will the network quality impact the quality of the voice experience, allowing your customers to clearly hear the customer service representative they are speaking with, but it also ensures that they can reach someone quickly. In addition, if you have any conversational AI you’re bringing into your contact center experience, then you will need a network to keep it operating.

    Related: How to Protect Your Business From Internet Brownouts

    Potential causes for connectivity issues

    Internet outages and brownouts have several potential causes. Finding the cause will help you find the right solution. These causes include:

    • Congestion: The more people that utilize the network, the more challenging data transmission becomes.

    • Infrastructure problems: An outdated infrastructure, both internally and from your ISP, can hurt your connectivity.

    • Power outages and other natural disasters: When the power goes out or a storm hits your area, you may lose internet.

    • Maintenance: When the ISP performs maintenance, your server may go out.

    • Cyber attacks: When criminals attack your network, it may go down.

    Solutions to network problems

    So, what is the solution to these common problems? Your customers require access to your business, and network downtime hurts that accessibility. Here are areas to invest in to ensure your network stays up and active:

    1. Network backup plan

    A network backup plan is the best way to avoid most of the risks. If you lose Internet access due to maintenance, a power outage or too much congestion, you can continue to deliver a positive customer experience to those who visit your business. One of the best ways to create a network backup plan is to partner with a third party that can step in when your network fails to ensure you always stay connected.

    2. Cybersecurity

    Prevent hacks and cyber attacks with a solid cybersecurity plan that includes firewalls, virus protection and internal password protection.

    3. The right ISP

    Your internet service provider (ISP) will go far in protecting your network connectivity. Ask detailed questions about the ISP’s backup plans, customer service and downtime averages, and choose one with a good reputation.

    4. The right connectivity

    Finally, find a network that has the right connectivity. For example, switching to 5G can increase transmission rates and decrease the congestion you experience. Likewise, adding a second connection can safeguard against a network outage by re-routing and prioritizing data traffic. Talk to your ISP about their network connectivity, and ensure it’s enough to keep up with your demand.

    When you have network connectivity issues, you lose money. A poor customer experience is a good example of this. For your customers to trust you, you need trustworthy network connectivity. Invest in the right technology to keep your network up, and watch as your customer experience numbers increase as a result.

    Related: A Strong Network Can Be Your Business’s Best Safety Net

    [ad_2]

    Greg Davis

    Source link

  • The ABCs of Growing Your Online Business in a Crowded Market | Entrepreneur

    The ABCs of Growing Your Online Business in a Crowded Market | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As the digital marketplace grows more and more crowded, online business owners are in need of ways to stand out from the pack. Especially in the face of ever-increasing costs and competition, it is getting harder to answer questions like: How do I get greater reach for my message, content and offers? How do I convert that reach into more followers, leads and sales? How do I ensure I provide more value to the market and stand out from the competition? These are more than mere questions; they are concerns that will be the death knell of any company that chooses to ignore them.

    Unfortunately, most people approach these questions from the wrong direction. In a world that encourages you to always be on the hunt for the next customer, there is a “secret weapon” that helps your business to stand out and rise above all the noise in the marketplace.

    Businesses that profit the most often do it through customer retention rather than customer acquisition. I want to share the “online business ABCs” with you. They illuminate a holistic approach to delivering a customer experience that leads to retention and word-of-mouth referrals that can fuel the growth of your business.

    Related: 3 Things Online Businesses Must Consider to Grow and Thrive

    A: Activation points

    Many businesses consider the sale the “endpoint” of a customer’s journey. Tons of time, energy and thought go into the journey up until the point of purchase, but then the level of attention, intention and care drop off from there.

    Viewing the purchase as the endpoint is a limited perspective. The real journey begins after the purchase. There is a massive difference between “making a sale” and “cultivating a customer.” It’s a mistake to expect that the new purchase is going to be consumed at all, much less in the way that will deliver the best experience and results.

    There are a handful of “activation points” where you can offer additional information, support or encouragement to continue to educate and cultivate customers. The most successful businesses understand that their role extends beyond mere transactions. In fact, they are proactive and continue to lead in their relationships with customers and clients. This could look like hosting check-ins, providing supporting content or inspiring community engagement with other customers.

    B: Bias and beliefs

    The second pillar of the ABCs is about introspection to question the assumptions we’ve built in our minds about our customers.

    We are so deep inside of our own businesses that we forget what it is like to not have that context, and we assume further that if someone makes the decision to buy from our business, they fully comprehend what they bought. While obviously, they have some level of understanding because they bought, it is nearly impossible for them to fully understand what they’re getting.

    The remedy to this is to operate as if your customer has zero familiarity with your product. Guide them from the start and down the paths or use cases that best deliver the kinds of results they are after. The intent is to help make your customer feel supported and understood while clearing the path so that their journey with your business is as smooth and rewarding as possible.

    Related: Disrupt the Cognitive Biases That Derail Sales

    C: Communication, community and check-ins

    The third pillar of the ABCs speaks to the fundamental human drive for connection and acknowledgment.

    Because there is so much noise everywhere in today’s world (and not just in your marketplace), nearly everyone feels “drowned out” at some point, intensifying what is already a deep-seated desire to be seen, heard and valued. If your business can help to fulfill this need for your customers, everyone stands to gain significantly from the effort.

    The cornerstone to meeting this need? Effective, consistent and personalized communication. Regular updates, check-ins and intentional outreach are pivotal if you intend to keep your customers informed and engaged. It may feel like you are “over-communicating” if you don’t engage in much of this at the moment, but I challenge you to test that bias.

    And while automation tools (i.e. email or text) can shoulder some of this burden, the human element is indispensable. Most businesses try to eliminate the human element because they think it is time- and cost-efficient. While that is true, it is rare to see an automated message be the difference in turning a casual customer into a loyal advocate for your business.

    Lastly, a true sense of community will completely change the way customers experience and feel about your business. Give them a way to connect with, learn from and support one another. A sense of belonging is a powerful motivator, promoting repeat business and engendering brand loyalty.

    Related: 7 Patient Strategies for Growing Your Business Online

    The real sale and the real role of your business

    You may have heard of the concept of “the sale after the sale.” Just like you don’t marry someone after one great date, you don’t win a customer for life just because you had a slick marketing funnel and initial sales process.

    The customer journey extends far beyond the initial transaction. There are many ways to guide your customer to full utilization, enjoyment and value gained from the product or service they bought from your business. In fact, your business’s role is not just to sell a product or service, but to ensure that the customer extracts the maximum value possible from it.

    If you do this, your business can expect greater customer satisfaction and an increased likelihood of repeat purchases, referrals and glowing reviews or testimonials. All of which will help to lower your acquisition costs for new sales and boost your profitability.

    Now that you know your ABCs, I hope you use them to build a moat for your business. Putting these into practice will help you keep the customers you have and attract new ones at a low cost — because existing ones won’t be able to keep how happy and successful your business helped them become to themselves!

    [ad_2]

    Sam Miller

    Source link

  • 3 Methods to Unlock the Mindset You Need for More Success | Entrepreneur

    3 Methods to Unlock the Mindset You Need for More Success | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Recently, I sat down with a fellow entrepreneur to talk about his business. I asked what experiences I could share that would help him. He answered almost immediately: “I am struggling with getting my team to focus less on themselves and more on our customers and their needs.”

    Specifically, he shared that many of his team’s meetings have nothing to do with the customer but instead are centered around the company, its people or policies. For example, deciding whether to create a nap room or provide pet maternity leave. Because he is in a creative field and we live in feel-good Portland, Oregon, my guess is that he has a bit of a headwind trying to guide his team to think less about employee perks and more about serving their customers.

    I do have experience to share about fostering a customer-centric mindset.

    I am a year and a half into building my third company. Over time, the companies my team and I build have evolved to become more and more customer-centric — and are experiencing greater and greater success largely because of that. This third company has the highest customer satisfaction ratings we have ever received.

    We produced these results using three methods that promote a customer-centric mindset. The combination of the three essentially hard-codes the customer as the priority.

    Related: 3 Ways to Build a Customer-Centric Company Culture

    1. Create customer-oriented core values

    When I looked at my friend’s five core values, none even remotely involved the customer. They all focused on the types of people working there and their behavior mindsets mainly toward each other.

    Two of our four core values are around customer service (“We Care” and “We Inspire 5-Star Reviews”). Customers see these show up in different ways, which helps us stand out compared to other companies. At team meetings, we often recognize examples of these two values, and all team members are rated on how they represent these values during their annual performance review.

    It is a leader’s responsibility to ensure that the customer’s viewpoint is part of your core values discussion.

    When we started the company, we held off-site meetings so the team could brainstorm our core values. While it is common practice during this exercise to identify what the best team members have in common and pick those as core values, it is also critical to consider the top three deliverables that customers value most and that make the company stand out from competitors. Then, identify specific, action-oriented core values that can deliver at the level required to achieve the vision and growth you outlined.

    Though reworking core values can be very difficult, a values redux where as many as half of them focus on the customer or the types of characteristics that serve your customer best is key to enhancing company performance. Because core values function as your company’s DNA, this hardwires customer-oriented behaviors.

    2. Walk in the customer’s shoes

    What processes or experiences would help team members understand your customer’s unique journey and therefore improve it? New team members have a fresh perspective that can provide value to your company. It’s up to you to leverage that.

    We require new team members to blind-shop competitors — just like a new customer would. They complete a questionnaire about each competitor. During their orientation, I ask them to compare what they saw and experienced at our store versus competitors’ stores.

    This not only enables them to experience being a customer of our product but also empowers them to use what they learned to help sell to our customers, having literally walked in their shoes.

    Related: How to Become a More Customer-Centric Business in 5 Steps

    3. Tie compensation to customer satisfaction

    Another powerful way to inspire customer-centricity is to encourage it through compensation. There are many different compensation structures to achieve this.

    In our company, front-line team members are compensated in a number of ways. About 20% of their ongoing monetary compensation comes from a bonus pool tied to customer satisfaction. Their bonus percentage is calculated from the number of five-star reviews received and the percentage of promoters from our customer service survey.

    Additionally, these satisfaction measures, combined with their annual review core values ratings, are utilized to determine their annual company profit-sharing allocation. There is no substitute for the power of this direct connection to happy customers. The happier our customers are, the more money front-line team members make.

    Balance the seesaw

    When you created your company, did you do it solely to make employees happy? Probably not. More likely, you saw a need or problem and wanted to solve it to improve your customers’ lives.

    That said, a great work environment and strong company culture are important, too. After all, superior customer satisfaction can’t be delivered unless your employees are happy — the two concepts are not mutually exclusive.

    The connection between employee happiness and customer satisfaction is like a seesaw, requiring a delicate balance that each business leader must achieve on their own terms. As you calibrate where the weight will sit, remember that without happy customers, the company won’t survive very long.

    A customer-centric perspective is key to long-term success, which enables the opportunity for ongoing employee satisfaction. When you empower employees to connect those two concepts through core values, walking in the customer’s shoes and compensation tied to customer satisfaction, you’ve implemented a trifecta of winning strategies that should hard-code your company to find its ideal equilibrium and thrive for decades.

    [ad_2]

    Barry Raber

    Source link

  • What New Aviation Trends Can Teach Us Running a Business | Entrepreneur

    What New Aviation Trends Can Teach Us Running a Business | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The aviation industry is transforming thanks to the entrepreneurial spirit of individuals and companies launching their own MRO services in Europe. These entrepreneurs are disrupting traditional norms and bringing fresh perspectives to the industry. With a focus on innovation, specialized services and customer-centric approaches, they drive growth, deliver value and shape the future of aviation in Europe.

    MRO services, or Maintenance, Repair and Overhaul services, refer to a range of activities involved in the maintenance and upkeep of aircraft, ensuring their safe and efficient operation. These services encompass inspections, repairs, upgrades and overhauls of various components and systems within a plane. MRO services cover both routine maintenance tasks and more complex repairs or modifications.

    MRO services are critical for maintaining the airworthiness and reliability of aircraft throughout their operational lifespan. They involve comprehensive checks and inspections to ensure compliance with regulatory standards, identify potential issues and address required repairs or replacements. Additionally, MRO services encompass the management and sourcing of spare parts and the implementation of safety and performance enhancements.

    In this article, we will explore the advantages these entrepreneurs bring to the MRO sector, their innovative approaches and what they can teach us about collaboration and innovation.

    Related: Why the Drone Startup Market Holds Real Economic Potential

    Identifying niche markets and specialized services

    One of the key advantages that entrepreneurs bring to the MRO sector is their ability to identify untapped niche markets and offer specialized services tailored to specific aircraft types, customer segments, or regional needs. By conducting thorough market research and understanding the unique demands of these niche markets, entrepreneurs can position themselves as experts in their respective domains. This allows them to provide highly specialized and targeted services that meet the specific requirements of their clients.

    For example, entrepreneurs may focus on servicing particular aircraft models, such as regional or business jets and develop deep expertise in maintaining and repairing these aircraft. By concentrating their efforts on a specific market segment, they can differentiate themselves from larger MRO providers and offer their clients a more personalized and tailored experience. Furthermore, entrepreneurs may also identify regional needs, such as specialized maintenance services for aircraft operating in harsh climates or remote locations, and develop capabilities to address these specific requirements.

    Embracing technological advancements for efficiency

    Entrepreneur-led MRO services prioritize technology adoption to optimize operations, reduce downtime and improve maintenance processes. They understand that leveraging technology is crucial to staying competitive and providing efficient and cost-effective client services.

    One area where technology has made a significant impact is advanced analytics. By harnessing the power of data, entrepreneurs can analyze historical maintenance records, track performance trends and predict potential issues before they become critical. This proactive approach to maintenance allows for preventive measures to be taken, reducing the risk of unexpected failures and minimizing costly downtime. Predictive maintenance solutions enable entrepreneurs to schedule maintenance tasks based on actual equipment conditions, optimizing resource allocation and streamlining operations.

    Additionally, entrepreneurs are exploring using automation and robotics. Robotic systems can perform repetitive tasks with precision and speed, freeing up skilled technicians to focus on more complex and critical activities. Automation not only enhances efficiency but also improves safety by reducing human error.

    Furthermore, entrepreneurs invest in digital platforms and cloud-based systems to streamline communication, documentation and workflow management. These technologies enable seamless collaboration among team members, enhance data accessibility and facilitate real-time information sharing with clients. By embracing these technological advancements, entrepreneurs are able to deliver faster services and provide a higher level of transparency to their clients.

    Related: Where Did Go First Go Wrong & What Should Airlines Learn From It?

    Customer-centric approaches and enhanced service

    Entrepreneurs in the MRO sector prioritize customer satisfaction by offering personalized services, quick turnarounds and customized solutions. They understand that each client has unique needs and requirements, and they strive to provide a tailored experience that goes beyond the standard MRO services.

    Entrepreneurs foster close relationships with their clients, taking the time to understand their business objectives and aligning their services accordingly. They act as partners rather than just service providers, working collaboratively with clients to develop innovative solutions that address their specific challenges and goals. By actively listening to their clients, entrepreneurs can anticipate their needs and provide tailored recommendations and strategies to optimize their fleet’s performance and minimize operational disruptions.

    In addition to personalized services, entrepreneurs in the MRO sector are known for their quick turnaround times. They understand the importance of minimizing aircraft downtime, as it directly impacts their clients’ profitability and operational efficiency. Through streamlined processes, efficient resource allocation and effective project management, entrepreneurs are able to complete maintenance and repair tasks in a timely manner, getting their clients’ aircraft back in the air swiftly.

    Fostering collaboration and driving innovation

    Entrepreneurs understand the power of collaboration and actively seek partnerships with industry stakeholders to foster innovation and drive continuous improvement. By connecting with aircraft manufacturers, suppliers, regulatory bodies and other MRO service providers, entrepreneurs create an ecosystem of knowledge sharing and collaboration.

    Through these collaborations, entrepreneurs gain access to the latest industry trends, emerging technologies and best practices. This enables them to stay at the forefront of innovation and offer cutting-edge solutions to their clients. By challenging traditional practices and exploring synergies with their partners, entrepreneurs push boundaries and create novel solutions to address industry challenges.

    Furthermore, entrepreneurs often invest in research and development initiatives to drive innovation within their own organizations. They allocate resources to experiment with new technologies, test alternative maintenance methods and explore novel approaches to optimize MRO processes. This commitment to innovation allows them to constantly evolve and adapt to the changing needs of the aviation industry.

    Entrepreneurs launching MRO services are reshaping the aviation industry through their innovative approaches, specialized services and customer-centric focus. By identifying niche markets, embracing technological advancements and fostering collaboration, these entrepreneurs drive growth and shape the future of MRO services. Their ability to offer specialized services tailored to unique market segments, leverage technology for efficiency and cost savings, provide personalized and timely solutions and foster collaboration for innovation sets them apart from their competition.

    [ad_2]

    Henri Al Helaly

    Source link

  • Listen: How banks can address disconnects between automation, CX | Bank Automation News

    Listen: How banks can address disconnects between automation, CX | Bank Automation News

    [ad_1]

    Bridging the gap between customer experience and digital transformation is critical for financial institutions (FIs) to ensure customers stay engaged.   Providing customers with options in transactions like automatic bill payments are just one way for banks to assure consumers that financial decisions are their own and making certain they are not blindsided, Shane Berry, […]

    [ad_2]

    Brian Stone

    Source link

  • Meet #6 on Yelp’s Top 100 Places to Eat: Sunbliss Cafe | Entrepreneur

    Meet #6 on Yelp’s Top 100 Places to Eat: Sunbliss Cafe | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Around 15 miles from Disneyland, Sunbliss Café in Anaheim, California echoes the cheery spirit of the theme park. After garnering social media buzz with its bright blue lattes and Instagrammable interior, Sunbliss has become a popular destination for coffee, tea, and healthy eats like smoothie bowls and avocado toast. Recently, Sunbliss was awarded the #6 spot on Yelp’s Top 100 Places to Eat, a list of the best restaurants across the U.S., with the help of votes from Yelp users.

    Owner Tani Ahmed did not always see herself running her own restaurant, much less an award-winning one. While working on the corporate side of a large beverage company, she met various restaurateurs and franchise owners who inspired her to start her own café. Since Tani had no restaurant experience, the main way she learned to open a restaurant was doing research on YouTube.

    “I had contemplated it for a few years, and I feel like I have entrepreneurial blood. It’s in me, and it’s something special that you have to have,” Tani said. “It’s like jumping off a cliff and building a parachute on the way down.”

    When creating a menu for Sunbliss, Tani wanted to bring a unique spin to all of the drinks. Instead of a classic mocha or latte, customers can find untraditional flavors like the “Cloudy Coconut” cold brew topped with sweet blue foam. This variety is appreciated by customers like Yelp reviewer Alyssa Mae L.

    “I’m a hundred percent into trying new things,” Alyssa Mae said. “I really love when coffee shops don’t just have the generic latte, cappuccino, macchiato, so I find myself gravitating towards places that have unique flavors.”

    Sunbliss prides itself on offering the freshest products possible, such as sauces and syrups made in-house from locally sourced ingredients. However, a challenge to using these high-quality items is having to charge a heftier price to compensate for their cost.

    Tani said it comes down to good marketing to sell the product to customers who are skeptical of Sunbliss’s prices, especially compared to a typical coffee shop or café. For Sunbliss, this means using social media marketing as an opportunity to educate customers on the health benefits of its menu items.

    “We do educational-based marketing. What’s funny is that people don’t really see how important it is [to] spend more on your health,” Tani said. “They’ll hesitate to buy a juice for $9.50, but they won’t hesitate to buy a $20 drink like a cocktail. For $9.50, you’re adding good nutrients and good bacteria to your body.”

    While Alyssa Mae loved the drink she ordered at Sunbliss, the welcoming customer service made her experience memorable and inspired her to leave a 5-star review. Initially, Alyssa Mae was overwhelmed by Sunbliss’s extensive menu, but the staff helped by giving her suggestions of what to order.

    “They really gave me patience when navigating [the menu],” Alyssa Mae said. “It was early in the morning, and I know they were getting into the groove of a morning shift, so it was nice to receive that sort of patience and get some guiding points on what’s good.”

    To ensure customers like Alyssa Mae have a memorable experience at the café, Tani emphasizes the importance of building a strong culture among her staff, which comes across to customers. This starts at the hiring process, where Tani ensures team members have not only the necessary skills but also the same values as Sunbliss.

    To keep customers coming back, Tani established customer service guidelines all staff members need to follow, such as asking every customer what their name is. After being open for only a couple of years, she’s proud of the strong relationships her staff has built with customers.

    “We see the same people every single day. Our employees are the reason we have that following,” Tani said. “We’re all human. We experience bad days. Anytime we come in with some sad news or just that bad day hovering over us, it feels like when you start your shift, everything turns around because there’s always someone that you recognize or know that comes in and has that self-lifting energy that rubs off on you.”

    Other businesses can learn from Sunbliss’s journey to Yelp’s Top 100 Places to Eat, including the following tips:

    • Bring creativity to your products. Don’t shy from bringing a personal, unique touch to your business’s offerings, as Tani did with Sunbliss’s colorful coffee drinks.
    • Use social media as a powerful marketing tool. Outside of customer interactions, social media is a great way to connect with customers and educate them on your product offerings.
    • Foster a collaborative team. A strong team spirit will come across in customer interactions. Consider creating customer service guidelines based on your core values for staff to follow.
    • Make the customer experience memorable. Get to know customers on a personal level by asking them how their days are going and what their names are. Remembering your repeat customers can help turn them into regulars.

    Listen to the episode below to hear directly from Tani and Alyssa Mae, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

    Available on: Spotify, Apple Podcasts, Google Podcasts, Stitcher, and Soundcloud.

    [ad_2]

    Emily Washcovick

    Source link

  • Leverage Buyer Personas to Boost Your Customer Lifetime Value | Entrepreneur

    Leverage Buyer Personas to Boost Your Customer Lifetime Value | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that the customer experience is foundational for converting more shoppers to drive revenue and creating brand loyalty to convert guests into lifelong regular customers. Ecommerce retailers around the world are (or should be) obsessed with creating a simple, frictionless and personalized customer experience — the kind of customer experience people tell their friends about.

    Roadblocks to positive customer experience

    The road to a differentiated customer experience can be rocky; however, retailers must find new ways to meet customers’ increasing expectations and desire for personalized interactions while repairing the trust that has been damaged due to recent supply chain disruptions. Throw inflation, the threat of recession and labor shortages into the mix and cracking the code becomes trickier.

    As many work to rebuild relationships and transition guests into known customers, ecommerce vendors must manage various customer-related challenges, from “checkout ghosters” to disgruntled customers dissatisfied with their home delivery performance. For example, did you know 70% of customers abandon their carts before completing a purchase?)

    On the last-mile delivery front, a recent study found that 67% of consumers experienced a home delivery problem in the three months surveyed, with 68% of those consumers taking some form of action against the retailer or delivery company. What brand can withstand that level of retribution?

    Related: 5 Ways to Provide a Positive Customer Experience in Ecommerce

    Home delivery — missed opportunity

    Don’t make the common mistake of underestimating the power of a positive customer delivery experience to differentiate your brand, drive sales, create lifelong customers — and contain delivery costs. On the flip side, be aware that poor delivery performance can compromise the customer experience and irrevocably damage your brand.

    Indeed, a 2022 study found that customers who had experienced delivery issues hadn’t ordered from the retailer again (23%), while 16% told family and friends to avoid the retailer — a figure that has the potential to cripple a brand, given the speed with which these experiences can be shared across social media and messaging platforms.

    Related: Buyer Personas: What They Are, Why They Matter and How to Best Build One

    Moving beyond buyer personas

    While every retailer worth their salt recognizes the value of creating buyer personas to inform marketing strategies, many are in the dark about delivery personas. But delivery personas are equally powerful, with the ability to nurture brand loyalty, add incremental revenue and reduce operational costs to increase top- and bottom-line performance.

    In plain terms, customer delivery personas incorporate a mix of delivery speed, accuracy, extra services and insight regarding delivery choices (e.g. most eco-friendly) to help retailers create a range of delivery experiences tailored to their customers’ individual preferences.

    Here are five delivery personas that ecommerce businesses should consider when shaping delivery strategies and helping personalize the customer experience to turn guests into lifelong customers:

    1. Price-conscious: For these customers, the cost is the be-all and end-all. These individuals are highly price-sensitive and will prioritize delivery fees above all else. They will opt for the slowest shipping method available if it means they can save some money. The time of delivery is also of little importance to them — they’re willing to wait days for their package (as long as it arrives within a reasonable timeframe).
    2. Parcel-centric mindset: These customers’ prefer a speedy, hassle-free delivery of their smaller items, such as apparel and accessories, that are typically delivered quickly without needing to be present for a specific delivery time. For example, they’re content with their package being left on their doorstep at any point during the day and are typically not concerned with a time-definite delivery. This specific persona also appreciates the convenience of receiving their package quickly without having to wait for a specific delivery time and are satisfied with the fast delivery cycle offered by most ecommerce companies.
    3. Convenience is key: These customers value precision over speed. They have a specific time window in which they need their items delivered and prioritize convenience over quick delivery. This persona often includes customers purchasing larger items, like appliances or furniture, who need their delivery coordinated with the installation date and other tradesperson availability. For them, a seamless delivery experience is crucial and can significantly impact their overall satisfaction with their purchase.
    4. Time is money: This group of consumers prioritizes their time above all else and are willing to pay a premium to have their high-value purchases or replacement items delivered ASAP. They want their delivery to fit around their busy schedules and are willing to pay for the convenience of having purchases delivered in a timely and efficient manner — and it doesn’t take too many of these types of customers to offset a significant amount of your overall delivery costs.
    5. Eco-friendly focus: With a strong desire to reduce their carbon footprint, these consumers are on the lookout for companies that prioritize sustainability and environmentally-friendly delivery options. They aren’t just interested in the product but are also seeking a commitment to eco-friendly practices from the companies they shop with. These customers are willing to be flexible in terms of delivery time and speed, especially if it aligns with their environmental values. They may even be interested in grouping orders when you have deliveries in their area or may be keen for you to recommend the most sustainable delivery option.

    Given that 65% of consumers consider the environment when placing an order — and some customers, especially Gen Z and millennials, are willing to pay more for eco-friendly delivery — the sustainability delivery persona represents an excellent opportunity to lower delivery costs by reducing the number of deliveries, increasing delivery density and allowing for better planning with longer lead times.

    Related: How to Increase Customer Lifetime Value And Boost Profits

    Using delivery personas to give customers what they want

    Offering delivery options at checkout gives customers the choice to select which option best suits their needs for any given purchase— which can translate to a welcome revenue bump. Case in point: A 2021 study suggests that 71% of consumers expect companies to provide personalized interactions — and 75% get frustrated when this doesn’t happen.

    Personalizing delivery options using delivery personas opens up new opportunities to delight your customers. While low cost and speed are obvious choices, delivery preferences differ depending on what type of product is purchased (e.g. groceries vs. appliances). Offering value-added services like contact-free delivery and sustainable options, or the ability to book a specific date or delivery window, are extremely valuable delivery persona preferences that foster customer loyalty and sustained growth.

    Not every persona is relevant for every buyer and there isn’t one that takes first place — rather, a combination of them will create an extraordinary customer experience that takes into consideration how fast a delivery can be made, its accuracy and its cost. Don’t miss the opportunity to leverage customer delivery personas to protect margins, boost customer retention and increase customer lifetime value.

    [ad_2]

    Johannes Panzer

    Source link

  • How to Leverage Data and Analytics to Connect With Customers | Entrepreneur

    How to Leverage Data and Analytics to Connect With Customers | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to marketing, a one-size-fits-all approach just doesn’t cut it anymore. Luckily, and as my CTO at the Strategic Advisor Board always says, “With big data and advanced analytics, businesses can create customized experiences tailored to each customer’s unique needs and preferences.” This personal touch increases engagement and conversions and fosters a more profound sense of brand loyalty. Let’s dive into the exciting world of personalized marketing and discover how your business can implement this strategy.

    Imagine receiving an email that feels like it was crafted just for you. Every product recommendation and piece of content speaks to your interests and needs. This is the power of personalization in marketing. By gathering and utilizing data on your behavior and preferences, brands can create a truly unique and tailored experience for each individual customer. From behavioral to contextual, demographic to predictive, there are many ways to personalize marketing tactics and make every interaction feel special.

    Behavioral personalization involves tailoring the customer’s experience based on their past behavior. Ecommerce websites, for example, recommend products based on past purchases, browsing history and search queries. In contrast, contextual personalization is based on a customer’s current context, such as their location or time of day. Demographic personalization involves tailoring a customer’s experience based on their location. Predictive personalization uses data analysis and machine learning algorithms to predict customers’ interests and provide personalized recommendations.

    Personalization in marketing involves using data and technology to create a more relevant and personalized customer experience, which can drive better engagement. It is a critical strategy for businesses looking to stay ahead of the competition and connect with customers more meaningfully. One of my golden rules in all my companies is to keep it customized and personalized to the audience we need to speak to.

    Related: 3 Tips for Using Consumer Data to Create More Personalized Experiences

    The benefits of personalization

    Personalization in marketing has become a critical strategy for businesses because it can increase customer engagement, drive higher conversion rates and improve customer loyalty. By delivering personalized experiences, companies can create stronger customer connections, improving brand perception and repeat purchases.

    According to a study by Experion, personalized emails have an open rate of 29% higher than non-personalized emails. Additionally, a Segment study found that customized product recommendations can increase conversion rates by up to 300%. These statistics demonstrate the powerful impact of personalization on driving business results.

    In addition to these benefits, personalization can also improve customer loyalty. An Infosys study found that 74% of customers feel frustrated when website content is not personalized to their interests. Moreover, 59% said personalization influences their shopping decisions. By delivering customized experiences, businesses can show their customers that they understand their needs and preferences, leading to increased loyalty over time.

    Best practices for personalization

    Personalization in marketing campaigns can boost customer engagement, loyalty and conversion rates. To succeed in personalization, data collection and analysis are crucial. Here are some tips for personalization in marketing campaigns:

    First, collect as much data as possible about customer behavior and preferences. This includes their purchase history, browsing behavior and social media activity. Analyze this data to identify patterns and trends and use it to tailor marketing messages and offers to individual customers.

    Second, segment customers into smaller groups based on shared characteristics such as location, behavior or demographics. This enables businesses to create targeted marketing messages and promotions relevant to specific customer identifiers.

    Finally, testing and optimization are essential for successful personalization. Use A/B testing to experiment with different personalization strategies and optimize campaigns based on the results.

    Several companies have successfully implemented personalization in their marketing campaigns. For example, Amazon uses data to recommend products and provide personalized shopping experiences. Netflix uses customer viewing data to suggest customized content, while Spotify utilizes customer data to create personalized playlists and recommendations. Through its Beauty Insider loyalty program, Sephora leverages customer data to provide tailored product recommendations and offers.

    Related: These Are the Biggest Takeaways from 2022. What Does 2023 Have in Store for the Customer Experience?

    Overcoming personalization challenges

    Personalization in marketing campaigns has benefits, but challenges such as data privacy and scaling personalization efforts must be addressed. Businesses must be transparent about data collection and use practices to build customer trust. Investing in technology like AI-powered tools can help companies automate personalization efforts and create personalized experiences at scale.

    Several companies have successfully implemented personalization in their marketing efforts, achieving impressive results. For example, Coca-Cola used personalization to create unique bottles for its “Share a Coke” campaign, featuring customers’ names on the label. This campaign resulted in a 2.5% increase in sales and more than 500,000 photos were shared on social media using the campaign hashtag.

    Another successful example is Spotify, which uses personalization to create personalized playlists and recommendations for each user. This has significantly increased user engagement and retention, with over 60% of users listening to recommended music regularly equaling a total of 30% of total listening.

    These companies demonstrate how personalization can create more engaging and effective marketing campaigns. By leveraging customer data and delivering personalized experiences, businesses can increase customer engagement, boost loyalty and drive sales.

    The future of personalization in marketing

    As technology evolves, personalization in marketing will also grow, with emerging technologies such as AI potentially revolutionizing businesses’ personalization. AI can analyze vast amounts of customer data in real time, allowing companies to deliver highly personalized customer experiences at scale. In the future, businesses may use technologies like facial recognition or VR to create even more individualized experiences.

    Businesses must invest in emerging technologies like AI and machine learning to implement personalization effectively. Yet, challenges such as data privacy concerns and scaling personalization efforts must be addressed. Transparency about data collection and investment in technology that can automate personalization efforts can help.

    Modern marketing relies heavily on personalization to increase customer engagement, loyalty and sales. Amazon, Spotify, Sephora and Coca-Cola have all implemented personalization successfully. To stay competitive, businesses must prioritize personalization, invest in emerging technologies and build customer trust through transparency and privacy. Creating more engaging and effective marketing campaigns in the modern era will require businesses to utilize personalization.

    Related: Owning Your Customer Data Is the Key to Profitability. Here’s Why.

    [ad_2]

    Jason Miller

    Source link

  • What Leaders Must Do to Create a Great Customer Experience | Entrepreneur

    What Leaders Must Do to Create a Great Customer Experience | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    A great customer experience (CX) begins with an engaged, empowered, and inspired employee. Without them, it’s impossible to ensure that customers are experiencing your brand as you intended. When employees are engaged, they are far more likely to ensure customers are satisfied with your products or services — because they’re able to deliver great things. And consistent customer engagement is the gateway to maintaining your customer relationships throughout their lifetime.

    Here are a few tips leaders can use to better manage their teams, boost employee engagement and provide great experiences for their customers.

    Related: Happy Employees Create Happy Customers

    1. Create a customer-centric culture

    A customer-centric culture helps employees feel like they’re part of something bigger than themselves, leading to higher customer satisfaction. A customer-centric culture focuses on the needs and wants of customers. It involves ensuring that your employees are involved in decisions impacting the company’s processes, procedures and interactions with customers. Ensuring that you have this type of environment can help you better understand how to improve your customer service strategy for long-term success.

    2. Avoid tunnel vision

    There is no one else who can see the whole picture except for you. You know your business inside and out, and you’ve got a clear vision of what it needs to be successful.

    It doesn’t mean, however, that you should go it alone.

    In fact, when it comes to customer experience, you need all hands on deck —including your employees’ hands!

    When you rely too much on your perspective as the owner or manager of a business, you’re at risk for tunnel vision — seeing things only from your perspective and not considering other perspectives or options. That’s bad for the customer experience because you miss many opportunities to improve it.

    When employees are engaged with their jobs and invested in the company’s success, they have valuable insight into how customers interact with products or services in real life and how they can improve those interactions. They also have access to information about what customers want that you may not even know exists! When they share this knowledge with you and collaborate, you’ll get better results than ever before.

    3. Measure and reward the right things

    A great customer experience begins with great employee engagement and management.

    That’s why my team and I measure and reward the right things — not just sales but also customer satisfaction.

    We do this by having all our employees work together in a small, open office environment so they can ask questions and help each other out. We don’t have managers or supervisors — everyone is on the same level, so there are no barriers to information sharing.

    It’s not just about keeping up with the latest technology; it’s about ensuring everyone in the company understands how their actions affect customers’ experiences.

    Related: 7 Excellent Reasons to Focus on Employee Engagement

    4. Avoid silos

    The best way to ensure a great customer experience is to avoid silos.

    Silos are when departments or people don’t communicate with one another, so you might be missing out on important information. If your team is siloed, they’ll have trouble communicating with customers. Without communication, there’s no teamwork; without teamwork, there’s no CX.

    To avoid silos in your company and keep your employees engaged with one another and their work, ensure everyone is working towards the same goal. You can create an employee engagement strategy that includes regular meetings where employees can discuss new ideas for improving your customer experience. You could also try using gamification techniques like badges or points as rewards for completing certain tasks within your company’s larger goals.

    5. Empower your frontline employees

    The front line of your business is the first step in your customer experience. That’s why it’s so important to empower your frontline employees to create a great customer experience.

    They’re the ones who greet them, serve them and make sure they have what they need to be happy. They’re often the only people you meet when you walk into a store or restaurant. And even though they may not be able to influence every interaction with a customer, they can certainly make an impact on some of them.

    If you want to make sure that your customers are getting the best possible experience, you need to make sure your employees are empowered and encouraged to do their best work. This doesn’t mean that you should constantly micromanage them — it just means that you should give them room to be creative and develop their skills as they get to know your company better.

    Related: Customer Experience Will Determine the Success of Your Company

    6. Be open to collaboration and innovation

    The best CX is built on a foundation of employee engagement, so it’s important to give your employees the freedom to collaborate and innovate.

    When employees feel like they’re part of something bigger than themselves, they’ll go above and beyond for their customers. And when they do, you’ll see the results in happier customers, higher sales and more loyal clients.

    With everyone in your company striving toward the same goal, you can create a better customer experience. If a business lacks a culture of employee engagement and great management, it is almost inevitable that its customers won’t get the high level of service and support they deserve. Customers will likely never know about internal issues but will be presented with a disappointing experience that may cost a company future business opportunities.

    [ad_2]

    Chris Kille

    Source link

  • How Adela’s Country Eatery Makes Big Waves and Yelp’s Top 100 Places to Eat | Entrepreneur

    How Adela’s Country Eatery Makes Big Waves and Yelp’s Top 100 Places to Eat | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In a strip mall in Oahu, Hawaii, one might not expect to find an award-winning restaurant. Yet Adela’s Country Eatery has grown a name for itself beyond its small takeout counter, winning the #5 spot on Yelp’s Top 100 Places to Eat. Praised by customers for the delightful customer service and perfectly cooked noodles, Adela’s traces much of its appeal and success back to its central mission of sustainability.

    Owners Adela Visitacion and Millie Chan create colorful noodle dishes using locally grown Hawaiian produce that would otherwise be thrown away, such as purple-hued Okinawan sweet potatoes from nearby farms. Director of Business Development Elizabeth Chan helped create the restaurant with her mother Millie, with the goal of bringing this special produce to a larger audience.

    “[Okinawan sweet potatoes] were being fed to pigs because the farmer couldn’t get it to the market in Honolulu, so we were like, ‘Wait a second! We could use this for something else,’” Elizabeth said. “It’s a staple that everybody likes and nobody [was] doing this yet.”

    Reviewer Gina L. resonated with Adela’s mission to use locally sourced ingredients: “Since it’s on an island, I feel like that’s really important for the economy within the island versus having them import items that are more costly [which] bumps up the price. They’re able to not only support farmers but also their neighbors and their friends through their products.”

    With locally sourced produce at the forefront of its Hawaiian-fusion dishes, Adela’s is a true testament to the local culture. Because it only has a takeout counter, customers are encouraged to eat their food outside and enjoy the beautiful scenery Hawaii has to offer. But while they’re waiting, they can watch the noodle-making process. By giving customers a first-hand peek into the cooking process, Elizabeth hopes the customer experience is memorable, even without table service.

    “We thought that for the person making the noodles, it would be fun to have a chance to actually meet the people they’re making the noodles for and chat with the customers,” Elizabeth said. “For our customers, we thought we’d bring the experience a little bit closer to them because we do actually find the noodle process to be almost magical when it comes out.”

    In addition to the values of sustainability, one of Adela’s strongest values is family. Millie and Elizabeth foster a close-knit kitchen team and try to make all customers feel like they’re a part of the family as well.

    Adela’s welcoming customer service has garnered the restaurant a fair share of regular customers—and over 2,000 Yelp reviews. To strengthen relationships with new customers, Millie always greets them and guides them through the ordering process, answering any questions about the dishes and the ingredients behind them.

    “I’m just happy to see [customers] walk into our restaurant,” Millie said. “It’s like seeing an old pal you haven’t met for a long time, and it’s just the excitement that inspires me.”

    Gina said she felt Millie’s warmth from the second she stepped into the restaurant. This pleasurable customer experience inspired her to leave a 5-star Yelp review.

    “When we walked in, it felt very local. [Millie] welcomed us in, and then my sister and I didn’t know how to order, so she ended up leading us through the process,” Gina said. “She was very patient with us. She had the sweetest voice, and she seemed like a very good person overall.”

    In addition to its delicious food, Adela’s achievement on Yelp’s Top 100 Places to Eat was made possible by:

    • Putting business values at the forefront. As a small business, let your customers know what your values are, whether they are displayed on social media or branding around your storefront.
    • Showing customers how much they care. Invite customers in and give them a behind-the-scenes look at your process to make their experience memorable.
    • Building a united staff. Treat your team members like family to make them excited to come into work every day. Customers will feel the passion they have for your business.

    Listen to the episode below to hear directly from Millie, Elizabeth, and Gina, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

    Available on: Spotify, Apple Podcasts, Google Podcasts, Stitcher, and Soundcloud

    [ad_2]

    Emily Washcovick

    Source link

  • SVB collapse spurs demand for new solutions | Bank Automation News

    SVB collapse spurs demand for new solutions | Bank Automation News

    [ad_1]

    Financial institutions are working to fill the gaps brought to light by the failure of Silicon Valley Bank, bringing to market new deposit diversification solutions, treasury management tools and customer experience offerings. But existing solutions are also finding new demand, Brex Chief Financial and Chief Operating Officer Michael Tannenbaum told Bank Automation News. For example, […]

    [ad_2]

    Whitney McDonald

    Source link

  • ChatGPT not ready for customer engagement in banking | Bank Automation News

    ChatGPT not ready for customer engagement in banking | Bank Automation News

    [ad_1]

    When ChatGPT seemingly burst on the scene late last year, everyone from college students to CEOs took notice. For financial institutions, ChatGPT is just one tool in their digital transformation toolkit. It can refine and complement existing digital banking solutions, but when it comes to improving digital customer service and engagement, it still has a long way to go.

    Sasha Caskey, chief technology officer, Kasisto

    To build out digital customer experience tools, it’s better to go with digital assistants or chatbots that are more refined and specifically trained for banking services. But first, let’s take a look at what everyone’s talking about.

    What is ChatGPT?

    ChatGPT is a chatbot trained on a massive amount of data. It models the person it is talking to and can engage in a contextual conversation, much like speaking with another person. In certain situations, it would be difficult to distinguish between ChatGPT and another person.

    The technology is based on large language models (LLMs), specifically GPT-3.5. A large language model is a tool that can predictively compose text based on patterns it has learned from massive amounts of text data, usually drawn from publicly available sources, such as the internet. GPT, or generative pretrained transformer, is a framework for large language models based on the Transformer architecture for deep neural networks.

    These neural networks can track sequence and relationship data — such as words in a sentence — to learn context and, ultimately, meaning. GPT itself has been making headlines since the release of GPT-3 in June 2020.

    Limitations of ChatGPT

    ChatGPT is like nothing most of us have seen before. It seems knowledgeable and creative, it can write code and poetry, and even create games. More importantly, it is more likely to align its output to the user’s specific goals and much less likely to produce inappropriate or toxic output than previous LLMs.

    But for today’s financial institutions, ChatGPT and other similar technologies are still in the early stages of development and, as such, come with a bit of baggage. Here’s why:

    • They’re temporal. ChatGPT was trained at one point in time, which means it lacks any information published since then.
    • They’re expensive to produce and train.
    • As has been reported elsewhere, ChatGPT can lack ethics and can be offensive — not exactly great for customer experience.
    • They can be wrong. Very wrong. LLMs like ChatGPT are known to “hallucinate,” or produce content that is not based on any reality.

    What chatbots should do for digital banking

    Current banking customers are comfortable with using a chatbot. According to a Cornerstone Advisors study: “Among consumers whose bank or credit union has deployed a chatbot, 70% have used it at least once, with about three in 10 having used it three or more times.”

    The study also showed consumers’ satisfaction with their digital assistants’ interactions is strong, with half being “very” satisfied and 43% reported as “somewhat” satisfied.

    Yet for banks looking to build out their digital banking solutions with a chatbot, or its more robust cousin, an intelligent digital assistant (IDA), ChatGPT is just not ready for prime time. It’s a more basic and generic chatbot that’s not exclusively built for customer service.

    It’s better to look for chatbots or IDAs that can address member queries, provide personalized and detailed financial information, help consumers make smarter financial decisions and act as the first encounter with your brand.

    There are a number of chatbots out there. But no matter which solution banks choose, a chatbot or digital assistant can be a forward-facing, bank-savvy digital solution that speaks the unique language of their financial institution.

    Smart, personable chatbots can do that. ChatGPT? Not quite yet.

    Sasha Caskey is the chief technology officer for Kasisto, which makes conversational AI-powered digital assistants for financial institutions.

    [ad_2]

    Sasha Caskey

    Source link

  • How Do I Know I’m Getting the Best ROI? Use First-Party Data. | Entrepreneur

    How Do I Know I’m Getting the Best ROI? Use First-Party Data. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Today’s digital world has opened up many opportunities for small businesses to leverage data and maximize their marketing ROI. First-party data allows businesses to develop customer insights, optimize campaigns, track performance metrics and create targeted strategies.

    With first-party data in hand, small business owners have access to valuable consumer preferences, which they can utilize when planning engagement activities or launching new products/services. Additionally, using this form of data helps build a clear view of customers’ journeys while creating personalized experiences at every touchpoint along the way — without spending huge amounts of money on expensive market research tools.

    Related: In the Fight for Privacy, Web Cookies Are Disappearing. Here’s What That Means for Your Company’s Advertising Strategy.

    Get your hands on Google Analytics 4

    Small businesses have to be smart in their marketing efforts. Leveraging first-party data can help you get the most out of your marketing budget, ensuring that every dollar spent drives value and a higher return on investment (ROI). Small business owners can adjust their strategies accordingly by processing website data such as customer behavior and engagement metrics.

    Leveraging Google Analytics 4 for your first-party data can help you rank higher in Google search results. There are numerous advanced features of GA4 that allow businesses to collect valuable insights about their customers, allowing them to create targeted campaigns with more accuracy and efficiency than ever before. This new platform also offers powerful tools that enable you to measure the success of your digital marketing efforts and make quick adjustments as necessary.

    Understanding user journeys across different pages provide a further understanding of what works well for an organization’s digital presence, allowing them to focus time and effort more effectively on areas that drive conversions or revenue opportunities. Research shows investing in targeted campaigns using first-party data generates up to 20% higher return on investment than non-targeted approaches like social media ads.

    Place your customers in the right buckets

    Customer segmentation is a powerful way to leverage first-party data and boost marketing ROI. By gaining deeper insights into customer behavior, businesses can target their most valuable customers with specific content that resonates more effectively than ever before.

    Email segmentation, for instance, can help businesses leverage first-party data to create personalized, targeted messages. By grouping customers into segments based on similar profiles and behaviors, companies can tailor their communications and promotions accordingly. With this strategy in place, organizations have greater control over the messaging they deliver to specific cohorts of customers, helping them develop stronger relationships with the people who matter most.

    Behavioral segmentation helps small businesses create a tailored experience that resonates with each audience, rather than simply creating general messaging campaigns without any context or personalization attached. This personalized approach has the potential to drive higher engagement from customers by providing them with experiences catered just for them — resulting in greater brand loyalty and increased revenue opportunities further down the line.

    Related: Forget Third-Party Data. You’re Already Missing Out on Most of Your First-Party Data

    A personal touch for your customers

    First-party data can also help in strengthening relationships with customers. This is done by improving customer communications, creating personalized conversations and experiences, enabling segmentation of audiences for better targeting and providing relevant content to the right customers at the right time. Also, by leveraging this data, businesses can gain insights into buyer behavior, allowing them to become more responsive while helping build trust among their customers.

    For instance, personalized text messages can help create a closer connection between the business and its customers. This strengthens the relationship over time, creating a better understanding of what each customer wants and needs — further increasing customer loyalty and creating greater opportunities for revenue growth.

    First-party data helps with this by allowing you to understand shoppers’ habits by collecting behavioral information such as email open rates or click-through links. By doing so, companies can give customers a tailored and targeted experience that increases engagement and loyalty.

    Facebook pixel and other tags

    The Facebook pixel is a powerful tool for businesses to gain access to rich first-party data. This allows them to better understand customer behavior and build tailored campaigns that match their customers’ interests. With a Facebook pixel, you can track website visitors across devices, create custom audiences, measure conversions from ads and optimize ad spend for improved results. Utilizing this valuable first-party data enables businesses to make targeted decisions quickly, increase ROI and maximize performance.

    Utilizing first-party data to track and optimize marketing ROI requires dedication but can be immensely rewarding. Tracking customer behavior across various platforms is essential for efficient optimization and successful campaigns.

    With appropriate investments into understanding first-party data and employing ways to analyze its effectiveness efficiently, small businesses can equip themselves with what they need to increase their profits through increased ROI.

    Related: Data in 4 Flavors, and the Demise of the Cookie

    Ensuring accurate, reliable data collection

    Having accurate data is an essential part of any successful marketing campaign. With the right first-party data, businesses can ensure they’re targeting their audience in the most relevant and effective way possible. To ensure reliable data collection, small business owners should strive to use multiple sources that are consistent with each other, such as social media platforms and customer databases.

    Additionally, tracking analytics on a regular basis will allow for ongoing insights about trends or changes in consumer behavior over time to adjust strategies accordingly. Finally, investing in sophisticated tools like GA4 can enable companies to go beyond basic demographics and build better profiles around customer needs or preferences. This will help them create meaningful interactions with potential customers, leading to higher ROI from campaigns.

    Small businesses often have limited resources and need to be smart about how they spend them. Fortunately, first-party data is an inexpensive way to reach potential customers and understand consumer behavior. By collecting the right user information, small businesses can use this data to better understand individual buyer behaviors and create data-driven customer journeys and targeted campaigns tailored specifically toward them.

    This allows the business to maximize its return on investment by sending out highly personalized communication that instantly connects with potential buyers in a powerful way.

    [ad_2]

    Sonu Yadav

    Source link

  • Do You Know Why Your Customers Really Buy From You? | Entrepreneur

    Do You Know Why Your Customers Really Buy From You? | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The following is a simple question for business owners. Why do your customers buy from you?

    I told you the question was simple, but an accurate answer, on the other hand, can be far more complex and perhaps even elusive. To achieve long-term, sustainable success, your understanding of why your customers choose to do business with your company needs to be both correct and substantial.

    Many business owners develop a customer value proposition (CVP) alongside their company mission and vision statements. The brief declaration is supposed to document why a customer would opt to buy your product or service over the competition.

    While developing a CVP is commendable in its customer-centric approach, it often falls short of its intended purpose due to ambiguity, a lack of self-reflection and sometimes even outright insincerity. Dollars to doughnuts, there is not a single CVP out there that reads, “Our customers turn to us because we deliver lackluster service and a marginally good product.”

    Related: Who Is More Important — Your Customers or Your Employees?

    I would also assume that there are many businesses whose CVPs portray an exaggerated sense of the company’s true customer value. CVPs should never be created based on hype or manufactured mantras; instead built from sincere, astute insight.

    Bravado and disingenuousness are not the only ways business owners are misguided in their understanding of customer engagement and loyalty. The following are common misconceptions related to the question of why customers buy from you.

    “We are the cheapest”

    Sure, this value statement might be dressed up as “We deliver the best value,” “We are the low-price leaders,” or some other cost-based differentiator. But when I hear any form of “My customers buy from us because we are the cheapest,” I cringe. Competing on price alone is simply not a good model and is often unsustainable. There is always some other business owner who is willing to run out of cash faster than you are.

    Most customers – both B2B and B2C – understand the balance between cost and value. They walk that tightrope in every purchase they make. Contending that cheapest is the key attribute that keeps them coming back shortchanges both your business and your customers.

    “We have the best employees”

    Forgive me for being a bit skeptical about this assertion as well. Sure, your business may have good employees; but are they really the best? You may provide excellent service, but your competitors probably do as well. Is it truly your employees that keep your customers coming back? With the rare exception of that ultra-charismatic salesperson who charms the socks of buyers, the answer in all likeliness is a resounding no.

    That is not to say that hiring for personality and alignment with company values is unimportant. It most definitely is. But to put the onus of success and customer loyalty squarely on the shoulders of your employees is shortsighted.

    Related: 3 Reasons Why I Gladly Welcome Competition

    “We’ve got the best product on the market”

    While possessing a corner on the market is a great position to be in, it does not account for innovations in the marketplace and often fickle changes in consumer preferences. Evolving customer motivations and expectations, coupled with aging business models, have been the downfall of even some of the most successful industry titans.

    Consider Blockbuster, that for more than 20 years, was the largest and most successful video rental company in the U.S. Then industry innovators like Netflix and Redbox entered the arena with new and improved ways to provide the same service and completely changed the playing field. While the business’s products and services may have been “the best” in their heyday, innovators with more modern and sustainable business models came along and essentially put the video rental titan out of business.

    Suffice it to say even the best products and services on the market have competitors nipping at their heels.

    So why do your customers really keep coming back?

    What you are selling vs. what they are buying

    In considering why your customers continue to purchase from you, it is important to understand the difference between what you are selling and what they are buying. This is such a crucial distinction. As Harvard Business School professor and economist Theodore Levitt famously said, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”

    An accounting firm may see itself as selling tax preparation services, but its customers are seeking peace of mind. Apple offers not just its technology but a modern retail experience. A mechanic sells an engine tune-up, but the customer is purchasing a quieter and safer ride.

    As a customer-conscious business, it is essential to sell the hole, not the drill.

    Related: Do You Actually Understand Why Your Customers Are Buying?

    Understanding customer loyalty

    How do you identify the true reasons why customers buy from you? Get ready for a shocker. You ask them.

    While this may sound flippant, you might be amazed by how many business owners never ask the right questions or truly listen to what their customers have to say. HubSpot recently reported that 42% of businesses do not survey their customers or collect any sort of customer feedback. Those that do elicit feedback often do not ask the right questions. And even fewer business owners take any action based on the responses they receive.

    Performing a customer survey can be a real competitive advantage for you. You can communicate by phone, on your website, in an email campaign or in person. The platform matters less than posing smart questions that evoke insightful answers. How important do they consider price? How would they rate your customer service? Why do they prefer you over the competition? Create a system for recording the answers you receive, which might be as basic as a spreadsheet or as comprehensive as entering responses into your CRM or other sales and marketing tools. Feedback should not be a one-and-done; make it a habit to speak to your customers regularly.

    Then the next time somebody like me enquires about why your customers buy from you, your answer will accurately reflect the true value your business brings to the marketplace.

    [ad_2]

    Jason Zickerman

    Source link