Customers are the lifeblood of any business. At the end of the day, if you don’t have customers you don’t have a business.
According to SumAll, “25% to 40% of the total revenues of the most stable businesses in the SumAll network come from returning customers. Even better, steady customers help businesses weather lean economic times; businesses with 40% repeat customers generated nearly 50% more revenue than similar businesses with only a 10% repeat customers.” So, do you see an opportunity here?
What this tells us is if you want your business to grow, you need to focus your efforts on creating more value for your customers. Here are three tactics you can implement right away:
Understand Your Value Proposition
If you don’t understand your value, how are your customers supposed to? Gather the data and take the time to discover what is important to your customers, and how you solve their problems. Once you know the value your product or service creates and how you differ from competitors, you can clearly communicate these benefits and better serve your customers.
Take Your Customers Advice
One of the greatest ways to keep your customers loyal to you is to truly listen to their feedback, implement changes, and constantly improve. Be creative about figuring out what your customers want and need next. Ask questions on social media, create a poll, and offer an incentive for participation. The more your customers feel heard, the more likely they are to stay loyal to your brand.
Invest in Customer Service
Your customer may not always be right, but they always need to be treated fairly. Your customer service will have a direct impact on the growth of your business. Hire and train the right people, create a company culture that is focused on customer satisfaction and look for technology that can improve efficiencies and support your customers.
How do you show more value to your customers? Join the conversation on March 1 during our free webinar: “The One Thing You Need to be Sustainable in Business.” Register now: https://zoom.us/webinar/register/76c6158ec7fee0b5d746f627e8486654