(Disclosure: This is a contributed/collaborative post.)
When it comes to customer investments, returns are typically described as qualitative. In other words, qualitative investments have beneficial effects that can’t be quantified. Business development strategies do include both qualitative and quantitative measures, among which improving customer processes and making them feel valued play a significant role in the growth process.
However, if you’re going to increase customer investments, you will need to provide measurable improvements and KPIs. Does investing in your customers pay off and bring quantifiable revenue growth? The answer is yes. Here is what to prioritize:
Have a VIP program
Every customer loves feeling valued. But rather than telling them how much they mean to your business, you can show with actions. A loyalty program, for instance, has a lot of advantages for your customers. Customers who enroll in a loyalty program receive discounts, benefit from personalized pre-sale before everyone else, get freebies, etc. In other words, they appear to be more effort and more cost for the business. However, a loyalty program has a quantifiable impact on revenue. Indeed, VIP customers on a loyalty network are more likely to stay with the brand. Increasing retention by only 5% can boost your sales by up to 95%. In short, investing in your customers could almost double your revenue. The secret for companies is to ensure you give just enough to your customers to encourage further sales. If you pour too much into the customer retention program, you may not recoup your costs.
Always put their needs first
Putting your customers’ needs first should dictate all business decisions. According to a study from the GrowthHub.biz, user experience is crucial to growth. UX improvements can boost your revenue by 30%. However, understanding how and what to improve can be challenging. That’s precisely where a solution that provides insights, such as Userzoom.com, can help gather knowledge into actionable strategies. Creating a service or a product that works 100% for your customers drives your revenue further.
Be there when they ask
Answering your customers’ queries is a no-brainer. You can’t create a long-lasting business strategy if you deny your customers real-time interactions and answers. When a lead reaches out with a question, they are almost ready to purchase. They need to clarify some elements before making the transaction. Any delay in the response can slow down the process, by which time, the customer may have found a similar product from another brand. How do you best provide real-time answers? An FAQ page can be helpful, but it doesn’t tackle every option. On the other hand, investing in a live chat that puts customers in touch with an agent can ensure they receive the help they need in real-time. The quicker the response, the more leads you can generate, which means that you can rapidly increase conversions. However, a quality live chat comes at a cost – cheap bots can irritate your customers.
In conclusion, customer investments deliver qualitative results. However, some can also bring measurable and quantitative improvements for your business growth. Increasing revenue is one of the key targets with customer investments, whether you encourage loyal customers to buy more or prioritize their needs and knowledge.
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