Forget The Bottom Line – Think Value!
No, we haven’t lost the plot. Yes, of course your bottom line is vital to the success and continued growth of your business. But … brace yourselves for this golden nugget – adding value for your customers, and getting it right, will ultimately help your profits to soar.
Value? Doesn’t that mean giving stuff away?
Think of value as something that makes your customers’ lives easier. Think of value as something that will make your customers want to buy from you or use your services time and time again. And we’re not talking a free pen with every order.
Think of your own buying habits. Let’s assume you’ve had a really bad experience with a branch of Wetherspoons. Your immediate reaction may be “I’m NEVER going to set foot in another Wetherspoons as long as I live.” But then, on another day in another town, step foot inside a different Wetherspoons and experience a completely different culture. Your mindset is now erring to the positive – but what did they do to change your opinion? It’s the same menu, same price point – but something resonated. Added value.
Let’s look at six golden Top Tips to help you give value to your customers without busting the bank.
Stop Chasing New Customers – Look After The Ones You’ve Got
We’re always amazed at the number of businesses who forget about their customers once they’ve onboarded them. Now you’ve got them, you need to work at keeping them. Communicate with your customers regularly, get personal – find something out about them that you can drop into a conversation or email (but don’t get too ‘stalkerish’!), send them something every so often as a thank you. These little gestures needn’t cost the earth or take up a lot of your time, but it will make a difference – they’ll also talk about how wonderful you are to their circle of contacts. Think about that one for a minute or two …
Improve Your Buying Process
Not everyone keeps a 9-5 existence, which may stop someone from placing a big order with you. Consider having an online shop, or if you’re a service-based business, an online scheduling portal so that potential clients can reach you 24/7. Product-based businesses may want to offer incentives like free local delivery, or free shipping over £XX. Simple, but effective.
Know Your Audience, Know Your Brand
Who is your ideal customer? By really honing down who you’re aiming to sell to, you will be able to develop your brand so that it appeals to that specific type of person or business. Do you have a cause that will resonate with your target audience? The more your audience feels connected to your brand, the more special they will feel. Mr & Mrs Anyone With A Pulse just won’t cut it anymore.
Provide Valuable Content
Use your website and social media platforms to give value in the form of free stuff. Share posts that somehow help your clients in their day-to-day: top tips is always a great one. Remember – it’s OK to post about something other than your business. Listen to your customers, pick up on what their pain points are and create some content that may go a little way to helping them address those issues.
A no-brainer. Respond to messages, emails, reviews, comments – the good, the bad and the ugly. Ignoring those who have taken the time and trouble to get in touch won’t win you any fans. And if you’re seeing a customer in a face-to-face environment, be polite, smile, ask how they are. Yes, it sounds daft but trust us – you’d be amazed at how many business owners forget the basic common courtesies over closing a sale.
Think of ways to reward repeat customers with loyalty schemes or discounts. It’s a model that has worked well for the big players like Tesco (think Clubcard!) but also for smaller businesses such as beauty salons with incentives such as every 10th massage is on the house. Of course, their customers will keep booking until they reach that free treatment!
The biggest customer value tip to remember is this: always promise less and deliver more.
There’s a fair bit of information to take in and think about in those six top tips. If your brain has turned into a pinball machine, why not book a £99 brain pick with Hannah. She’ll help you to identify ways that you can add value to your customers with minimal effort for maximum value.