The times are tough for companies to establish a loyal customer base. With so many options floating in the market, the competition is cutthroat. Internet and social media are increasing awareness among customers who are becoming informed and conscious buyers. Consumers are becoming conservative, and economics isn’t giving much space for them to try and experiment a few times before they decide. In this article, we discuss 6 Ways to Improve Your Business and Add Value for Your Customer.
Making a sale in these conditions is a tough job. Customers look for strong values that keep them hooked to the brands and companies. They look for something relatable in their brands to keep them tied to it. And the businesses which offer these values to their customers gain their loyalty and praise.
As much as the competition has made harsh market conditions, it has also paved the way for a lot of small retailers, startups, and companies to compete in an equal space. Their innovative and creative ways of bringing value to customers could finally start paying them back with a strong customer base and business development. There are effective ways to add value to your customers. These methods could guide you to better business opportunities and help you remain competitive in an ever-evolving space.
It doesn’t always have to be DISCOUNTS.
The moment we discuss the value to customers, companies often look at a price reduction or discount. While it could give you a little momentum, in the beginning, it will start to hurt your finances sooner.
Also, unlike the common idea that discounts keep customers engaged, the reality says that it begins to hinder with customer loyalty. Your customers would not accept your market price if your products are on sale too often or switch to other brands who use a similar strategy.
Small businesses enjoy the liberty to flex into offering a unique experience for the customer that is barely possible for large chains to acquire. It helps to leverage such innovative value creation to your customers to help your business thrive. Here are six ways to build a value base for your customers and enhance your business
Improve your customer engagement and experience
A common problem faced by well established multinational corporations is a lack of customer engagement. Businesses cannot just shoot to fame by making innovative products. It is about how you connect with people that determines how you progress as a company.
Customer engagement can turn a simple shopping trip into an experience. Interacting with your customers helps you deliver or market more than what is on the shelf. It is impossible for big companies even if they try their best to establish such a commitment to their customers. But as small companies, it is essential to leverage the direct contact you have with the customers.
Staying in touch with your customer base is a part of the feedback loop, which enhances the efficiency of the value creation chain. Utilize link building services and create a robust online presence. Pay attention to customer feedback to improve customer satisfaction. When you interact with them, you understand how they perceive your brand, what interests them, what diverts them, and most of all, what would they like more.
These interactions are not just about service, but about creating an experience for both the customer, as well as the company. It creates a special bond with your customers who enjoy the experience of communicating with the company, rather than just buying their product or service. It makes it a novel aspect of your company among your customers, which can enhance your business prospects.
Understand the customer perspective
Ideas that make big money usually automate and make everyday tasks easier. These tools or services may look extremely simple and rather futile from the outside. But from a customer’s perspective, these tools can make their work more efficient.
If you wish to add value to your customer, then think from their perspective. See your business through their eyes to know what would make it competent. Understand your target market and their needs. Observe how your product or service contributes to their everyday lives. Can it bring down a regular expenditure? Does it solve a fundamental problem at home or at work? Answer these questions as a customer to evaluate how your product will fit in the market.
Your service or product should impact their lives to stay relevant. If it helps them get over an obstacle or perform a task better, then you are making progress in your business. Businesses often miss out customer interest by focussing on attractive features rather than utility or benefit. But customers stay loyal to companies that make their tasks faster than fancier.
Evaluate your target market and develop your marketing strategies from a customer perspective. Your approach should create value to the customer in a way they would relate. It brings value to the customer and helps boost your business.
Find the right value- customer fit
If you are trying to create one value that can benefit all your customers, then you are working to fail. Your entire customer segment, unless extremely targeted, cannot be swayed away with one value. Different customers have different levels of value for the same features or benefits.
Your responsibility as a company is to analyze your customer segment and create value to a more focussed segment that can push your business ahead. The strategy behind identifying this customer segment is affected by various factors. It could be the geography, economic status, gender, profession. But the attribute that you introduce should be of utmost value to them.
Such focussed value additions, create a unique proposition for your business which differentiates you from your competitors. It pulls your focus groups to reach out to you rather than the alternatives and improves customer loyalty.
Use the Membership card
Acknowledging your customer’s loyalty towards your business is a way of encouraging them to associate more with you. A simple way of establishing this would be a membership card. They track a member’s association with your business. And by offering perks to long term associators, you motivate your customers to approach your brand more.
Membership cards could tally up to certain points that can give them access to benefits such as discounted prices, first access to limited edition products, or invitations to events. Membership cards are a way of bringing your customers into a community and enhancing interactions among them.
Joining your brand’s club will help you create a strong wave of followers for your brand. You can include thank you cards, gifts, vouchers, fun games or special discounts through memberships. These are ways of showing your customers how much they matter. It establishes a healthy relationship with them. And the various perks offered for the members is an added value for them to enjoy.
Add value through free resources
Whether it is a company calendar or stationery you give your customers, free resources have a way of creating interest in customers. These little extras you share with your customers is a great marketing strategy as well as a subtle way of adding value to your customers.
Free resources help create brand awareness and take your company to more customers in a smaller duration. This method is similar to distributing promotional material but more effective, as they are of utility too. You can leverage the curiosity of new customers to know about your brand by offering free sign up forms.
Make sure your choice of free resources isn’t too random or simply based on your target customers’ interest. These resources should reflect your company, industry, product, or service in some way to engage your customers more. For example, if you offer free paper with your printer, you involve your customers more and at the same time create huge value to them. Get creative with your folders and offer customers innovative folders that will be of value to them. This consistency in purpose helps the business grow.
Have a cause that your company stands for
A good value to your customer is engaging with a brand that works with a cause. Making money alone cannot be the purpose of your business. Your brand and company should stand for a specific reason, no matter how simple. It helps initiate engagement with the community. Use a logo design professional to make your brand logo which helps people recognise your brand.
Establish and promote your brand with the cause as the focus to interest more customers. It also gives more value to the product or service offered. It differentiates your company from the rest in the market, which is essential to stay ahead.
Stand for a cause that your product or service is most relatable, and let your company take responsibility for working towards it. It could be mitigating poverty or improving literacy in your area or city. But the purpose of having a cause is to add value to your product and company. This way, your customers will identify you for a reason. You can work as a community to take a step towards the cause. The work will also be a positive move towards growing your business. Your purpose will become an identity for your brand that your customers will relate to.
Leverage the potential of simplicity in every walk of your business. Your customers should feel comfortable while using your product or service. And the best way to bring such value is to make it simple. Try to make your designs and processes simple, so your customers do not require much pre-requisites or a massive learning curve. From lead generation till after-sales, your moto should be simplicity.
Offer free consulting to your customers to help them utilize your product to the fullest. This way, they can acquire the best value for what you have to offer. Keep your approach towards customers updated to ensure you stay ahead of the competition cure. Keep these points in mind to ensure your customers support your journey in moving forward.
We hope this article about 6 Ways to Improve Your Business and Add Value for Your Customer has been helpful and be sure to leave your comments below.
This article was contributed by Kimberly Clark a Content Marketing Specialist
Also published on Medium.