There is one thing business people unanimously agree on. And that’s winning and retaining customers being their greatest challenge. Indeed, this is backed up by the Pareto Rule, which says 80% of your sales come from 20% of your customers. To win the hearts and purse-strings of these lucrative customers, you need a sound business strategy in place. We have put together 4 secrets from entrepreneurs for you to build into your own strategy.
What you will learn in this article
- What is key to winning and keeping customer
- 4 great tips from successful entrepreneurs
- How to innovate your customer experience
- The importance of feedback
- Why CRM is your BFF
The keys to winning and keeping your clients
Okay, we said secrets. But a lot that lies behind winning and retaining customers is nothing more than common sense. However, you may not immediately realize the significance, and that’s the tricky part. To distill the mystique into its constituent parts, we are essentially talking class-leading customer experience and service.
To build your customer base, you need some smart, out-of-the-box thinking to appeal to customers and win their loyalty. But how? Let’s see what successful business people have flagged up as critical to winning with your customers.
Entrepreneurs’ 4 top tips to master customer relationships
Know the customer
The adage recommending you know your customer has never been more apt. To stand a chance to retain a customer and build a long-lasting relationship, you need to know every single customer in-depth. If you don’t know their needs and buying behavior, how can you hope to sell to them?
The top entrepreneurs know everything from name and age to income, hobbies, interests, and dislikes. And more besides. By getting inside the heads of customers, it is much less challenging to sell to them. Having the inside line on their thoughts means you can confidently build products and offer services your target audience will love. And also attract new interest into the bargain. To achieve this degree of insight, you need to do the following:
And you can only do these three things above if you involve your customers. Spending the time and energy understanding your audience better will be rewarded. Armed with this business intelligence, you can strike a chord with customers. This lack of fundamental customer knowledge often leads to so many marketing campaigns crashing and burning.
If you do something in business, make sure you can do it exceptionally well. While it’s tempting to offer a comprehensive menu of solutions at once, you may only be serving up confusion instead. Start with your signature service that solves a problem for your target audience, and then build out from there. You may not always be right, of course. But you only ever learn by making mistakes.
An excellent example of this is Apple. When Apple launched Apple iPod and iTunes, others in the sector were either selling MP3 players or download services. Apple was doing both seamlessly, a strategic move that proved to be a major turning point for the company. Others have followed their lead by coming up with propositions that set them apart from rivals within their niche. If you wish to stand out from the herd, you need to distinguish yourself as different and more practical than your rivals.
Your greatest asset, it is often said, is your staff. To deliver a world-class customer experience, you need to have employees on side. All successful entrepreneurs have realized this and gain the support of employees by working to empower them in the workplace. Ultimately, your staff is the public face of your organization. They interact with customers and are vital to forging customer relationships. You must provide employees with a sense of ownership and mission.
Customers place much weight on exceptional service. They are also far more likely to give word-of-mouth recommendations about your company if they have had a positive experience. Your emphasis, therefore, should not be on short-term wins but rather on forging long-lasting relationships and engagement with customers. To achieve this, you need to recruit the best talent and develop their skills to ensure they positively engage your target audience. If you want to win a life-long customer, bear in mind it takes work and will not necessarily happen overnight. Patience is a virtue.
Encourage staff to analyze customer data to arrive at custom-built ways to engage existing customers and prospects. Data mining like this will give you the jump on the competition and stay one step ahead of customer expectations.
It’s good to talk
Encourage your customers to talk. Customer feedback will always be instructive one way or another. So too are analytics, the metrics that measure how people interact with your business. Knowing customer expectations in advance can help you ensure there are no shortcomings in your customer experience.
The importance of feedback
Customer experience unlocks increases in both customer retention rates and overall customer satisfaction. But you need feedback on which to base and craft your outstanding customer experience. So how can you get the level of insight required to accomplish this? There are numeroul techniques to do this, including:
- User activity
- Usability testing
- Feedback boxes
Why CRM is your BFF
One of the most tangible benefits of a CRM solution is its insights to strengthen your customer relationships. Instead of gut instincts, you can use data-driven evidence to make critical business decisions. The segmentation and data in your CRM enable you to take your marketing game to a new level. That’s why the top businesses in the world are placing their faith in CRM.
Building enduring customer relationships takes time and energy. Small businesses can benefit from CRM as much as large enterprises. Start now, try out your free trial and convince yourself of Samdock.