Work Instiute Business Magazine: 7 Things Your Customers Wish You Knew About Them

Wednesday, March 8, 2017

7 Things Your Customers Wish You Knew About Them

A busy work environment may occasionally blind business owners to the needs of their customers, but these needs extend beyond the routine products and services they regularly purchase into areas like customer service, convenience and attentiveness. Here are some of the key factors your clients take into consideration when seeking help from small business owners.

Make them feel like they matter

Your customers’ sense of self-worth plays a central role in your business's long-term success. Show them how much they’re valued by remembering and calling them by name each time they visit. Other ways to show clients how important they are is through rewards programs and by offering price breaks to those who provide steady business or provide referrals.

Acknowledgment is essential

For many customers, being heard provides a strong indicator that your business really cares. People appreciate prompt responses so it’s important to genuinely listen to both positive and negative feedback. Use online surveys, focus groups, social media, website forms and other means to connect with customers. Keep in mind that disregarding feedback can lead to a negative reputation and eventual profit loss.

Good service is better than fast service

While a quick response should always be the goal, the average customer prefers good service over a fast, but subpar resolution. A major reason customers abandon a brand is because of rushed service that is incompetent or incomplete. Take the time to ensure that you’ve fully met your customer’s expectations, ask if there is anything else you can do to assist, and always strive to go the extra mile.

Personalization counts

Sometimes, one size doesn’t fit all. Does your business adjust and adapt to meet the needs of your clientele? For instance, do your products come in enough shapes, and sizes? Are your services available at “standard”, “premium” and “elite” levels? Many businesses allow customers to add personal touches to or even design their own products, which often increases their overall satisfaction. This works especially well with handmade crafts, clothing, and food items. Take customization to the next level by leveraging user feedback and short questionnaires, which will give you a better understanding about your customer's preferences.

Offer rewards

Everyone enjoys a pleasant surprise, especially when it provides a financial benefit. An unexpected reward can evoke positive feelings, elevate you over competitors and encourage repeat business. Delight customers with time of purchase discounts, free shipping, or a small complimentary item and they are likely to remember the experience, refer you to friends and colleagues, and reward you with additional business in the future.

Simplicity is key

With our mobile society and increased demands for instant gratification, efficiency has become more crucial than ever. Customers are not only seeking the best value, but also the most time-saving and hassle-free opportunities. Think of all the areas where your business can be made simpler. Replace any paperwork your customers might be saddled with (such as registration forms, mail-in rebates or hard copy manuals and instructions) with online alternatives. Bundle services or provide them a la carte, whichever is easier for the customer to understand and purchase. Your online presence should follow suit. Email campaigns should have a single focus. Also be sure that all the sections of your website are well organized and intuitive.

Keep things lively

We all need to get things done but there’s nothing wrong with having a good time while doing so. Customers admire a business that takes itself seriously, but also understands that “professionalism” and “boring” are not synonymous. Little things like having pleasant in-store or office background music, a television near the checkout line or interesting decor create a positive customer experience.

4 Tips for Improving Business Cash Flow

Invoice Factoring -When it comes to business costs, one of the main things that you will have to determine is whether or not a certain type of cost is actually worth paying. Invoice factoring, also known as invoice financing, is definitely a cost that’s worth adding to your outgoings as it can have a great effect on your company’s cash flow and enable your business to stay afloat and even develop and grow despite clients and customers who don’t always pay their invoices when you need them to. Invoice factoring works like this – if you have a client who still hasn’t paid what they owe, you can ‘sell’ their debt to the factoring company, who will then pay you a large percentage of the total amount, keeping a percentage back for security. Once your client makes their payment, the factoring company will give you the rest of the money, minus a small fee for their services which many business owners will agree is worth it.
Ask Nicely - If you’ve noticed that your clients seem to be struggling paying their invoices on time, it could well be the way that you’ve worded the request for payment that’s to blame. It may seem small and insignificant, but research has shown over and over again that simply asking nicely – i.e., putting ‘please’, ‘thank you’, and ‘have a nice day!’ etc. on your invoices can actually prompt your clients to pay faster, simply by being friendly and polite to them. So, next time you’re writing out an invoice, don’t forget to politely thank your client for choosing your services – and of course, for their prompt payment!
Offer Incentives - Making payments is something that none of us like to do, and your clients probably feel the same way about this. Even people who’ve managed to amass a lot of wealth don’t often like parting with their money, so it’s a good idea to keep this in mind when designing your invoices and determine how you can encourage your clients to part with their money in a manner that’s a little more speedy. For example, cash incentives, such as offering them a discount for paying before a certain date or even offering them a free gift in their next order, can definitely turn up the heat and get your clients opening their wallet.
Use Online Invoices - Not only are online invoices much easier to keep track of for your own accounting and tax purposes, they can also have a huge effect on how quickly you get paid. If you send a paper invoice, you’re already losing time as you’ll need to wait for it to arrive in the post and be opened before the client then has to take the money to the bank and transfer it or make the payment in the way you have instructed them to on their invoice. On the other hand, using online invoicing services can make things much easier for everybody, as this will not only allow your client to receive the invoice in mere seconds of your sending it to them, they’ll also be able to easily pay you online, meaning that you could receive the money within a matter of minutes if they are at their desk. And, thanks to mobile technology, they may not even have to be at their desk at all to make the payment there and then.