Looking for a way to increase your revenue? Perhaps you’ve heard that happy customers spend more and are said to have a 60 to 70 percent chance of returning for more? But before you get too happy about that, consider the following data. According to an American Express Survey, 78 percent of consumers did not complete a transaction because of poor service.
Here are 3 ideas that can help you enhance customer satisfaction, which will result in an increase of revenue.
1. Give them a little more than what they asked for…
Ever been prescribed a medication that also caused you to suffer from a vitamin deficiency? It happens often enough that software has been developed to combat nutrition deficiency in patients. Here’s how Digital Replete software works. A patient walks into a drug store that has this software installed and gets the barcode of their prescription drug scanned. The pharmacy tech, or whoever is manning the software, will be notified of what nutrients are at risk by taking that prescription. Which then allows the staff to suggest supplements that will help to curb those negative effects.
This software has been showing positive patient outcomes and greater customer trust in the pharmacy. But not only that, stores that have installed this software have also shown increased margins since its installation. This is a brilliant way of improving customer service and profit by increasing the satisfaction level of customers.
2. Let their voice be heard.
Almost 60 percent of Americans would drop your company for a better experience. So how does a company maintain customer loyalty in the face of stats like these? Always be listening. Always be improving. Customer feedback is a channel directly into your customers’ minds. And a line of information that all businesses should tap into. A superb illustration of always considering the customer is shown by Amazon, a leader in customer satisfaction. Jeff Bezos is known to place an empty chair at a table to signify who they are really there to serve.
Social media allows for customers to interact with the brand in an informal way. A way that the customer will be comfortable with and will allow for an uninhibited response. Use your social media accounts to host surveys, ask questions, and get feedback. The power of being heard has started revolutions… Stand back and see what it can do for you.
3. Reward those who stick around.
How does a business keep people coming back? Show that you value your regulars by giving them rewards, such as freebies, discounts, and special sales. For example, stamp cards that are stamped with every purchase are rewarded by an item from a desired range of products. This is a way to encourage multiple visits in a week.
Another favored method for rewarding customers is to give discounts for birthdays or other special days in the customer’s life. Other rewards often include preferential service to those belonging to your loyalty club. When a certain amount of money is spent, a 10 percent discount is given on the customer’s next purchase.
Some businesses invite regular customers to special openings or previews or first dibs when a new product is about to be launched. Rewards programs don’t have to sink a huge hole in your budget. The key ingredients are thoughtfulness with the intent of showing your regulars that you want them to stick around for the long-term.
Keeping those regular customers with you is something worth fighting for. One marketing firm says that even a 5 percent increase in keeping your customers can result in profitability worth up to 75 percent.
Implementing solutions for greater profitability will inevitably require investment of time and money. The good news is that feedback is immediate when you are doing something right. Your customers will be happier and your revenue will show it.