They say it’s the little things in life that matter the most, but I believe the same applies to managing a business as well.
It’s not always about meeting quotas or beating earnings. In fact, there are certain factors that crunching numbers can’t measure at all.
People tend to focus on the burning flame that’s keeping their business alive instead of searching for the spark that ignited it in the first place.Because this spark is small in comparison to the fire itself, it often gets overlooked.
Sometimes the thing that causes your business to flare up is as simple as going the extra mile for a customer. The thing is, this “mile” is usually only a few steps in the grand scheme of things.
That’s why I’ve listed a little thing you can incorporate into your business to establish a distinct brand and boost profitability by 75%.
First things first, you may be wondering what I mean by “going the extra mile” for the customers of your business. This simply translates to showing buyers the value and appreciation they deserve.
It’s where the saying: “The customer is always right” comes from.
If a customer is unsatisfied with a purchase or happened to encounter some mishaps while giving you their business, it should be your utmost priority to make things right on their behalf.
Studies show that it’s far cheaper to get previous customers to purchase again than it is to find new ones.
In fact, just a 5% increase in customer retention can boost a company’s profitability by 75%!
That’s a heck of a turnaround if you ask me…
Statistics like that prove that maintaining a repeat customer base quite literally pays off in the long-run.
If you’re an aspiring or current business owner, then keeping buyers happy should be your #1 goal.
There’s no denying the fact that a successful business needs product sales to back it. However, these sales are nonexistent without a steady flow of new and returning customers.
Making an effort to show your buyers how valuable they truly are to your business is a GREAT tactic for the overall success of your trade.
Like I mentioned, you can do this by making things right after your customers have had an unpleasant experience or are not satisfied with a recent purchase by issuing a refund.
The point is to do everything you can to get these people back through the door!
It’s much more costly to miss out on a returning customer because of a negative experience than it is to cut your losses from a reimbursement.
Showing your customers appreciation can strengthen the reputation of your business and take things to the next level.
The statistics don’t lie and it’s proven that returning customers are more profitable in the end. So, why not make an effort to show them the appreciation they deserve?
Remember, it’s the little things that matter the most…