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These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs. Learn more at yec.co.

1. Know Your Data

Be sure to know your data. If it’s your first client, you have to spend the time to fully understand them, their business, their needs, their shortcomings and more. Frankly, this advice goes for all clients, but especially your first client. When they bring something up, you will be able to respond intelligently, instead of with, “I’ll go look into that.” This makes them see you as a partner and expert.

Jason Azevedo, MRCA

2. Do What You Say When You Say You’ll Do It

Your first client understands you are figuring things out and that there may be bumps along the way. They want to be in the know for the good and the bad; more importantly, they want to hear the bad directly from you, and they want to feel that you are controlling the flow of information.

Liam Leonard, DML Capital

3. Go the Extra Mile

Go the extra mile — or more! Show your passion for the job and your compassion for the client. In this dog-eat-dog world, people tend to think, “What’s in it for me?” so kindness and proactivity are rare to find. If you’re genuine, you will shine. It is never about impressing a client; it is more about sincerely caring for the client and the project, which will then lead to productivity and engagement.

Daisy Jing, Banish

4. Follow Up With Them

After you get your first client, send a follow-up email. Sometimes just saying something like, “Thanks for taking time to speak with me,” can go a long way in solidifying a new client relationship. It’s also a great way to provide any necessary follow-up information or additional resources. It’s just a final little touch that shows the client that they are more than just a transaction.

Shu Saito, All Filters

Using business documentation tools

5. Provide Clear, Comprehensive Documentation

Having clear and comprehensive documentation goes a long way toward impressing clients. Just create a document that includes a summary, your offer, terms and conditions and more. Such documentation can serve as a quick reference, making things easier for everyone. Meanwhile, it subtly highlights that you’re a professional and this isn’t your first rodeo.

Blair Williams, MemberPress

6. Focus on Presentation

Presentation is everything. Whether it’s a service or product, be sure that it’s presented to the client in the best possible manner with good quality and courteous communication. Go the extra mile to make sure that the client’s needs are met and they are happy. Think of what you would want if you were the client and what would make you recommend this product or service to others. – Benjamin Rojas, All in One SEO

7. Pay Attention

Pay attention to them! Clients want to feel like they matter and that their time is well spent with you. Connect with them as a person. Take time to understand where they are coming from and what goals they have. When you have that understanding, it will be easier for you to meet their goals and expectations, which will create client loyalty.

Mary Harcourt, CosmoGlo

8. Respond Quickly

Answer back quickly! Communication is the key to any good relationship. If your client feels that you get back to them with answers, next steps or deliverables quickly and efficiently (or clearly communicate any setbacks or expectations), they’re more likely to trust you and refer you out or hire you again.

Jacob Tanur, Click Play Films

9. Deliver a Quick Win

Deliver a quick and substantial win. Set the tone right away with consistent and meaningful deliverables. That way, you can show you’re more than just a good salesperson and that you are able to produce real value. This works because ultimately they want a partner who can help them find blind spots, act on opportunities and contribute to their bottom line.

Firas Kittaneh, Amerisleep Mattress

Punctual businessman

10. Be Punctual

The first impression is the best impression, and you want to make sure that the first impression you give to your new client will be a positive one. Make sure that you are always on time for meetings and always answer emails in a timely manner. It’s also important to maintain a professional demeanor while working with your clients.

Kristin Kimberly Marquet, Marquet Media, LLC

11. Implement Their Feedback

One way to build rapport with your very first client is to encourage them to send you feedback. We have a program where we encourage our customers to send us feedback on our software so we can make improvements. If your business is brand new, there are likely a few things that need to be fixed. Listening to your first customers and making fast changes based on their thoughts will impress them.

John Turner, SeedProd LLC

12. Be Honest

Deliver what you pitch and be clear and honest in your communications, from beginning to end. Clarity and honesty go an incredibly long way, regardless if it is your first or 40th client. So many entrepreneurs overpromise and then find themselves making excuses or delivering work that doesn’t hit the mark.

Matthew Capala, Alphametic

13. Immerse Yourself in the Project

They say overdelivering is what keeps clients happy, but, honestly, I feel that immersion is more important. Immersion into the project shows that you are wholeheartedly interested in seeing them succeed. If you’re immersed, they will feel like they’re getting A+ service, which will impress them. It works because it’s “showing” over “telling,” and that wins hearts.

Candice Georgiadis, Digital Day

14. Create a Plan to Address Their Needs

The one thing you can do to impress your first client is spend time with them, listen to all their needs and come up with a plan to address them. Some of their needs may not be available to work on yet, and you need to be honest with them about that. Even so, you can include them in a plan.

Baruch Labunski, Rank Secure

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7 Tips for Customer Retention https://smallbiz.com/7-tips-for-customer-retention/ Tue, 01 Feb 2022 10:30:00 +0000 https://smallbiz.com/?p=52435 photo credit:Clay Banks / Unsplash

Many businesses focus on acquiring new customers with deals, expensive adverts, promotions and freebies. But is it at the expense of retaining their existing customer base? While it’s unrealistic to expect all of your customers to stay loyal, you should still aim to retain as many as possible.

Shifting your focus from growth to retention can save you time and money.

How to Improve Your Business’ Customer Retention

It’s more expensive to attract new customers than it is to retain existing ones. Not only are repeat customers more likely to recommend your product and refer more people to your business, they also generate larger transitions and spend more money the longer they stick with you. After all, happy customers will buy more.

With that in mind, here are seven tips to increase customer retention.

1. Email marketing

If you’re plagued by abandoned shopping carts and a drop off in repeat custom, it’s time to improve your email marketing. More than two-thirds of customers abandon carts before purchase due to indecisiveness and other things competing for their attention. Think of all those sales you’re losing. It’s worth sending some abandoned cart emails to prompt customers to complete the checkout process. A carefully worded email can increase purchase rates by 19%, while a second reminder has a whopping 54% success rate. Marketing tools like Sendlane can design and automate a dynamic email sequence for you, making the process a breeze.

2. Focus on customer service

The best kind of customer service is accessible, transparent and responsive. Multichannel support lets your customer contact you on their terms across a range of platforms. Give your customers a choice of touchpoints to reach you easily and provide self-service options like FAQs and chatbots.

You can be proactive in gauging how your customer feels by gathering feedback using surveys. The net promoter score (NPS) is one of the most simple and effective methods of measuring customer satisfaction, as it rates how likely someone is to recommend a brand to a friend on a scale of 1-10. Closing the loop on feedback is important, so send a customised thank you email or respond directly to any feedback.

3. Implement user accounts

User accounts save your existing customers’ payment information and other details, which make repeat purchases much easier. While they are popular with regulars, new customers might see the registration process as too much of a commitment for a one-off purchase – but, of course, one-off purchases can often lead to repeat purchases.

So while it’s worth offering a guest check-out option for the first order, after it has been completed, you can offer the user the option to open an account. This gives the customer enough time to decide if they are likely to use your company again.

Cashier processing payments
photo credit: Patrick Tomasso / Unsplash

4. Offer a customer loyalty scheme

Loyalty programmes offer customers rewards such as discounts, freebies and exclusive deals. The rewards you provide depend entirely on your company’s product, objective and values, but they give customers a reason to keep buying from you. Some examples are air miles, points-based programmes and tier-based programmes, where customers can unlock higher levels of rewards if they spend more.

According to Accenture, more than 90% of businesses already have some form of loyalty programme.

5. Offer deals on subsequent purchases

Emailing first-time shoppers with discounts for further purchases is a great way to secure repeat custom. Special offers and promo codes can also entice back shoppers who haven’t bought anything from you in a while.

Once you have enough information to build an individual buyer persona, you can send them personalised offers. Alternatively, you could offer a referral bonus that rewards customers for bringing you new business.

6. Engage with customers on social media

Social media is a great platform for engaging with customers and showcasing your brand’s personality. You can even post special deals, competitions and insights. These posts can make you seem more approachable and appealing to your target audience. They also provide an opportunity to deal with complaints and negative comments before they escalate.

7. Use a CRM to manage customer relationships

The rise of e-commerce has blurred the lines between sales and service. Businesses now have multiple touchpoints and opportunities throughout the buyer’s journey to build better customer relationships and sell more. Investing in a dedicated customer relationship management (CRM) system gives multiple teams a 360-degree view of the customer. It provides a single platform that can be used across a range of devices and is linked to a company’s email, social media and other apps.

Loyal customer
photo credit: Blake Wisz / Unsplash

Customer loyalty is valuable, so it’s up to you to keep delighting your customers so they come back. These tips are a good starting point for keeping your current customer base happy and creating a mutually beneficial relationship. Add value to every customer interaction and watch your business grow exponentially.

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