How to Identify Untapped Markets

mind mappingRegardless of the business you are involved in, it is very important to evaluate your market and its potential competitors. That is the same thing I did when venturing into pressure washing business. To make it in business, you need to identify segments that may be your potential competitors have missed, or just untapped opportunities that might have been challenging to conquer. To achieve the best market research, you need to assemble a team of employees who work in different departments or sectors and subject them to a set of interview questions to gather data.

Mind Mapping

You need to get a team that is able to think about various uses of your product, and write these uses down. Once they come up with an initial list of what you need done, expound it to list even more specific uses of the product. This means during the evaluation stage, you are probably going to come up with a niche sector that you can dominate with ease. When you have the segments you want to venture in, you have to conduct research to see how good and profitable they can be.

Analysis of Value Propositions

You need to determine who your competitor’s customers are, then create customer profiles according to aspects such as geographic, demographic, behavioral and psychological characteristics. After this, you need to write down the value proposition of your competitors according to cost, technology and service. Then, you have to look at your own value proposition according the similar categories. Evaluate if your value proposition address the needs of your customers.

Pre selling

Pre selling is simply selling before the sale. Making pre sales can be very important as it helps in determining the demand of your product in a narrow niche. You need to create custom branded items or even discount coupons that are tied to a large niche. Pre selling can be very important of you are venturing in a market that you are not sure of customers.

Branding

You need to get everyone shouting your brand as this is the only assured way to grow fast. The first thing to getting branding right is to ensure you choose the right name, elements and logo for your business. Your business caption should be easy to remember and captivating. Get your team to rally behind you to ensure that they promote the components of your brand.

Listen to Potential Customers

It is always very important to listen to what your customers want. The needs and wants of your customers can help you in determining what services you need to offer to them. Clients want service providers to tackle their pain and offer them solutions that release the burden they suffer. When a potential customer gives you insights, you are better placed to understand what to offer for your business. You need to understand that no product is 100 percent ready at initial launch. Work with what you have and improve it. When your business is picking well, think about ways to scale it up.

 

 

 

 

How to Deliver Top Notch Customer Experience in Simple Steps

customerBusinesses such as Fairfax Tow Truck are always looking forward to creating an exceptional customer experience. If these experiences turn to be unforgettable, a business ends up turning ordinary customers into very loyal fans. What businesses need to know is that there is no one-size-fits-all recipe for creating an incredible customer experience. Every brand is unique, same to every customer as well.

When looking forward to creating exceptional customer experiences, there are some sure ways to go about it.

Use technology to create top-notch customer support

Any customer experience doesn’t end with a purchase. After a customer gives you a purchase, that should not be the end of the business. Customer support plays a key role in ensuring the satisfaction of a customer, and the overall customer experience. You need to devise an extended essential service that comes after a sale.  The only way to realize that is by leveraging technology. There are essential tools that are very important in providing a great customer support. These include- mobile customer support, live chats, self-service management, social media support as well as Omnichannel support.

Create personalized experiences

Customers expect to receive instant gratifications because everyone wants to feel special. Everyone wants to receive some form of personalization that makes them feel special and valued. You need to treat your customers like you value them by offering and creating personalized messages, offers and communicating with their individual needs. Research shows that today’s customers are more likely to make purchases based their past browsing behaviors and purchasing patterns.

 

Leverage Big Data

You need to leverage big data to get to know your customers on the very basic level. There are millions of data about individual customers who engage with brands but unfortunately, brands do not know where to find this data, how to gather it, and how to translate it into meaningful insights. You need data on various customer issues including behavioral, contextual, service interaction as well as social behavior.

Reward customer loyalty

loyaltyYou need to reward customer loyalty to foster the ambassadorship of your brand. Brands need to leverage and up their loyalty programs by offering better digital experiences when it comes to rewarding programs. You need to look at all mechanisms that promote customer loyalty, build customer trust and attract customers. You need to provide customers with tools and apps that monitor their rewards, as well as making it easy for them to earn and redeem rewards.

Exceptional services

You need to provide unrivaled services and stay ahead of the game. There are those companies which as legends when it comes to offering customer service. These companies are well known for offering things such as hassle-free returns, personalized interactions as well as making customers feel great. The first step to offering exceptional services lies on thinking about what you want out of customer interactions. You need to make a personal connection with your customers by being so warm and friendly to them. When you have to help them, call them by their first name and make them feel special.

 

Simple Customer Retention Strategies that Work

customerManaging customer retention rates are very important for the growth and sustainability of any business. Customer retention deals with how well a company aims to keep its paying customers over a period of time. The purpose of any business is to make and keep a business – this is all that retention deals with. If a business has a low retention rate, it is doomed as customers will not express loyalty. The cost of retaining customers normally costs less than acquiring them.

There are various strategies a business can apply when looking forward to retaining its customers. Notable of these strategies include;

Stand for something

Customers have a higher chance to ignore a business or company that doesn’t stand for something. If you want to create real value for your company, you must work on your brand. To get loyal customers, you need to create real connections with them. You need to define what you stand for, and what sets your business ahead of others. You need to offer differentiated solutions.

Positive social proof

We are all social beings and as social beings, humans tend to focus their attention on the advice and reviews they get from others. A positive social proof such as testimonials presents a very effective strategy for getting people to listen to what you have to offer.

Use words they love to hear

Using words customers love to hear is a very powerful customer marketing and education strategy that can help your business. If customers do not enjoy your education, sales process, and marketing, they are most likely not going to do any business with you. Not all words are created equal – some encourage customers to buy more than others. Words such as Free, New and instantly have powerful effects when it comes to sales.

Reciprocity

ReciprocityYou need to deliver surprise reciprocity as well as delight. Reciprocity is an effective strategy that keeps your customers forever indebted to your business. Give customers some free gifts and show them some acts of kindness, and they will all want to be associated with your business. However, you should not overspend on delight. It can be costly to hand out many discounts and freebies. For that reason, you only need to embrace the art of creating reciprocity through small and thoughtful gestures.

Thank you

You should not underestimate the power of thank you. There are companies such as Zappos that are well known for expressing gratitude their customers using handwritten snail mail. Thank you notes are very important in ensuring that a connection is created between your customers and your business.

Service Delivery

There is no way you are going to attract and retain customers if you offer low-quality services. You will not be able to build customer loyalty without offering exceptional customer service. You need to accept that speed is very important and secondary to quality. You also need to know your customers. You need to understand that customers do not want to feel rushed or ignored. You also need to choose the right platforms in your service delivery to customers.

How Customer Support Management Can Improve Profitability

Employees working in a call centerAny successful business knows the importance of customer satisfaction. Customers are always interacting with your business be it through mobile apps, company website, using emails, on their phones, in person or just any other method. But the big question you need to ask yourself is whether those experiences they are getting are forging a bond or driving them to look for alternatives.

When you want to understand your customers better and offer a differentiated solution, you need to employ the use of customer support management systems. A customer management system helps in many ways including;

Creating a customer-centric culture

The best way to go about it is to reward customers and employees for superior customer service. When you offer any product to a customer that is not good enough, you need to try and compensate for services that did not stand out. You need to have metrics and models for sharing customer experiences. You need to review customer experiences and projects and keep on monitoring progress to ensure that customer service doesn’t go low.

Business control and customer experience

A customer management system gives the lines of business control of customer experience. A coordinated approach to customer experience is one that is built from the ground up. Your main aim is to ensure that customer experiences don’t sound just like another corporate initiative.

Tame channels and Data

Customer experience can be challenging due to issues such as system integration, organizational structure, and channel complexities among others. To solve these issues, there is a need to implement multi-channel management. Additionally, it is very important to embrace new channels such as social media, video, and mobile.

Application of Analytics

Leading-edge companies are now embracing new technologies and processes in the performance of tasks. More effectively, they are applying analytics in every sector of business. The importance of analytics cannot be understated as it helps in creating organization-wide customer experience standards, analyzing cross-organizational customer insights and mapping customer interactions within organizations. Leaders also recognize the importance of emerging analytical technologies as they are very important in analyzing online behaviors and social media management.

The importance of customer support management can’t be understated. As a business, you need to be clear about what you are trying to accomplish and take time to achieve the best. Prepare for everything from marketing, employee satisfaction, employee training, offering a rewarding customer experience among others.

Why You Need an ERP Software for Your Business

Business analyticsTrying to keep a business or company running smoothly is not an easy task. For businesses to run effectively, they need some form of automation. This automation can be achieved by acquiring vital business software, what we mostly call ERPs. ERP stands for Enterprise Resource Planning, and it is simply a piece of software that helps businesses in managing their backend processes. Processes being managed include anything from finance, accounting, supply chains, procurement, inventory, Human Resource among others.

The use of ERP is very important in helping the business achieve success in various sectors including;

Financial Management

Having a vivid picture of your finances is very important for any successful business. An ERP is very important in managing all your financial needs such as budgeting, dealing with expenses, recording transactions, overseeing assets and measuring cash flow. A good ERP system will help in organizing your finances and keeping them in check. ERP systems are very important in offering a clear picture of your company’s fiscal health and presenting opportunities to maximize profit.

Supply chain and operations management

For those businesses that heavily rely on materials coming in and products going out, it is very important that you manage the supply chain. The success of a business is greatly determined by its supply chain. There is the need to track all supply chain communications through a consolidated system and eliminate all chances of error. An ERP system can help in keeping all things in order including automating tasks, placing orders when necessary among others.

Project management

Project managementAn ERP system is very important in giving users an accurate and real-time overview of an entire product lifecycle, right from the quotations issues, to production, delivery, invoicing and collection. If a business is in the process of manufacturing a product, it is very important to keep employees informed at every state and keep tabs with the timings. An ERP system can be very important in helping with monitoring the progress of numerous projects and defining their deliverables.

 

Business Intelligence

Business intelligence is a key factor of ERP systems. Native ERP systems help in tracking progress, measuring performance and producing in-depth reports. ERP systems are centralized in nature and that means all your business data can be accessed in one place. This means you have a lot of information to analyze, that you can use to make business decisions and track business success. By use of business intelligence tools, you can customize your dashboard and allow businesses to get greater insights.