If you’re a business owner, you may think that simply surviving the COVID-19 crisis, and the financial impacts it has had, is enough. Think again.
If your business is surviving, but not thriving, take these three crucial steps to get the most out of your company.
Provide excellent customer service
While you likely set out to solve a problem that a customer was facing or provide a product that someone was in search of, it may have been lost somewhere along the road. It’s time to remember that. So, instead of just offering middling service at best, make sure your customer service is optimal.
Go the extra mile when you can; if a customer has a question that you don’t have the direct answer to, point them to an expert that might. Is your customer asking for an upgrade, a product, or something that you don’t offer yet but might? Don’t forget to reach out directly to them as soon as you do have it available, whether that means salted chocolate chip cookies if you own a bakery, or a new way to track receipts if you offer a SaaS solution to finances.
Offer the type of customer service that you want when you frequent a business. Each customer you interact with has their own unique customer experience, so remember that when providing them your solution or product.
Do not cut prices even during a crisis
Don’t underestimate your company’s worth. Many start-up businesses under value their product, solution, or service. When this happens, they don’t charge enough. And do you know what happens? People don’t think they’re getting a great deal when they work with you. They just expect that you are providing them the price that you see necessary to charge them. Investigate your pricing strategy and make sure it aligns with your product.
There is evidence that shows when two identical services are offered at different prices, people will often go with the higher price. Why? They simply assume it’s better. If your product is good, do not cut prices, offer coupons, or boast that you’re the cheapest in the area. Not only are you attracting the wrong customers by doing this, but you’re also likely to lose customers when you raise prices that weer previously unsustainable.
It’s also important to ensure you’re still promoting your business through paid advertising and the right marketing. Whether it’s fitness marketing you need or paid adverts for your latest range of homeware products, it’s important to have a budget for this area of the business as it will continue to help make money for your company.
Stop overpromising and under-delivering
If a car mechanic tells you that they can fix your car by that evening, you expect it to be finished by the end of the day, right? When you go to pick it up, only to find that it actually won’t be done for three more days, you’re probably more than a little miffed. What would happen though if the mechanic initially told you they’d let you know a timeframe, but expected it to be finished in about three days, and actually had it done in two? You’d think, “Wow, that was fast!”
Instead of overpromising and under-delivering, be honest with your customers. If you are planning to have an update for your app by the end of the month, be realistic. Don’t promise them more than you can actually deliver on in the allotted amount of time, and your customers will learn to trust you.
Growing your business takes work
Growing a business isn’t all rainbows and cupcakes. It takes years of hard work and dedication, but if you want your company to thrive, not just survive, it’s time to kick it up a notch.