Listado mensual: octubre, 2021

Part 3 of the “Business Relationships Series”: Why entrepreneurs should focus on ways to turn customers into advocates.

It’s no longer enough to connect with a prospect just at the time they’re ready to make a purchase. Modern customers are now trained to do their research before making a purchase. And technology has made it easy for them to discover your happy customers (or not), and those customer reviews will play a large role in persuading prospects to buy from you.  

One recent survey found that 90% of consumers said that positive reviews influenced their buying decision. Another survey discovered that 86% of customers are willing to pay more for a great customer experience while, conversely, 32% of customers will turn their back on a company they love, after just one bad experience.

Turning customers into advocates

After turning a prospect into a customer, and creating a good business relationship, the next step is to strengthen that relationship and turn your customers into advocates of your brand.

Brand advocates are passionate champions of their favourite organizations—and will tell others about their amazing experience with your company. In fact, according to a recent study, advocates are two to three times more effective at attracting new customers to your brand.

Ready to build an army of brand advocates? These strategies will help you and your clients get even more out of your relationship:

1. Never take customers for granted

Ensure that your product or service never slips from the excellent levels your customers have come to expect—and be diligent in maintaining an outstanding customer experience. Maintain consistent communication, spend time with your customers and learn as much about them as possible.

This might be over the long-term or even just in a quick phone call. Use that knowledge to be selflessly helpful by providing ongoing, valuable advice and ensuring that your relationship is mutually beneficial.

2. Under-promise and over-deliver

Always strive to deliver exactly what was promised, on time, and then some. You can also provide added value to your customers in ways that have little monetary cost to you but considerable value to them.

For example, do a quick follow-up to continue nurturing the customer relationship after they make their purchase. Something as simple as a check-in email to see how they’re enjoying your product or providing them with a helpful piece of content after their purchase can go a long way in leaving a lasting impression. You can also wish them a happy birthday if you have that information, or even reach out to B2B clients and congratulate them on a new product launch or business achievement.

3. Be there for them in tough times

When clients are going through a difficult period, do what you can to help them get through it. For example, you may choose to accept late payments or defer late-payment charges for those who are experiencing a rough patch. You could even suggest a payment plan for clients who are having cash flow issues.

Depending on your relationship with your client, you may also consider referring them to contacts who might be able to help them out, such as with alternative financing options or inventory liquidation.

4. Create a customer advocacy team

Dedicate a team, or internal staff, to managing a customer advocacy program. Having a specific person or group responsible for nurturing customers into advocates will formalize the process and ensure that it’s a key strategy in your customer growth plan.

In addition, consider establishing a loyalty or referral program, which can encourage customers to become advocates. Then, task your customer advocacy team with managing its growth, and the positive spin-offs will naturally evolve throughout your entire organization.

 

If you’re looking to grow and expand your business into the future, making strong business relationships is the cornerstone to success. Here at Liquid Capital, we’re business owners, too, so we understand what our clients go through. While we’re dedicated to helping out clients with their financing needs, we also get to know them as people so we can understand their business challenges and opportunities—and then work out a plan to be the most useful partners for them.

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Ready to learn more about our versatile, unique range of financing solutions, such as invoice factoring, that suit many sizes and types of businesses? Contact your local Principal today.

Part 2 of the “Business Relationships Series”: The importance of maintaining strong business relationships with your contacts and clients.

The way businesses attract customers has shifted forever. The old methods of marketing to catch a customer’s attention, getting them interested and having them make a purchase doesn’t happen in the same way anymore.

In Part 1 of the “Business Relationships Series” we looked at some key tips for turning prospects into customers. In this part 2 of our series, we’ll look at what to do now that you’ve landed a new customer—and ways to help you keep them as a customer.

Strong business relationships are like a good friend

Imagine for a moment this scenario in your personal life… 

You’ve made a new friend and have a great connection—but then as soon as you hang out, maybe going for a round of golf or dinner at the newest restaurant in town, you stop calling and seeing them. Chances are, they probably wouldn’t be willing to help you when you call needing a ride to the airport or an extra hand when you move.

It’s a similar situation in business. One of the biggest mistakes a company can make is to neglect their current customer base. Doing so inevitably results in high churn and loss of customers—which can have a serious impact on your cash flow. Not only is it more expensive to bring in new clients to replace those you’ve lost, but you’re also missing an important opportunity to increase your sales. 

You need to keep working to make sure your current customers (and referral sources, suppliers and other business contacts) are happy in your relationship. If you have a high churn rate, then it may be time to look at ways to strengthen your customer and contact base.

Here are four tips to get you started:

1. Offer an excellent product or service, with a best-in-class customer experience

Having a great offering is clearly a big advantage for both securing and keeping customers. However, the way you treat your customers is just as important as what you deliver to them. Ensuring that everyone in your company buys into the notion of providing an outstanding customer experience, and delivering the training and support to ensure they succeed, will set you apart from most of your competitors.  

Not only will this strategy ensure that your customers stick with you, but it will also turn them into your biggest fans who will deliver quality referrals and help you to grow your business.

2. Put your customers first

Having a customer-first business strategy can really pay off and set you apart from your competitors. Listen to your customers, take their feedback into consideration and keep your brand promises. This could mean that you may need to invest extra working capital into your business, which can be a daunting thought if you’re already struggling to stay cash flow positive.

If you do find yourself in need of additional capital, consider leveraging an alternative funding solution, such as invoice factoring. Remember, investing in your customers may come with short-term costs, but the goodwill, trust and gratitude you will earn will bring dividends in the long term.

3. Be honest and authentic

Nothing will kill off a business relationship faster than little white lies or coming across as untrustworthy. Clients will smell it from a mile away and run for the hills. If there is a problem, own up to it, explain how it happened and, most importantly, describe in detail how you will put it right.

4. Help your customers become successful

Be a partner, not just a supplier. Use your experience and expertise to provide advice that will support them in growing their business. Help them to overcome problems, suggest new potential markets or introduce them to a valuable supplier or potential customer.

 

Just as with any personal relationship, most people want to work with others who provide genuine support and a mutually beneficial experience. Companies can nurture and strengthen their current customer base by providing valuable advice, ideas, contacts and encouragement. By being a trusted partner and resource, your customers will stick with you—and bring you referrals.

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At Liquid Capital, we understand the importance of relationships and work to help provide you with the working capital you need so you can focus on your customers. Want to learn more about how we can help you and your clients? Contact us today.