High customer satisfaction means repeat customers, who in turn are monthly moneymakers with the potential to generate 80% of your yearly revenue. In order to keep all your customers smiling, achieving high customer satisfaction doesn't just stop at having good customer service. Whilst it does play a big role in the customer satisfaction world, these days shoppers aren't just looking for helpful staff, fast checkouts and help when something goes wrong. We’ve pulled together 5 customer satisfaction strategies small businesses can do to increase revenue:
Do you know how your prices stack up against your competitors? With consumers now able to quickly access multiple products at one time, it’s important to research where your prices sit in your category. Customers more than ever are looking at whether or not your product or service is fairly priced. According to Journal of Finance and Economics, 38% of customer’s satisfaction is tied to price fairness. Now, this doesn’t mean that your product needs to be within a few pennies of your competitors' prices, but if your product is more expensive you will need to be able to explain to your customers why. For example, both your business and a High Street brand offer the same style of jumper. The High Street store sells it at £12.99 whilst your business sells it for £20.99. You should be able to explain to your customers why your jumper is coming in at a higher price, this could be anything from better quality or sourcing ethically. Even better, get ahead of having to explain why by capturing this decision making in the core messaging to your customers through your marketing.
With the excessive choice available to customers nowadays, it's no surprise that they want to save money when they can. According to MarketingSherpa, 28% of customers want more deals in their inbox, and 29% want more personalised deals. With the variety on offer, customers now risk facing digital deafness, businesses are finding it harder than ever to cut through the noise to get their product or service in front of consumer eyes. This shift to choice now means that personalisation is key, which means sending targeted deals. What makes them targeted is how you decide to send a given deal to a given customer, for example, someone who's not been back in a while, or someone you would like to reward for their continued loyalty. This is something the Swipii cashback app offers, working as a marketing platform to send cashback offers to shoppers in your area, rewarding those who are new or loyal and retargeting those who might need a little nudge. (Read more here if you'd like to learn how it works!)
You probably won’t believe it but your customers definitely want to hear from you.A survey from The Business Journals, showed that customers want to receive advice and updates from local businesses. Small Business Trends highlighted that 82% of consumers are now choosing a local business over big players, so it's important you keep the line of communication open. This could involve sending out a monthly newsletter (69% of those surveyed said they'd prefer updates to their inbox) or use social media to cover the latest goings-on, offers and business news.
If you could make changes to keep your customers happy would you do it? It goes without saying, but there aren’t many customers that are going to walk up to you and tell you their issues. And whilst your customers may not be telling you, they most certainly tell their friends and family members of their experience of your business. On average an unhappy customer tells 9-15 other people (Source: Client Heartbeat) about their experience. To curb this, why not set up several feedback loop options? For example, sending out an email survey in one of your newsletters gives customers an anonymous and safe space to feedback on particular topics. It doesn't have to be complicated, in fact Campaign Monitor established the simplest feedback email can increase your responses by 200%! What's more, adding an incentive to the email can increase completion by 30%, so it helps to throw in something to sweeten the deal. On the Swipii app, we gather ratings and feedback from your customers after each purchase they make in-store. This means the feedback is verifiable, simple, and you don't have to lift a finger! If you're a Swipii for Business customer, you can chat with your Account Manager to find out more.
This might seem like a somewhat obvious one, but a study noted by Forbes stated that "retailers who neglect businesses to cut costs hasten their demise by turning off shoppers." The study noted that four out of five shoppers would rather visit a clean and organise space versus ones with the newest tech.
So whilst it's obvious - it's a quick win to improve customer satisfaction, so it's always worth doing a quick pulse check on that corner you've been ignoring.
It's important to keep your customers satisfied however, customer service is only part of it. Your customers will evaluate their shopping experience as a whole which is why implementing at least one of these 5 customer satisfaction strategies will make the world of difference.
Check out how Swipii can help you increase customer loyalty and increase your revenue by heading here.
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