A small business needs to do what it can to retain customers, and in today's fast-moving, high-stimulation world, maintaining a steady cash flow can be difficult.
That shouldn't act as a deterrent for small business owners, however, and there are several additions to a financial plan that can boost sales and retain loyal customers, all at little to no cost. An affordable strategy is always crucial, especially for a small business. The most successful companies always offer the best service, and building a quality relationship will increase profits and maintain financial strength for years to come.
Cost-effective customer service techniques
Many industry environments are inundated with products, so much so that the demand might not equal the supply, according to Cisco. Therefore, customer service might be the key that sets a small business apart from its competitors.
"The next economy will be characterized by customer infidelity," CEO of Bozell Retail Worldwide Elliot Ettenberg explained to the website. "Only those companies focusing on the customer experience will command the loyalty necessary to survive and succeed."
Therefore, customer service is formed from intimate knowledge of the consumer, Cisco stated. A financial plan can benefit from quality relationships, and this holds true in relation to businesses and customers. With attention to detail, a small company can tailor its services to best fit the people, and utilize all available tools and software.
In addition, better tech means easier retrieval of information. The more user-friendly a website is, the easier time customers will have navigating and purchasing. A small business should always have reliable staff members on hand to handle customer relations and questions. In today's business world, there is no excuse for poor communication skills.
Improve relationships via social media
Peter Shankman is a media relations professional who recently provided some customer service and financial tips to Forbes magazine. He found ways to grow his successful businesses with social media, and he used that tool to improve relationships.
He highlighted a common mistake companies make, which is apologizing on social media. The resource is helpful, but customer service extends beyond it. Use the Internet to form a connection, but apply a personal touch to step it up.
"Customer Service is always your core way to build an audience," Rachel Honig, Shankman's business partner, told the news source. "In this 'conversation economy,' treating customers well will almost always transform into those customers talking positively about you. But instead of just going home and telling their family, they're telling thousands of people in real time. They're doing your PR and marketing for you. All it takes is one nice gesture."