One of the things that draws most people to becoming business owners is the fact that they are going to be their own boss. No employer to answer to and no-one to order them around.
In reality, if you are an entrepreneur or business owner, you do have a boss; a boss who decides if you will stay long in business or the business will die prematurely; a boss who decides whether you will become profitable or not.
That boss is your customer.
Your customers are the reason you are in business. They can cause your business to fold at anytime by simply taking their patronage to your competitors. It is therefore imperative that as an entrepreneur, you treat your customers as the bosses that they really are.
If you know how you would treat your boss if you were employed, that’s how you should treat every customer. For example, if your boss assigns a task to you, what do you do? You always try to deliver excellent results on time. In fact, you will even strive to over deliver so that your boss will be impressed.
This is exactly how you should treat your customers.
The little things you do, like sending birthday discounts, calling to confirm that they received their order, giving them undivided attention when they visit or call you, delivering your service to an excellent standard and in a timely manner, are what will make your customers stick with you and refuse the advances made by your competitors.
Of course, when you add value to your customers, there are handsome rewards:
You can easily introduce new products and services
If your customers love you for always delivering great value to them, marketing new products or services to them becomes very easy.
They know that the same level of excellence you delivered with previous products or services apply to the new one also. They will buy it with confidence.
Your business gets free word of mouth marketing
Word-of-mouth marketing is the best form of advertising you can have. Your potential customers might not trust what you tell them in your ads but they will always trust what their friends say about you, whether it’s positive or negative.
When you deliver exceptional value to your customers, they will speak about you positively with their family and friends. Their family and friends will often tell their own friends. That’s how the word about your business spreads.
Which entrepreneur doesn’t love free and powerful marketing?
You can charge higher fees than your competitors
When you are known for pampering your customers and going out of your way to deliver excellent products and services, you can easily sell your products or services at a rate higher than your competitors.
Many studies have been completed to discover what influences the buying decisions of customers. The results from these studies show that pricing is not the leading factor that influences customers purchasing decisions. Most customers look more at the value they are receiving when they buy, rather than just focusing on the price. When you deliver greater value to your customers than your competitors, customers will be willing to pay more for it.
You set higher standards for your competitors
If customers recognise you for a particular extra-value you offer, it will become very hard for your competitors to compete with you based on that. Customers will see them as trying to copy you which will hurt the competitor’s image. The competitor will be forced to start looking for other ways or settle behind you as the number two in the industry.
Whether you are starting a new business or you already have an existing one, it is important that you find a way to offer better value to your customers than your competitors.
If you can identify and implement this in your small business, you will enjoy higher customer retention, referrals and most importantly, more sales.