Are You a Compelling Place to Buy?
How to increase customer satisfaction and profits
Speaker: Gary Peacock [Profile]
The bar is rising quickly for client service and building business relationships. To defend and grow your profits, your company needs to understand what your customers' value. Once you understand what your customers' value, you need to deliver it consistently.
Satisfied customers can lead to increased profits, yet creating satisfied customers is not as simple as lowering prices and offering incentives. Organisations must build relationships with their customers, understand their changing needs and increase their loyalty. In organisations, it is critical all staff focus on managing key customers more effectively.
Profit comes from the customer. Therefore to increase your profits, you must give your customers reasons to buy from you. Elements of a Compelling Place to Buy are: superior client satisfaction, quality products and exceptional service. It is essential to realise the importance of the customer and to ensure you assign resources to maximise the potential of customer service.
To create a Compelling Place to Buy you must understand what different segments of your customers want. Often, there will be a long list of possible areas that you could improve. The problem for most companies is they do not have the resources - time, money or people - to improve lots of areas. Information could easily overwhelm you. So once you collect information, how do you decide which actions to take first? Given limited resources, what are the priority actions for your company?
Clients engaged with your organisation will remain loyal, will expand their business and will be willing to pay a higher margin. Engaged clients will create leads for new business opportunities and will not be lured away easily by a lower price. So engaged clients will mean sustainable profitability for your business.
Key contents include:
- How to gain insight into your market and your company
- How to identify your company's strengths and weaknesses
- How to identify and target performance gaps
- How to direct resources to high value activities (time, people and money)
Client outcomes achieved
- Afterwards, company identified service valued only by a few customers but used by many customers because it was cheap. So, the company doubled the price of this service.
- Afterwards, company identified a priority growth market had the lowest customer satisfaction and reallocated resources from a low priority market to improve customer satisfaction.
Sample participant comments:
- Excellent balance of theory and practice
- I was surprised it could make such a difference
Download the Questionnaire for clients preparing for a Keynote