Having a loyal customer base can be the difference between success and failure for a business. Not only are these individuals essential for keeping cash flow strong, they are also going to be the ones telling their friends and family about your services.
Even in a B2B setting, having a few solid clients you can rely on will certainly help to improve your business's financial position.
So, how can you build a strong customer base? Here are five ways to keep your clients loyal.
1) Create a retention program
Every business knows that retaining staff is important, but how are you actually achieving this? And whose responsibility is it within the company?
Building a retention program is the only way to address these issues effectively. This means assigning responsibility for retention to a person - or taking it on yourself - and then developing a plan to keep customer turnover low.
2) Focus on educating the client
Complexity is an unavoidable part of the business landscape, and many business clients may simply not understand the range of opportunities your company can offer. This is especially true in areas like software, but can be applied to any number of products and industries.
The answer? Educate your clients on the range of different benefits and opportunities that your products can offer so they get the maximum use out of them. Not only does this ensure your products and services are well used, it also helps to build a strong, trusting relationship with customers.
3) Follow through on complaints to win back customers
An unhappy customer is probably not the best example of a client who will stay with your company, but complaints actually offer a golden opportunity to improve processes and win back customers.
Proving to a customer that you have understood and acted upon their concerns can cement your reputation as a solid business, making them more likely to return. It also offers you an opportunity to refine your customer service in difficult situations.
Finally, for every customer that complains, there will be many more who don't. Addressing issues as they arise will help you to retain customers that might have the same issue but haven't raised it with you directly.
4) Offer useful billing terms
Billing is often one of the most contentious issues when working with customers, making it important to make this process as smooth as possible. That also means looking at your billing processes to work out how you can make this as easy as possible.
Offering a discount for early invoice payment can make it easier to reduce these costs, while services like debtor finance can free up your resources to improve the client experience. Each of these steps can be useful and will help ensure that your invoices are paid on time as well as working to strengthen your relationship with clients.
5) Find your business's personality
One of the hardest - but also most important - parts of running a great business is finding the voice that your company uses. This is the single constant communication strand that is used every time your company engages with a client.
If you think of the biggest companies in the world, they all have a unique voice that affects how they communicate and helps to build trust. For small businesses, finding your unique voice is essential for reaching out to customers and engaging them with your business.
That's because business isn't just conducted at arm's length, it also requires a personality that resonates with people. If your clients can relate to your brand they will surely want to stay with your company and make future purchases.
Retaining customers can be a challenge, but it's also vital for companies that want to excel in their space. These five steps can set you on the path to greater business success and help ensure a steady cash flow.
If your business needs any help with working capital management via a business line of credit, debtor financing, or asset financing, contact Earlypay’s helpful team today on 1300 760 205 or visit our sign-up form.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].