About 50% of people surveyed said they would try a new brand if it offers them incentives like coupon codes, according to the Business Wire. One of the primary drivers of your company’s revenue is by adding customer value through improved or new services. Adding new services to your business can be effective in attracting new customers. Therefore, analyzing customer profitability by conducting surveys and maximizing a customer’s lifetime value is necessary for the continued existence of any business.
Let’s briefly discuss several new services you can offer in your business to boost customer value:
Offer Free Gifts and Information
Offering free newsletters to your current and potential customers can add value to your business. It informs your clients that you’re willing to stay in touch with them from the start. Newsletters can also provide your customers with essential information about your products or services. For instance, if you’re in the car insurance business, your newsletters could include valuable information for car owners. By connecting with your customers this way, you can gain an edge over your rivals, leading to improved sales and a larger customer base for your business. In addition, giving your clients free gifts can be appealing as they’ll feel like they’re getting more value for their money.
Provide Better Customer Service
Your relationship with your customers doesn’t end after them purchasing your product or paying for your services, but it’s the start of a long relationship for both of you. The more interactions customers have with your business, the more likely they’ll continue buying your products or use your services. Therefore, consider offering a toll-free number, an online chat feature, customer care email address or have a dedicated customer care agent that customers can easily reach for any queries. You can also train your sales representatives to demonstrate that they care about the welfare of your customers rather than only focusing on selling the products. By having better follow up mechanisms and active customer service, your business is bound to be successful.
Include Product Warranties
Backing your products with warranties can protect you from potential customer loss in case the product or service malfunctions. Warranties also demonstrate to your customers your products are of superior quality. Moreover, warranties can increase your revenue. It’s done by initially offering a free limited warranty for your product, then later extending the warranty with a low fee that customers can afford. This venture can be profitable if your product proves to have a low defect rate. Customers trust brands that back their products with strong warranties.
In today’s competitive world, adding services to your business can effectively enhance your brand’s image. Therefore, incorporating the services mention in this article can go a long way into boosting your customer value. In the end, you’ll have a better brand, a strong customer-client relation, and increased sales.
