As a small business holder, you know the true worth of loyal customers. They are the greatest customers that fancy your business over your competitors’ and refer their others to your business.
A study shows that on average, businesses lose almost half of its customers every three years. Just to mention a few there are several influences such as economic climate, merchandise quality, out of stock merchandises.
There are some other aspects that can have a great effect on your business progress and if not taken into consideration at the right moment, probabilities are your customers look for another option.
Neglected Customer Service
Nowadays consumers have very high anticipations with businesses specifically when it comes to customer service. This is the reason why; thriving brands like Microsoft and Apple mainly emphasize on practicing outstanding customer service to preserve their customers. Mid-size companies and small businesses should adapt similar strategy to thrive. The Big brands also show that concentrating on your customer service will lead to a more prosperous business and higher customer retaining rate.
But how do you deliver excellent customer service? It’s all about receptiveness, reliability and trust. Every single communication a customer has with your business should persuade them to consider your business again. Therefore, resolve your customer’s issues speedily and make them feel esteemed.
Not Offering Customer Loyalty Programs
Apart from offering exceptional customer service, your small business also needs to award your customers and give them a motivation to keep choosing your products over the competitors. It’s simply can’t be sufficient to capture their attention by offering discounts and special offers, offer huge value so that they will remain doing business with you.
Customer loyalty programs can do best in this regard. Make your customer feel appreciated by featuring them in weekly or monthly newsletters, mention them on your social media pages, sending greetings emails and asking for their valuable response in order to advance your products or services.
The Next Page in Loyalty Programs
Advanced experts extremely think that a universal loyalty currency which can be utilized throughout all industries, from e-commerce and banking to travel and hospitality, will provide the much-needed modification in the existing landscape, particulary if developed using blockchain innovation.
Such a currency will distinctly fix numerous issues considering that it will save customers from the headache to have a pack loaded with loyalty point’s cards they don’t utilize. Rather, they will hold a single loyalty currency that will be accepted by a wide variety or merchants. All they (customers) will need to do is just decide where they wish to spend their loyalty points in.
Thinking about the fact that spending a globally accepted loyalty currency will provide faster and central benefit, consumers will be a lot more inspired to spend more than previously. This likewise indicates that dealers using a single loyalty currency can anticipate better consumer satisfaction too. Not to point out the amazing flexibility such a currency offers (you can spend your cash as you want and get to select how you gather the benefits of your transactions). That method, both parties are comfortable with the outcome of their transaction(s) with each another. This is where “Elements” enters into play, assuring to bring higher value to the entire experience and offer better option to the fragmented loyalty rewards industry.
Presenting “Elements”
“Elements” is a brand-new cryptocurrency with increasing acknowledgment and approval, primarily due to its distinct and pioneering features. With Elements, consumers are enabled to utilize any e-wallet they want to take part in in various loyalty programs and save their points in a single wallet. That way, they can develop the value of their “Element” loyalty coins without the need to go shopping more. That aside, they can utilize their earned loyalty points to buy products from merchants or decide to exchange them for other currencies, flat (i.e. USD, Euros, and so on) or cryptocurrencies (i.e. Bitcoin). When it comes to merchants, mining the currency offers them with totally free coins, which, in turns, decreases the cost of liability significantly.
Why Elements?
Elements does not keep the customer’s personal information. This guarantees that both the merchant’s and client’s privacy stay intact.
Elements is developed on its own blockchain that uses X11 Algo (Digishield)and creates blocks by PoW (Proof of Work) innovation.
The blockchain likewise records all transactions (which are processed within 30 secs), preventing users from carrying out scams to counterfeit their loyalty points.
Elements enables merchants to mine Elements; therefore, reducing their liability.
Elements offer consumers the flexibility to utilize their loyalty points as they want and select the wallet that best serves their needs (OS X, OS X Light, Android, IoS or GitHub Windows, Windows Light).
The unit cost is anticipated to increase due to the limited supply of Elements tokens.
Given the swiftly growing popularity of Elements, the buying power of the coin will just increase.
Besides everything else, the reduced transaction fees and the generous mining benefits also make Elements a strong competitor.
Miners get 50 EMLs Elements token as a block reward. The tokens can be mined from the mining pool at no cost or the block explorer accessible on TheElements.io. Being able to make your own ELM tokens is definitely a massive plus.
Will Elements figure out how to function as the go-to loyalty points program amongst a wide range of merchants shortly? Considering its growing popularity and the intriguing (even revolutionary) features it brings to the table, it certainly has quite a great deal of potential to make the difference. But, so are different cryptocurrencies out there. Guess we’ll need to wait and see who the crowned winner of this battle is.
Offering Discounts but Not Value
To thrive in any business in this aggressive business world, offering discounted price is certainly a wise idea. But sustaining your position as a low cost business is challenging as it lessens your profit margins. Moreover, your competitor will take your customers by offering more discounted offers.
A clever tactic is to focus on quality of your services and products. Customers fancy businesses that not only deal with quality products, excellent customer service, convenience and more value.
Ignoring Technology
Believe it or not, technology has become a serious feature in customer retaining. Lack of easy payment selections, a checkout method that takes forever processing is the main reasons of shopping cart desertion. Customers have high hopes with your business; poor technology can make your customers to leave.
In the digital world, influencer marketing is thriving across all social media platforms. With YouTube at top the video section, organizations and brands are progressively working with influencers to reach audiences. Comprehending the reach of influencers turns out to be extremely significant in this scenario.Artificial Intelligence influencer marketing platform boostinsider lately launched socialbook which is a light version of its main platform. This platform supports marketers and brands view analytics of You-Tubers.
It is commended to design a user friendly website that has easy navigation and can be accessible on many devices. For this, make your website mobile-friendly and intuitive. Use as many chances as you can to expand your products and services.
Not Incentivize For Your Employees
Workers satisfaction is vital for customer satisfaction. If your employees are not satisfied, how can you expect them to keep your clients happy? Be sure to reward and raise the value of your employees to make them feel appreciated. Happy staff leads to happy customers.
In conclusion
It is far much wiser to retain your existing client than to attract a new one. So, emphasize on customer retaining. Avoid making these blunders and start structuring customers trust and constancy. Nevertheless, it takes time and a constant determination, but it is worth it.