customer retention / 3 posts found
8K – Customer Satisfaction
We’ve hit week 7 on the 8 Key Drivers of Business Value! An easy but often overlooked concept for this week – Customer Satisfaction A lot of businesses tend to shy away from asking their customers how satisfied they are – probably because they’re scared of what the results might be. But is that really a good way to run your business? “You can only manage what you measure” is a popular phrase around our office, but it’s applicable in this case too. A very popular indicator of customer satisfaction is the Net Promoter Score, which asks two questions: How [...]
8K – Monopoly Control
Onto week six of the 8 Key Drivers of Business Value – Monopoly Control And no, we’re not talking about the board game, and neither are we suggesting the sort of monopoly the likes of big energy companies or Microsoft have. The important things here are how well you hold onto your niche, and what makes your business unique. This fundamentally comes down to two main questions: What makes your business unique? Do your customers care? If you can satisfactorily answer both of these, you’re well on your way to something special. The plus side? You’ll have more control over [...]
What’s your perfect price?
Pricing is notoriously difficult. We tend to undervalue ourselves, which inevitably leads to under-pricing ourselves. Under-pricing yourself leaves you having to work harder and longer hours, to maintain the same profit margin. Instead of managing as many customers as we can cope with, why not consider working with fewer clients, who pay who more? That way you can provide an excellent service or product to people who appreciate what you have to offer, without having to scrabble around working all hours for a tiny profit margin. The golden rule is a 10% increase to your prices will increase your profit [...]