You may think you know who your best customers are. Naturally they are the ones who spend the most amount of money in one go…aren’t they? But what about customers who spend a smaller amount but over a long period of time, and are actually your quiet long-standing and most valued customers?
Understanding who your customers are and they value they bring to your business is crucial to how you retain customers, attract new customers and know what they value the best from your business to improve your services. This is all achieved through insight.
As part of TALE support, we put on free workshops in specific topics which are under-utilised by businesses; our very first workshop to kick start the workshop programme of TALE was Customer Insights, most recently delivered by Paurav Shukla, Professor of Marketing of the University of Essex Business School. We asked the delegates who attended the workshop for their feedback on the most interesting questions posed of their logistics businesses when it comes to helping improve their customer satisfaction.
The top of the list was ‘Does Your Customer Have More Market Information Than You?’
As company managers get caught up in the operation side of things, was their time to examine who the client is – with a distinction between customer and consumer in many supply chains.
Who is buying and who needs to be satisfied? A test scenario worth considering is the instance when a long-standing client has personnel changes, with the person with whom you have a long standing relationship, replaced by a new decision maker. Conventional wisdom (and a fair few test studies) states that it can cost 10 times as much to acquire a new customer than retaining an existing customer.
Another popular question was ‘What are the top 3 benefits of your product or service to your customer?’. By asking this question, companies were tasked to examine whether their proposition represented ‘value driven marketing’, were they are trusted supplier and selection on a range of considerations or just price/cost. For SMEs (Small and Medium Enterprises).
Logistics managers were keen to take up the challenge of enquiring directly of their customers what they thought were the businesses Strengths and Weaknesses and what they value most.
Do you know your churn rate? Realistically buyers only complain when something goes wrong, so how often do you communicate with other types of customers?
We have a range of workshops on offer to help you gain knowledge about your data and efficiency to grow your business and reach your goals. Contact us now to pre-register your interest for the workshop programme through our Business Support Facilitators or by email email@example.com