The first thing customers look for when shopping for a product is the value that it provides them. They usually assess this value in terms of money, quality, convenience, and accessibility. No matter how perfect you think your product is, if the customers don’t agree, then you can’t enforce the belief.
Creating value for customers should be one of the top priorities, along with selling a top-notch product. There are many ways businesses can create this value for their customers without compromising their profits and revenue. Check out our lists of 4 ways you can create value for your customers below.
Nothing speaks to the customers the way a discount does. Discounts are an excellent way to boost your sales while providing customers with value for their money. Here’s a list of various ways you can go about these discounts to make the most out of them:
- Offering discounts to regular or high-spending customers
- Offering discounts on multiple purchases
- Offering a discount on products, if a customer purchases another specific product on full price
- Holiday discounts, like Christmas, Halloween, Thanksgiving, etc.
- Off-season discounts to compensate for the reducing number of sales
2. Giveaways and Special offers
Your special customers deserve special treatment, and therefore, you should have a system in place that rewards your regular or long-time customers with special offers. Giveaways are another excellent way to encourage customers to keep coming back to you. Some ideas for special offers are as follows:
- Free shipping or home delivery
- Assigning personal managers for long-time customers
- After-hour services
- Small complementary products with their purchase
- Yearly thank-you cards and discount coupons
3. Pay attention to feedback
Feedback is a great way to let the customers communicate with the businesses they purchase from. Intently listening to your customers and working towards solutions for their problems is the most proficient way to provide value to your customers.
According to a recent survey, almost 72% of customers make purchases after studying the products and companies’ reviews. Good reviews and feedback imply that the company is trustworthy and values its customers. You can ask for feedback and reviews from your customers in the following ways:
- Reviews via email after every purchase
- Ask your customers to review you on famous review websites and your social media pages
- Ask your customers to fill out surveys to assess your service and products
- Ask customers to point out the problems they need solutions to
- Ask your customers if they would purchase from you again, in the light of their recent experience
4. Loyalty programs
You can introduce loyalty programs to create and maintain relationships with your customers. Loyalty programs are devised to show the company’s gratitude to their customers. Here’s how you can design a loyalty program:
- Points-based loyalty program: This is a simple approach to loyalty programs that lets the customers earn points on each purchase. These points can be accumulated and later redeemed to receive discounts on future purchases.
- Membership-based loyalty programs: This approach devises a tier-based program, that offers discounts based on the level of membership of the customers. Customers with premium memberships would receive higher discounts than the customers with a lower level membership.
Creating value for your customers earns you their loyalty and life-long support. We hope these tips helped you in devising a strategy to provide such value for your customers.
» Business » 4 Ways to Create Value for...