Ask yourself this question: can your business survive without customers? Most business professionals will say no. Customers are valuable for a number of reasons and will sustain your business, which will be discussed within this article.
Customer feedback provides insight
For the professional that is truly in business to provide value to his customers, getting feedback from buyers is important. Feedback gives companies the opportunity to improve their product or service, but also provides them with knowledge of what they’re doing right. If a company has provided such value to his customers not only does that increase profit for his business, but that also gives his business an opportunity to grow through word of mouth.
Take for example the owner of a fast food chain may find it insightful and interesting to discover why his customers choose to repeatedly order from his restaurant. Taking surveys will give you an idea as to what you should keep on the menu and what you should take off. For business owners that want to stay in business for while gathering, this data is priceless.
Word of mouth growth
When a customer is well pleased he will spread the word about your business for free. Unfortunately, the same is true if the customer had a poor experience. In today’s modern technological world, it is, even more, truer than ever that people love to share their experiences with the world instead of just family and friends.
For companies that offer a product or service that is valuable this is huge potential for your brand to begin making a name for itself. Imagine 50 customers making YouTube videos about your brand and they each have a subscriber base of 25,000 subscribers or more, do you see the potential? The even better part is you didn’t have to pay these buyers anything for their video reviews.
Customers equal employment
Let’s face it. Sometimes working with customers can be difficult, but they are often the reason companies stay in business and provide paychecks to their employees. Customers are essential for helping companies grow which opens up doors for employment opportunities.
The lack of customers forces companies to lay off workers or cut hours. If you keep your customers happy, then you’ll also be able to keep your employees happy by giving them a reliable work experience. If your employees feel like they can depend on their job, they will likely have greater loyalty to your company and speak highly of you.
Customer retention matters
While retaining customer acquisition is good, it’s even better to have customer retention. Repeat buyers are the driving force of any business and provide the company with a stable assumption of how their business will perform yearly. In fact, this is one of the key factors that determine whether or not a business will perform any employment cuts.
For businesses that do hire workers that provide excellent customer service (including small business customer service), customers are willing to spend more money with the brand. Companies have to look for many signs to tell whether or not a customer is satisfied with their service. Often a repeat buyer will never open their mouth to share their experience; however, he tells you based on his return visit.
Stay in business
For individuals that are employed by a company it sucks to get laid off but it’s probably even worse for the owner of the business to have to close up shop permanently due to the lack of business. For this reason, it is a great idea for companies to perform a bit of market research before setting up shop offline. Many fast-food chains exist in the same city because they know fast food is a profitable niche. Knowing your niche can keep you in business a lot longer. As you can see we need customers, so cherish them.