The vast majority of markets are very competitive. Your competitors are large multinational firms that have thousands of employees. Customers have a plethora of choice when selecting every product and service they use. There’s one big way you can compete though. Ensuring the success of your customers will not only make you more popular but can make your company more money.
First, you must pinpoint how you are exactly going to do this. Often, the best way is to have a better product. Make it more intuitive and easy to learn. Spending money on research and development is essential. Having good corporate morale doesn’t hurt, either. There is also an increasing growth in customer success manager roles dedicated to having professionals focused on improving customer success.
How can this make your company more money? While managers talk about things like customer satisfaction, often it is the bottom line that speaks. It’ll be easier for you to convince your managers to spend more money on a better product if you can connect it to more revenue and profit.
The effect will be profound if you have the industry-leading product that produces the most success. First, you’ll get more referrals. If you’re creating massive success for your customers, they won’t hesitate to recommend you to their friends. Word of mouth is often the best form of advertising. It’s free!
Excellent reviews on social media, in blogs and magazines will lead to additional sales. Some magazines have millions of subscribers. The reviews on blogs and social media could be shared to increase awareness of your brand. Just imagine all that free advertising! All that is possible if you focus on customer success.
Additionally, depending on the type of product or service you offer, your customers might trust your company more and order more. For example, a customer might initially order a mass market entry level product from you. After they experience success with it, he or she goes on to order a more complex product that requires customization. Often this second buy has more profit in it.
Focusing on customer success is often very difficult. It is complex because the competition is so stiff. However, if customers are successful with your product, you will increase the sales of your company greatly.