Increase Returns By Building A Business Model Based On Value

What makes customers choose a product or service provider over another? Customers typically compare their options to find the best value, but this concept goes beyond the mere price of a product or service. Customers are developing a more complex approach to assessing value. For 70 percent of them, a great service is a form of value since they would spend more for this positive experience. Also, for 73 percent of millennials, sustainability is valuable since they would spend more for a sustainable product.

Delivering Value Through Your Products

You need to identify all the ways in which your products deliver value. Shape your message to draw attention to value and look for areas that could be improved to deliver more value.

Shoppers will look at product quality to assess its value. Durable and reliable products appeal to shoppers. More consumers are adopting a budget mindset, and they will spend more if a product lasts longer.

Convenience is another important factor. Your product should be convenient to use, and the process of researching and purchasing the item should also be convenient.

Shape your marketing campaigns around the value that the function of the product brings. Your content can inform shoppers about the value of the product by explaining how the product saves time or how it simplifies a task.

What A Valuable Service Looks Like

For 62 percent of companies, customer experience is seen as a differentiator. Consumers’ behaviors confirm this trend because 86 percent will pay more for a great experience.

Invest in a consistent multichannel experience that delivers the right interaction at the right time. The quality of each interaction matters and can be assessed in terms of how well it meets the customer’s needs and expectations.

Customers will also weigh the cost of the service offered and look for evidence that you are putting efforts into offering the best service possible. They will also consider the reward of the service offered, which you can demonstrate by offering tools customers can use to track their progress while using your services or products.

Building Trust

Trust is a crucial element of the relationship between consumers and brands. You can establish trust by repeatedly meeting and ideally exceeding a customer’s expectations.

Here is what you should focus on to build trust:

  • The values of your organization should appeal to consumers so they can form an emotional attachment.
  • There is a concrete dimension to building trust. You need to consistently deliver quality products that function as advertised.
  • The social impact of your brand matters. Did you know that 53 percent of consumers believe that brands can do more than governments to address social problems? You can deliver value and build trust by connecting with your community.

Further Considerations On Value

A customer won’t be able to assess the real value of a product or service until they make a purchase. Until then, the value is projected or perceived. Your marketing efforts help shape the perceived value of what you offer, but you need to make sure there that are no discrepancies between the perceived value and real value.

Value can be broken down into four elements:

  • The social impact of your business.
  • The life-changing qualities of your products or services.
  • The emotional connection with your audience.
  • The functional aspect of what you offer.

You need a strategy that addresses these four elements. Calculating the ROI of your efforts to increase value can be difficult because sales numbers alone won’t be very indicative. Instead, focus on performance indicators such as your customer satisfaction index and how many shoppers make repeat purchases. Track customer advocacy for your brand on social media.

Investing in value will result in satisfied customers, more sales, and more returns for your business. However, your approach should be tailored to your audience and how they define value. If you are interested in potential strategies to consider, we think exploring AI and chatbots is a great place to start since they can help you offer a better experience and form stronger connections with your audience.

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Cryptocurrency and your Small Business

Cryptocurrency. Sounds like a Robot movie starring Will Smith in the year 2056. But it’s not- it’s been going on for years now- but recently the popularity of cryptocurrency has skyrocketed!

Cryptocurrency is a digital currency or asset that relies on encryption technology to transfer value over…the Internet. You may have heard about Bitcoin, Litecoin, Ethereum, Monero, these cryptocurrencies operate independently of a banking system and can be used in many counties as a store or exchange of value.

This type of currency represents a new way of small businesses to perform monetary transactions- it can affect the type of way a business accepts customer payments or how the way a business pays vendors.

Here are some ways your small business can benefit from using cryptocurrency as a form of payment:

  1. No processing fees: Companies such as Paypal or Stripe charge a fee..however since there is no intermediary, cryptocurrency doesn’t.
  2. High transaction speed: Happening in near real-time, cryptocurrency can be quick in your –virtual- pocket in less than a blink of an eye! Cryptocurrency such as Litecoin and Ethereum verifies transactions in as little as 20 seconds. This form is a lot quicker than the usual 2-3 days it takes for a credit card transaction to clear.
  3. All transactions are final: There is no way for a consumer to dispute a charge or negate a sale. Merchants have the advantage to better control their return policies and it removes the risk of chargebacks.
  4. More payment options for your customer: With adding an extra payment option you increase a wider customer base.

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3 Ways AI Can help your Business

When you think Artificial Intelligence, you may think of  a Will Smith movie where he fights off robots or a robot who does your roommates dishes. But also AI can be a solution to many everyday business problems.

What is AI? Artificial Intelligence is a simulation of human behavior in computers (sounds so 2080 doesn’t it?). It is not the Matrix or the future, it is the technology of today.

Technology is racing ahead faster than ever before!-or faster than Usain Bolt’s Olympic debut race time. With more technology advances in the realm of Artificial Intelligence, it increases the possibilities for what we can accomplish without human intervention. If you are a small business owner, you may want to take advantage of some of these advances- they can make a big impact on the way you drive sales!

 

1) ChatBots = Extra Support for Customer Service on your Website

Having a ChatBot on your website for customer service/ support is deemed highly beneficial. AI is helping ChatBots get better at recognizing what are customer wants and needs. It is important to think of it as another user interface for customers to interact with your company. ChatBots are also useful for obtaining specific customer information without digging for it. Think about your most commonly asked questions from your customers-for an example- “How late are you open?”, “Do you have this item in stock?”, “Where is your location”…etc. These kind of calls can eat up a good portion of your customer service care- even if they are easy to field. If your ChatBot has the info it needs to answer your commonly-asked questions, your company can save a lot of time. Which also means it reduces the friction for customers, allowing them to quickly find what they want and making that decision to buy easier.

 

2) VA…Virtual Assistant

AI is ever-evolving to making your life easier and with less hassle. If you are a business owner- you wear multiple hats and sometimes it may be difficult to stay organized. When you have an average of 150 different emails every single day- it is easy for important emails to slip through the cracks. AI provides an alternative solution to having 10 different color post-its and an angry client who thinks you are ignoring them…a virtual assistant.  These assistants need more instructions but they can easily be used to help chase down people for meetings, follow up on important emails and help you stay on track.

 

3) AI for Accounting (AcoBots)

Automating things that are tedious and repetitive can be a beneficial thing for your finance team. It can free up time for them to focus more of their energy on strategic thinking. AcoBots help you keep track of your bookkeeping to generate helpful insights that can help you create valuable decisions for your company.

 

Bottomline:  AI is there to help you and take away some of your stresses in your businesses.

5 Biggest tips to make your Business Grow

It takes a lot of preparation for rocket ships to launch into space and explore the galaxies. Endless hours of training, spinning in that circle thing, measuring lung capacities..etc. There are important and crucial steps to take before BLAST OFF. Astronauts must be prepared well for smooth sailing- similar to business owners.

 

For a prosperous and smooth journey into the galaxies of business growth:

Here are the biggest tips in making your business grow- without any turbulence.

1) Drop the “Build it and they will come mentality”.

 

Sometimes businesses overlook the importance of a marketing budget. Some may say Facebook is something for millennials and Yelp is only used by a super angry soccer mom who’s son wasn’t happy with his chocolate chip pebbles pancakes at the local Pancake Shop. However various consumer studies have concluded with-marketing in any form (print,digital..etc)  is highly important and crucial for the success of a business. It helps create more traffic onto the business website and gives a customer centric approach to gaining further leads.

 

2)       Happy Team Happy Business

 

It is important to keep your employees happy and not let it be a scene from the movie “Office Space.” It is important to make your employees feel appreciated because if they are unhappy- sometimes that attitude can spill over into customer interaction. A happy work place boosts productivity.

 

3)    Invest in the right type of technology

 

Welcome to the 21st century, stop using outdated technology that is as old as Madonna’s Material Girl. By utilizing the right technologies, it gives you the ability to systemize and scale creating sustainable and often more profitable growth.

 

4)     Attend networking events

 

Investing time in building your networks will benefit your business tremendously. Sometimes it’s not about what you know- but who you know. Networking allows you to build relationships with other people and encourage them to refer customers to you through WOM (word of mouth)

 

5)  Nurture existing customers and look for new opportunities

 

Set aside specific strategies in place to boost up customer retention. Stay in contact with existing customers via an e-mail newsletter. At the same time look for new opportunities to get more work and build your customer base.

 

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