Elements to Increase Your Company Value: Strategically: Part III – Why Do Customers Buy From You?
This blog is a continuation of How to increase your business value with strategic concepts:
- Why Do Customers Buy from Your Company?
Why Do Customers Buy from Your Company?
If you have implemented the “80/20 Customer Gold ProgramTM” then there is a specific opportunity to proactively interact with key personnel at your customer’s companies. While you interact, please ask them “Why do you buy from us?” or “Why do you not buy from our competitors?”
Make a detailed list of the responses and prioritize them based upon the number of responses.
Then have your key managers list why they think customer buy from you? A fun exercise is to give them each three sticky post notes and make a histogram of their responses. Take the top three responses and quantify the responses.
Some typical reasons may include:
A. Good customer service
B. Positive reputation
C. High value products
D. Strong relationship
E. On-time delivery
Are your competitors saying the same thing? Of course, YES.
The way to differentiate from your competitors is to quantify the top three answers. For example, for on-time delivery, a quantification may be “we have a 99% on-time delivery while our competitor’s delivery time is only 90%.” Once the quantification is determined, then these reasons can be used to build your brand for essentially free.
How many conversations, email, invoices and contacts with customers do you have in a month as a whole company? Most companies have hundreds or thousands of touch points.
What is a typical response to close a conversation with a customer? “Thanks for the order and have a good day.”
What if instead of the above response, the conversation was: “Thanks Bill for the order. Did you realize that we have a 99% on-time delivery compared to our competitors 90% and we will deliver on-time for you!” In a few seconds this statement can reinforce to the customer why they purchased from you and it will build your brand for very little expense.
Train your employees to use the closing phrase. Rotate the three top phrases each month. Add the phrase as a tag line to all email, invoice and letterhead. With this methodology, a company can build their brand significantly for very low cost.
BUILD YOUR BRAND FOR LITTLE COST MANY TIMES DAILY