Increase Profits by 25% with These 3 Tips

by | Jan 27, 2023 | Blog

Did you know that a 5% improvement in customer retention results in a profit growth of more than 25%?

It can cost you anywhere between 5-25 times more to get a new client than to keep a current one.

With that in mind, what are the steps needed to take all your customers and make them raving fans?

Check out this episode as our executive creativity officer Julie Eason shares 3 simple tips that will get customers raving about your products and services.

P.S. This is another strategy that doesn’t cost you an extra dime, and yet could bring up to 25% to your bottom line.

Enjoy!

 

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TRANSCRIPT:

*this transcript was mostly generated by AI, please excuse any mistakes smile

Julie:Hi there. I’m Julianne Eason, one of the members of the Core Story team here at C H I, and this is your weekly dose of the Ultimate Sales Machine. And today I wanna show you three ways to get customers raving about your products and services without you spending an extra dime on. , anything tech related, anything customer service related simply by improving your communication within your team and with external clients and customers.

What you’re about to learn has assisted a quarter of a million businesses to generate billions of dollars working faster, better, smarter. 

Julie: “90% of Americans use Customer Service as a factor in deciding whether or not to do business with a company”

that’s according to Microsoft. 

Investing in new Customers is 

between 5 and 25 times more expensive than retaining existing ones 

and just a 

5% improvement in customer retention [00:01:00] results in a profit growth of more than 25%

finally, 

72% of customers will share a positive experience with six or more people. 

That’s the kind of word of mouth you want going on about your company, so those are all great reasons for providing excellent customer service before, during, and after your sale. So are you ready for those three tips 

#1

Set expectations for everything

if you don’t set the expectation, your customer will, and they’ll do it without your knowledge and you’ll have no idea what’s going on inside their heads. Companies that use tools like customer journey maps, see Revenue 

increase as much as 10% to 15%, while also reducing their cost of service by 15 to 20%

so what does that mean? What does that mean for a product? 

It means telling your customer what to expect after they buy your product. 

What’s gonna happen? What happens after they click the submit button? How long will it take for them to receive their product? [00:02:00] How long will they have to download it? How can they get the best results?

And where should they go if they have a problem, is it gonna be a human they get to talk to, or is it gonna be a robot that’s gonna be really efficient in helping them solve their problem? So what if it’s a service that you’re offering, who’s working on their project?

What are the phases of the proj project? Why do you do things the way that you do and what will be expected of them? So lemme give you an example. When we’re onboarding our clients for core Story for Done four, you Core Story projects, we go through all the phases of the project. We tell them exactly what’s gonna happen week to week, and it’s a nine week process.

So we make sure that they understand. First, we’re gonna ask a whole lot of questions, and then we’re gonna train. On each deliverable before you get it. So we make sure they know that they’re not gonna be left in the dark. They’re not gonna be wondering, what do I do with this stadium pitch? What do I do with this macro core story?

What do I do with all this market data? They’re gonna be trained ahead of time and we let them [00:03:00] know that they know to expect it. So they don’t have to worry about . What are they gonna do? How are they gonna implement? So they learn all the pieces and we make sure that there’s no questions and no expectations that are left unst.

#2 

Make agreements in the same language.

Not all English is English . So if you say, I’m gonna get you that contract by Friday. What does that mean? Does that mean 6:00 AM Friday? Does that mean end of the day Friday? What if they needed it at noon so that they could pass it on to their their decision maker?

You gotta make sure that you have very clear language. Just because you say Friday doesn’t mean that they understood Friday when you understood Friday. So what you wanna do, anytime you’re working with anyone else on a project, whether it’s internal or client facing, 

Ask WHO is doing WHAT? By when? Exactly, meaning the time of day.

And do they agree with that or [00:04:00] not? 

Because let’s say that you said, I’m gonna get those CL contracts to you by Friday at five. Do you agree? And they say, no, I really need those contracts. I need them by noon so that I can get them to the decision maker and they can sign it before they go on vacation.

that’s a really good reason for you to get it to them sooner, right? ? Because you want those contracts in your hand. So make sure you’re asking who is doing what by when. Exactly. And do they agree? And if not, if there’s a reason why they don’t agree and they need it sooner or they need it later, make sure you know why.

Because it could be in your best interest to make sure that you understand exactly when they. 

This completely avoids miscommunications and unnecessary drama with clients, vendors, contractors, and employees 

#3 

Set your people up for success, your customers and your clients. Get them using your product or service ASAP

the faster that they start implementing and using your product or service, [00:05:00] the better. If there’s a learning curve on how to use your product, make sure that there’s detailed instructions in text and video because not everybody is able to. Using one format or the other. And if you can offer personalized help if necessary, tell them that

there’s a customer service representative who will walk them through the steps that they need It. And then ask them to post photos or videos of themselves using the product. Spotlight them whenever possible. For example, in the Core Story Bootcamp and Are done for you core stories, we make sure that people are implementing right from the start.

Even though people are gonna be working with us for the long term, our goal is to make sure that the people are making sales and getting leads the very first week. 

The faster they get the wins, the better for us.

According to 80% of consumers interviewed by Salesforce: the experience a company provides is just as essential as the goods and services it offers.

Fortunately, a great experience doesn’t have to cost you [00:06:00] anything. Just adopt strong communication practices to define expectations, make agreements, and set them up for success, and you’ll be good to go. I’m Julian Eason, and this is your weekly Dose of the ultimate sales.

 

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