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Growth Strategies

Why Customer Onboarding Is The Secret To Business Success

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Proper onboarding isn’t done to prevent churn; it’s done to ensure the customer achieves their desired outcome. Retention comes from that”, were the famous words from a renowned speaker, Lincoln Murphy.

Customer onboarding may be defined as the process of acquiring new clientele for a business enterprise. This ensures customer profitability increase.

Why customer onboarding?

1. Assurance of faithful clientele

Customer onboarding ensures a group of customers who are loyal to the company. A certain level of profit is therefore ensured in every financial period from this group of customers.

2. Discovery of new customers

Onboarding directs a focus to the client’s needs and ensuring these needs are addressed. Clients therefore are easily satisfied and are highly likely to recommend your services or products to other potential customers. This is likely to increase the number of customers which will reflect an increase in sales.

3. Increased sales

Increase in sales is directly proportional to increase in profits. Higher retention equals higher profits.

A case study by Harvard School of Business indicates that a 5% increase in customer retention leads to a more than 25% increase in profits.

Repeat customers, having received good enough services or reliable goods enough to have them demand for more are likely to spend more. This will in turn increase sales leading to an increase in profits.

4. Reduced expenditure

From the Harvard research mentioned above, it can also be concluded that repeat customers are cheaper to retain compared to acquiring first time customers.

Maintaining repeat clients will therefore lead to a reduction in the company’s expenditure. This will result from reduced advertisements and other expenditures required to draw in more clients.

Kapow reports that a 2% increase in customer retention has the same effect as decreasing costs by 10% as shown in their infographic. It also reports that acquiring new customers can cost as much as five times more than satisfying and retaining current customers.

5. Knowledge on client’s needs

Onboarding enables you to reach out to clients and learn of their specific needs since you are interested in maintaining them as your clients.

It offers a better insight into the services rendered and products that would appeal most to customers. In this case customer’s satisfaction is guaranteed and a happy customer equals increased sales.

Generating leads and making them your first priority is not as important as prioritizing your available customers to ensure their satisfaction.

As shown in Kapow infographic; satisfied customers tell 9 people how happy they are while dissatisfied customers tell 22 people about their bad experience. The dissatisfied customers will definitely divert some of your leads while satisfied customers will bring in more leads.

You need to strategize on how to keep your customers if you are focused on achieving good returns for your company. Understanding the value of your customers is key in any business venture.

A study by Genroe (Australia) Pty Ltd showed that customers who are effectively onboarded have a substantially higher retention rate, lower cost to serve and higher cross sell rate than customers that are not.

It is therefore of great benefit to note that as a startup, the odds of going wrong with customer onboarding are close to zero.

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    ปั้มไลค์

    March 5, 2019 at 1:13 am

    You have observed very interesting details! ps decent internet site. 🙂

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Startup

How to Scale Your Small Business for Greater Profit

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It is the dream of every startup to grow. As your business continues to make profits, it gets to a point where you have to scale it. This is because your customers will continue to   increase and you will have no option but meet the growing demand for your products. Scaling is all about capability and capacity. Scaling is meant to empower your business for the task ahead.

If your business is unable to meet the orders, lacks the infrastructure needed for production and sufficient stuff, you might have a hard time keeping the customers happy. Scaling your business will support the growth of your enterprise and help achieve higher profits.

Below are the ways through which you can scale your small business.

  1. Invest in technology

If you invest wisely in technology, scaling your business will be successful and less expensive. Automation of processes, for instance, will reduce manual work and consequently save on costs. Also, the integration of systems makes the management of your business seamless: which results in the improvement of the company as a whole.

Technology systems like CRM, inventory, sales management, accounting, and HR will enable your business to accommodate higher volume in all areas.

  1. Secure the sales

Scaling your business means you are preparing yourself to handle more sales. At this point, you should work with an online marketing agency and embrace digital marketing. You can empower your sales and marketing team by having them take a digital marketing course in Kenya. It will all be for the good of your business.

Online marketing takes a targeted approach leading to the generation of more and quality leads. More so, you can employ marketing systems to track and manage leads. Having such a structure will help you sell more.

  1. Identify your competitive edge

Every business has something that makes it stand out from the competition. For you to successfully scale your business, you need first to   identify your strengths.

Conducting a SWOT (Strengths, Weaknesses, Threats, and Opportunities) analysis, you will be able to identify the strengths of your business. By SO Doing, you will have a more focused growth by investing in your strengths.

  1. Avoid shortcuts

Cutting corners will do your business more harm than good. As you look to scale your business, you should be ready to put in the work. Not only will shortcuts compromise your ethics, but your customers will also pay the price. Note that scaling is meant to have long term results. Short cuts will not give you that.

  1. Be involved

As your business grows, there is a need to hire skilled and talented people to handle different operations.

However, this does not warrant you leave. You need to be there. Being tuned in to your business will help you adjust together with your business. Also, it will be easier for you to identify the areas and processes that need to be changed for successful scaling.

As you do the climb, you need to be familiar and aware of every loose stone and foothold to make it to the top.

When scaling your business, you need to know that time is a precious commodity. You need to put it into good use. What that means is that proper time management should be prioritized.

While there are so many things to do, you need to distinguish what is more important and give it the          priority. Setting daily goals will help you plan better and keep you moving to the bigger goal. For your business succeed, you need to not only focus on growing but also scaling.

Article by Antonio Amos

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Growth Strategies

Marketing Is The Heart Of Your Business Success

Without marketing, your potential customers may never be aware of your business offerings and your business will not be given the opportunity to progress and succeed.

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Almost every aspect of your business relies on successful marketing. The overall marketing umbrella covers; advertising, public relations, promotions and sales.

Your business may be offering the best product or service in the industry but without marketing, none of your potential buyers would know about it. Your sales may crash and your company may be forced to close. You may wonder why marketing is important. Well here are some of the reasons why you need to implement a successful marketing strategy right away.

  1. Marketing helps in getting the word out.

The initial step to take to succeed in business is to make your potential buyers aware of the product’s existence in the market.

Unless your business is already well known and you have established a customer base, you have to create marketing strategies to create product and service awareness.

Without marketing, your potential customers may never be aware of your business offerings and your business will not be given the opportunity to progress and succeed.

  1. Marketing helps in realizing higher sales.

Once your product, service or brand is familiar to your prospect clients, it increases the chances your clients will make a purchase. As awareness increases, new customers begin to spread word, telling their friends about this amazing new products that they have discovered. Your sales will steadily increase as the word spreads. Without employing marketing strategies these sales will not happen and you are likely to fail in business.

  1. Brand reputation.

The success of any brand rests on a solid reputation. Marketing helps to build brand recognition. When a brand reaches the high expectations of the public, its reputation stands on a firmer ground.

As your reputation grows, your business expands and the sales increase. The reputation of your brand is built through active participation in community programs, effective communication internally and externally, and creating quality products and services.

  1. Marketing fosters an environment in the market place for healthy competition.

Marketing efforts get the word out on pricing of products and services, which not only reaches the intended consumers, but also reaches other companies competing for the consumers’ business.

Marketing will help keep your prices competitive for your business to try to win over consumers before the competition does. Without competition, well-known brands would continue to sell while lesser known or new brands would stand little chance of ever becoming successful.

Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful, enter and grow in the marketplace.

Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend as much as half of its sales on marketing programs. After the first year, a marketing budget can reach as much as 30 percent sometimes most of the annual sales.

A marketing program that gives your brand the best chance is a healthy mix of different forms of marketing, such as website development, public relations, print and broadcast advertising, design and printing for all print materials, trade shows and other special events.

 

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Growth Strategies

Why Design Is Fundamental To Success Fort Startups

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Companies like Apple are making design impossible for startups to ignore. Startups like GitHub, Airbnb, Square, and Fitbit have design at the core of their business, and they’re doing phenomenal work. But what is ‘design’ actually? Is it a logo? A word press theme?

It’s so much more than that. It’s a state of mind. It’s an approach to a problem. It’s how you’re going to be ahead of your competitor and win customers.

Take one step back and review your work as if it wasn’t your own, let others go over it, experience your product as if you were the one buying it, not the one who made it.

Detaching yourself from something that you have put so much sweat and hard work in is not easy, but product design is an essential tool on your way to perfecting your product and with it ultimately your brand and business success. After all, if your product doesn’t deliver on the promises you make, customers will not return.

There is a gap in the business industry, that often don’t take into account the user experience and due to the lack of options, the market has been flooded with products that at best are not user-friendly. As an entrepreneur always keep in mind that your product is only as good as it makes the customer feel.

The challenge is to be open and actively court feedback. If you continue making tweaks to your product as you go along, every negative comment your product receives could be what will set you apart from your competitors in the future.

Simply put, product design involves coming up with a product the market needs and wants, and the more the product is tailored to a smooth user experience, the more successful the product will be. All entrepreneurs want to create products which will have traction in the market. Taking user experience into account will more likely attract consumers.

It should be considered early on because it will ensure that the product has the characteristics and performance the customer’s desire, thus reducing the risk of creating a product that does not reflect the customers’ demands, while cutting the costs and helping establish a reliable and respectable brand.

How will users understand your product? How does it feel in their hands and how do they feel about using it? These are just a few questions that product design evaluations will aim to answer.

Tips on product design.

Having all this in mind, now let’s go through several steps offered by Growth Africa, on how to now practically go about it, especially, if you don’t have a design yet.

  1. Empathize- Use empathy to understand your client’s rational and emotional needs. Put yourself in your client’s shoes and objectively evaluate the service or product your offering.
  2. Be user oriented– Don’t make your products appearance your main concern, it’s the product usability that will create traction in the market, so ensure a user oriented design
  3. Test and Try- Don’t rush to the market without proper prototypes as these demonstrates the functionality of the product and ensure your product is ready for manufacture
  4. Observe- Pay close attention to how people interact with the product in its natural context (home, workplace) to understand and improve their experience with it.
  5. Humanize- Always keep in mind that customers are not just data; they are real people with real needs and desires, it’s important to take them into account.

 

Let’s look at some handy guide will help you understand design and provide resources to help you find awesome design talent.

Design is a method of problem solving.

Design is so many things, executed in many different ways, but the function is always the same. Whether its blueprints, a clever UI, a brochure, or a chair, design can help solve a visual or physical problem.

So what is “good design”?

This definition is not so simple. The best designs are notorious for seeming not designed at all – or ‘un designed’. It’s easier if we break things down a bit. If you know what to look for, it’s easier to identify good design when you see it; or perhaps when you can’t see it at all.

Dieter Rams is a German industrial designer closely associated with the consumer products company Braun and functionalist industrial design. Aware that his design was a significant contributor to the world, he asked himself an important question:

“Is my design good design?” Since good design can’t be measured in a finite way, he set about expressing the ten most important principles for what he considered was good design. (Sometimes they are referred as the ‘Ten commandments’.)

Good design is; Innovative makes a product useful, aesthetic, makes a product understandable, unobtrusive, honest, long lasting, thorough, environmental friendly and as little design as possible.

Good design can’t be achieved with glossy buttons or masterful wireframes alone. It’s a merger of all these principles into something that is meaningful and deliberate.

Just like a great business plan is nothing without expert execution, a great Photoshop mockup is nothing, for example, without careful consideration to UI or the user’s needs.

Objectified

Take a look at your current product – is design contributing in an innovative way? Does it make the product useful, understandable, and aesthetic? Is it long-lasting, or will it look outdated or break in a few years?

These are really hard questions to answer. Having a designer will enable you to work within these constraints and enable you in creating a product customers will fall in love with. Love is a really strong emotion.

Design has always been a strongly valued aspect of business, even 60 years ago. It’s totally a proven method even in business today.

How important is product design?

Product design includes both digital and physical products. It represents not only the aesthetic qualities, but what it does, how well a user thinks it’s going to do it, and how easily & quickly they can complete a task.

Think for a moment. How important is product design to you? How important do you think aesthetics and ease-of-use are to your customers?

How deep does design go?

Now we’re getting somewhere. Great design is taking root in startup culture, and it seems like many people are open to change. Not only do many entrepreneurs and engineers see substantial room to improve their own products, they overwhelmingly believe that designers belong on a founding team.

Startups + designers =?

For a long time, a pair of co-founders consisted of an executive and an engineer. It worked for Facebook, Microsoft, and Apple, just to name a few.

These companies have excellent designers today, because it’s a necessity they can’t afford to ignore. It seems like design is becoming more and more prevalent in new startups as well and more are pushing the envelope.

Design has become a key differentiator for startup companies to acquire funding, press coverage, and loyal users. So think through your product design carefully.

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