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How to Retain Customers with Product Services

How to Retain Customers with Product Services

How to Retain Customers with Product Services

So many companies only focus on signing new customers. They offer special rates and sign-up discounts or spend thousands on marketing. However, the real profit comes from customer retention. Why pay more money to focus on new clients when you already have a customer base. Useful tools like product services and simply building brand loyalty go a long way to retain customers. 

Let’s look at it this way. Is it easier to ask a friend out to lunch or grab someone off the street? Obviously, you have a better chance of bringing your friend. Customers are no different. You have a much better chance of making a sale to someone you already know than qualifying a new lead.

Think of the work going into new clients. You have to market the product, generate leads, move through a sales funnel, and negotiate the sale. Each step costs time and money. Retaining current clients costs much less, and the more effort you put into retention, the more likely you are to gain referral business.

Fortunately, there are several ways to focus on customer retention without sacrificing your efforts to sign new customers. 

 

Build Loyalty

First and foremost, sell an excellent product. A good salesperson can sell almost anything, but customers jump to another company with a better offering if the product is sub-par. Selling a premier product builds trust with your brand. Loyalty is incredibly powerful for businesses. It’s what keeps customers with you even if there’s a cheaper option. 

Part of building loyalty is creating a relationship with your customers. Coupons and occasional discounts go a long way to remind your client base you care about their business. Newsletters and updates let them know what you’re up to and what they can expect in the future. 

Newsletters and coupons can only go so far. No matter how good your relationship is with your customers, they have to be happy with the product.

 

Product Services

Product services, or product service system, is a way to reshape a product and turn it into a service. Here’s an example: in the past, you could rent a movie and have to return it two days later. You paid a fee for those two days, and then you were done with the rental store. Along comes Netflix. Like with the rental store, Netflix retained ownership of the “product” but offered unlimited rentals for a monthly service fee. Sorry, Blockbuster. 

Let’s try another one. Spotify knows that selling a CD is a one-time purchase, and the seller loses ownership of the CD. Instead, Spotify provides access to the same CD any time a user wants to listen to it for one monthly fee of roughly the same price. However, users get access to that CD and millions of other songs. Which is better, 12 CDs per year or unlimited music all the time for the same price? Sorry, SamGoody.

The core idea of a product service is to retain ownership of the product while still providing the same outcome. You can mimic the same strategy. For example, you can create a database of online courses and sell a subscription allowing users to take as many as they want. Now, rather than buying the one-time class (product), customers can have unlimited access to all of your classes (service), and they’re more likely to stay with you. Turning an end product into an ongoing service can be a vital stepping stone to a successful company.

 

Customer Service

Customer service is how your clients stay happy. Provide excellent service, and your clientele will remain content and loyal. Think of all the times you’ve been frustrated with a product, so you call or email the business for help, and no one answers. Poor service is one of the top reasons customers leave. Hopefully, your customers aren’t calling in too often to complain, but if they do, have an effective system in place to handle issues.

Customer service is more than just reacting to issues, however. Businesses who can be proactive with their customers tend to build more loyalty and create more long-lasting relationships. Rather than waiting on a problem to come up, companies can reach out and offer new products and services at an intimate level.

Excellent service starts with taking the time to put a plan in place and find the right people to work with your customers. Strategies on proactive customer service include things like personal phone calls or weekly newsletters. Luckily, you can automate these strategies, so you get to set up shop and go back to progressing your business.

 

Relationship Equals Retention

From building loyalty to providing customer service to utilizing technical tools, retention requires hard work. Retention strategies come in many different shapes, and each business needs a different plan. You know your business better than anyone, so figure out how best to build your relationships. Do your customers expect a friendly, personal phone call? Does your enterprise rely on online communication to touch as many customers as possible? What strategy makes the most financial sense for you (keep labor costs in mind!)? 

There is no single right answer, but you can get some help. A significant part of utilizing a business and marketing suite is creating a strategy to generate contact lists and reach your current customers. Their professional expertise helps map out strategies that work in your industry, and as a team, they can build your solution for you. 

Building relationships with your customers is crucial to your company’s success, but it doesn’t have to be a full-time job. Understand the strategies and tools in front of you, so you can become more productive without sacrificing your need to generate new customers.

 

Hang on to your customers.

Product services and brand loyalty are incredibly effective ways to retain customers, but you need to take the care and effort to make them quality aspects of your business. Anyone can make a sale, but it doesn’t mean anything if you can’t get repeat customers. 

Your website can handle everything for you. Staying in touch with customers is vital, but email marketing services on your site can help by sending coupons or newsletters. Automated appointment features let your customers pick times to meet, so you never have scheduling conflicts. build a database of online courses establishing your expertise in the market and creating a new subscription-based product.

Shamrck lets you do it all in one place. It’s a complete website and business management suite to give you everything you need to retain customers, create new products, and work new leads. Maintaining a successful business goes well beyond making sales. You need to keep current customers, but you don’t have to do it alone. Use Shamrck to help make your company succeed. 

 

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Sell Courses to Grow Your Business

Sell Courses to Grow Your Business

Sell Courses to Grow Your Business

For better or worse, we always want to show off what we know about various topics. As businesses, this need to show our expertise helps set us above the competition. It’s why we load our websites with blog posts, articles (like this one!), and online courses. 

Sometimes, businesses take it a step further and blast out live webinars on different topics. The subject might be on trends in the industry or instructions on how to use a product. The benefit of a webinar is the ability to interact with visitors in real-time. Webinars can also be what we call “evergreen,” which means they can be standalone content after the webinar concludes. 

Another way we share our knowledge is through creating a learning management system, or LMS. We use LMS for creating and selling online courses to customers as well as training and onboarding new employees.

Now is the time to start selling online courses to grow your business.

Create Extra Income.

Unless you opened your business not to make money, finding additional income streams is incredibly essential. What’s better than extra income? Extra passive income! The beauty of creating evergreen online courses is receiving tacet income for as long as your class is active. 

There is an incredible demand for online learning. Yes, you can write articles and post videos, but interactive courses show a different level of effort and expertise. The best part is you only need to create a course once. The right system will have customers buying the course over and over. Upfront time and monetary investment may not seem worth it to some business owners. After all, every minute spent away from customers is a minute, not making more money. 

Luckily, there are dozens of online course creation tools. Many of them are incredibly straightforward to use and reasonably priced. Services like LearnDash and LifterLMS provide plenty of tools to build an engaging course to bring potential customers. 

So how much can you sell a course? Statistically, the average is approximately $183. However, outliers are driving that number higher. Realistically, the majority of classes are sold somewhere between $5-$50. The choice is ultimately yours, so the most critical aspect of choosing a price point is knowing your worth. If you believe your course is worth $100, start there.

The best research you can do is try it out. For a business looking to draw a little more profit, online courses are a great start. 

 

Acquire New Customers

Potential customers want to know they’re working with the best. They want to know you’re an expert. How better to show off your expertise than a challenging and engaging online course? We mentioned the financial benefits of building online courses, but let’s talk about using them as a way to acquire new customers.

One extremely effective way is to start with an online course but provide the opportunity to take advantage of your expertise as a customer. Use a free class as a gateway into more in-depth services that you offer. That may refer to more available courses to help teach your customers. Your additional services may be a “let us take over” mentality where you prove that a do-it-yourself method has limitations. 

For example, you sell an online course with the basics of using blog posts to promote SEO. Businesses looking to grow and become more visible need exposure. It’s simple supply and demand. However, your SEO course is introductory and doesn’t dive too deeply into the subject. Sure, customers can use what they learned from the first course and see how they do, but by building a useful online system, you’re proving you can do more for them.

Now, they’re going to turn to you to handle more of their SEO needs. You can turn a $50 online course into a $50/mo subscription. New customers are far more valuable than any single online course.

Whatever your strategy is, creating an online course is a straightforward way to grow your business. If you haven’t considered online learning as a sales tactic, you are behind the times. Start building your courses now, and watch the effect on your customer base.

 

Customer Service

 What happens once your leads become customers? How do you train them to use your product? Onboarding new customers is challenging, but online courses are incredibly effective at teaching your customers the basics.

But don’t stop there. Help your customers understand your product and basic training, but show them your investment in their success. Continued education and training is a cornerstone of building value. Build elevated courses that go deeper into the product and everything it can do. 

You are always at risk of losing customers. Building loyalty is as fundamental as showing customers you care. Giving them every opportunity to succeed is a vital part of customer service, including continued online learning.

Wrap-up

Building online courses to show off your expertise is a fantastic way to make a little more money, acquire new customers, and hang onto the ones you already have. As we said, there are dozens of software options to choose from, so now is an excellent time to get started. But don’t take our word for it. Do some research on how other companies in your field utilize online learning to engage new and potential customers.

 Once a customer signs, onboarding can be tricky and slow-moving without the proper tools and process in place, especially if your product has a steep learning curve. Embracing online learning will be challenging, but your customers’ understanding of your product is paramount as a business owner.

 

The team at Shamrck knows your time is valuable. We want to help by providing a full website and business management suite, letting you free up time to focus on things like online courses. Reach out and get started on your demo to see how the Shamrck platform fits your business.

 

 

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