Ways To Increase Value of Your Customers - blog image

7 Strong Ways To Increase Value of Your Customers

Govind Panicker on June 7, 2024 in Customer Relationship

Key Highlights

  • Adding customer value is important because 65% of the business of a company flows from existing customers.
  • You must ensure personalization, deliver the best value, and gather feedback to improve customer value.
  • Onstro Helpdesk is a support platform that helps improve customer experience and increase customer value.

Customers are the pillars that hold your business intact. No matter what kind of business you run, increasing customer value is a significant part.

As per stats, 65% of a company’s business flows from the existing customers themselves. So, make sure you add value to customers to retain. But how would you do that? Well, keep on reading to know what brings value to customers and how do you increase the value of a customer.

Also Read: How to Choose the Right Business Software for Your Company

7 Tips to Improve The Value of Customer

Every customer brings value to your business. But how do you provide better value to customers? Check out 7 tips on how to increase customer value.

  1. Keep in Touch Regularly

    One of the worst mistakes many companies make is keeping close contact with the customers initially, and after purchase, boom- they suddenly vanish. This approach creates a negative impression among the customers.

    As a responsible customer service team, you must regularly contact customers to ensure they are happy with the service and check whether they need any help. Not only does this approach add value to customers, but it also provides you with valuable data to identify key areas of development.

  2. Optimize the Customer Care Service

    Remember, quality customer care service is the first thing a customer expects from a business. So, don’t leave any room for mistakes. Provide a round-the-clock support system to your customers.

    It’s not just about the timing. Your main focus must be to solve customer concerns satisfyingly in the shortest time frame. That is one of the best ways to maximize customer value. Similarly, expand the presence of your customer care team on many social media platforms and provide omnichannel support to customers.

  3. Introduce a Referral Program

    How do you build customer value without spending an extra penny? Well, consider introducing a referral program. Set out attractive incentives to the referral program to make the customers share your service and drive in new customers.

    Most people will likely trust something better if their friends or relatives suggest it. That means referral programs create an organic word-of-mouth trend for your business without doing much.

  4. Deliver the Best Value

    No matter what kind of business you run, there will always be someone who provides the same kind of services. Only businesses that can improve customer value over time can strive in this cut-throat competitive era.

    But, how to provide value to customers? Well, the best way to do that is to improve your product to meet the rising needs of the customers. Keep a close eye on the market and grasp the pulse of the audience by checking out what works.

  5. Reward your Loyal Customers

    Almost all companies run loyalty programs to provide exclusive rewards to customers with high brand loyalty. If properly implemented, loyalty programs increase customer value to a great extent.

    Even though providing cash awards sounds nice, it might be an unlikely expense. It is always better to provide loyalty points or discounts to persuade the customers to buy your services. For instance, Amazon rewards its Prime Video buyers with a fast delivery of Amazon products. This reward urges the customers to buy through Amazon itself.

  6. Ensure Personalization

    94% of businesses believe personalization is a key factor to their success. Rather than attracting new customers, personalization works even better in adding customer value to existing customers. So, make sure your company invests in it.

    Try to understand your customers better and design your products based on their interests. Keep a personalized touch even while messaging your customers.

  7. Collect Feedback

    What brings value to customers? Like many other businesses, if you are stuck with this question, there’s a simple tip to find a way out. Ask your customers.

    Consider delivering a feedback form to your customers after they use the product. Such data collection provides valuable insights into the shortcomings of your product and how you can improve to increase customer value.

Final Words

Above all these points, you must monitor crucial metrics like Customer Retention Rate (CRR) to ensure your business is on the right track in adding customer value. That’s where you need business software to help.

Check Onstro Helpdesk, a customer support platform that helps you create an online library with product guides to answer customer queries anytime. You can even automate your customer care tasks to a great extent so that your team can focus on more important tasks. Contact us now for all-in-one software.

Govind Panicker

Govind Panicker is a blogger and content strategist. He specializes in helping busy business professionals stay updated with technology and improve productivity through exclusive tips and tricks.