Improve the profitability of your business by satisfying your customer’s values
If you want to grow?much faster?than your competitors you need to satisfy your customer’s value system.
Companies that scored high on four or more elements had recent?revenue growth four times greater?than that of companies with only one high score (on the NPS system for measuring customer satisfaction).
Source: The Elements of Value. HRB September 2016.
It seems self-evident that satisfied customers will buy again from your business, and are likely to recommend your business. If it was that simple, why does ad+ see so many local businesses struggling to increase turnover or to improve profitability in a meaningful way? It turns out that what your customer values may not be obvious.
For example,
AVOIDS HASSLES was found to be one of the top five elements that influence customer loyalty for clothing businesses, and
DESIGN/AESTHETICS was found to be one of the top five elements that influence customer loyalty for food and beverage businesses.
Source: The Elements of Value. HRB September 2016.
Let ad+ Chartered Accountants help you
Our Brand Promise commits ad+ to help you in four vitally important ways:-
- To define and meet your personal and business goals.
- To make more profit.
- To pay less tax.
- To accumulate and protect your personal wealth.
At ad+, we genuinely care about our customers, and we will do whatever it takes to help you meet your goals.
As you can see, our starting point is to help you “to define and meet your personal and business goals” because that sets the framework for everything you must do, and the order of priority in which you must do them. Your goals will also define the scale of business and level profitability required. As noted above, satisfying your customers’ values will directly impact both the scale and profitability of your business.
The?ad+ Strategy Implementation Process?provides a proven framework for our planning and review discussions. We are so confident about this process that?we guarantee results: if we cannot demonstrate a three times return on our fees – don’t pay us!!
Our?quarterly management accounts?service will give you an accurate, detailed, up-to-date picture of what’s going on in your business, and our discussions will determine what needs to be changed or improved in order to meet the financial milestones and KPIs you’ve set.
Although ad+ can provide a strong financial framework, we need to enlist some help to unearth exactly what your target customer values so that we can design a business model that will help you to win those high NPS scores and the valuable customer loyalty that follows.
Market research can provide an X-ray of your customer’s thinking
One way to understand perceived value in the mind of your target customer to find out more about the underlying motivations thoughts and requirements. Properly managed customer insight and market research techniques can deliver a better understanding of the customer’s range of thought processes, needs, motivations and drivers in building long term and consistent relationships with customers. As with any primary research, it is about asking the right questions in an unbiased way. The information gathered will be used to make strategic decisions for the future, so it is important to get it right first time!!
In addition, a trawl of current and future trends in the market, benchmarking against the best in class, information on best practise in others gives a practical steer on the differences you can make to your products and services to engineer value in and grow.
Market research is the cornerstone of good marketing strategy and timetabled plans that deliver increased sales and increased brand awareness and recognitions. It does require time and effort but is a real investment in the future of the business.
Russell Ferguson, Chartered Marketer, can carry out this type of market research for local businesses.
GET STARTED on improving the profitability of your business
Let’s set up a telephone meeting to explore how we can help you. Naturally, our initial discussion will be free of charge and without obligation.
About the Author
I really enjoy helping ambitious entrepreneurs achieve their business and personal goals. I have 30 years business experience, including 25 years hands-on practical experience running my own business. AD+ is an ambitious company, and so we relate exceptionally well to ambitious entrepreneurs.
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