Business.com |
| How to a Build a Customer-Centric Culture Posted: 29 Sep 2019 06:00 AM PDT  Every company wants to be the next big thing. But, here's the truth: adoption and growth won't happen just because you have an amazing product or service. Growth is earned, step by careful step. All too often, growth is stymied for a specific reason. It's often because the company is out of touch with its customers, the market or its own employees. There is a reason why so many of today's customers refer to their suppliers and vendors as "partners." I see this every day in my company. Customers expect their vendors to be equally committed to their success or personal wellness. If you want to rise to the top of your category, whether you're in software, consumer products, or an aspiring direct-to-consumer (DTC) brand, you need a robust initiative that allows you to capture the voice of your customer and respond to their needs. That requires a commitment to customer-centricity, continuous innovation, investment in your employees and above all, agility. A broad voice of the customer initiative should encompass:
Here are several strategies for creating a robust, voice-of-the consumer program. I can, with full confidence, promise that if you adopt a customer-centric approach, the things you will learn will astound you and make you a better partner to your customers. Formal surveysSurveys are excellent quantitative tools to get a sense of what your customers need from your company so you can finesse your product roadmap. Surveys allow you to gauge your customers' toughest challenges and see how those challenges evolve over time. The best surveys ask about their three to five-year plans, which gives you ample time to optimize the product roadmap to meet their needs – many of which you may be unaware of. It's important to understand that surveys are inherently biased. People who consider you their partners are likely to respond to how they think you want them to. Psychologists warn us of this effect. One strategy to combat that is to frame your questions in such a way that encourages honesty. For instance, rather than ask them to rate the job you're doing, ask where they'd like to see improvement in the customer experience. Survey results can also be used as the starting point for qualitative research. If 75% of your survey respondents say they'd like to see you relaunch your entire product line in pink, set up interviews with a subset of customers to understand the drivers behind that need. The insights you glean from these one-on-one interviews will be highly strategic. This is how we learned about the intense desire of finance teams to have a more front-office, hands-on role in the company's decision-making process, and to be seen as strategic partners and not simply number-crunchers. Business roundtablesBusiness roundtables are purely qualitative, but the truth is, there is no substitute for face-to-face meetings with company executives. Our company has them every year. Here's how they work: invite your top customers to your facility, or organize an executive roadshow, where a select team of executives participate in a regional meeting with your customers. The purpose of these meetings is to present a three to five-year product roadmap and then ask for feedback from customers. What do they see missing? Where is their business headed? How can you better meet their needs? Listen to what your customers say. There are always buzzwords flying around an industry – organic, locally-sourced, green, AI-driven, blockchain, DTC selling models, etc. Which trends and developments are they investing in? Which innovations do you need to adopt in order to retain their long-term loyalty? Speaking of loyalty, companies are always bringing functions in-house. Don't assume that's a sign they want to terminate the relationship, see it as your opportunity to evolve. If they bring a function in-house, what do they want you to provide? Outline how you will plan to work and grow together in the years to come. It's an excellent way to transform the relationship into a true partnership. Social listeningSocial listening, which can track tweets and other online conversations, is purely qualitative and 100% unbiased, as people who are talking about your brand or industry aren't aware you're listening in. Social conversations are often a stronger predictor of consumer behavior than surveys and interviews, which is why you should pay attention to them. There are plenty of affordable tools that allow you to listen, so this vital customer research tool won't break the bank. Other tools, such as Affinio, allow you to get a deeper understanding of your customers by analyzing who they follow, who their influencers are, the terms and language they use, sites they visit and so on. It can also help you build your market by modeling your existing users, and using that as a basis to reach and engage new customers to your brand. Data divesData analysis is both quantitative and unbiased. Unfortunately, it's often under-utilized by many companies. Every company amasses huge quantities of first-party customer data, and within its bits and bytes, you will find insights that are unique to your company. Begin by looking for signals within your CRM, POS and website data. For example, data can help you identify when, where and why you lose market share. You can leverage that data to pinpoint which customer segments you're losing and which ones you're gaining. Strategically, you can then tie those trends to your social listening activities to understand why they're leaving or coming to your brand. Big Data is no passing trend; your data is one of your most important and strategic assets. And there are a lot of terrific tools on the market to help you activate your data in a wide array of marketing and customer care initiatives, including data management and customer management platforms. A host of business intelligence solutions let you visualize the data so that you can home in on emerging trends. Feedback formsFeedback forms, deployed at every customer touchpoint, are quantitative, qualitative and biased. These forms can be survey-based, such as asking for a rating on a scale of one to five, or you can offer free form text boxes. Inviting customers to provide feedback at every touchpoint is the epitome of customer-centricity. It also provides direct and actionable input for improving your overall customer experience. Collect and analyze the data regularly to identify failure points, what works well and what is confusing. You don't need to reinvent the wheel here; there are plenty of vendors that provide a turnkey solution for implementing feedback forms on your website and display ads. The costs are entirely reasonable as well. Customer discussionsI completely understand that many companies need to rely on help files, virtual assistants and other automated technologies to serve as front line customer service. Others leverage online communities so that customers can ask other customers questions and get responses. These are all valuable tools, and they have the added advantage of eliminating friction when customers have a simple question. That being said, you still need a system in place to talk to your customers. When she was CEO of eBay, Meg Whitman required every employee to pick up the phone and speak to some customers on an annual basis. For people who don't regularly talk to customers, the thought of calling one may be discomforting. But the experience is likely to be positive. First, the customer will be grateful for the opportunity to share their experiences. Even better, it's an opportunity for your company to learn why they chose your brand over another and the unique ways that they use your product. This is insight that your marketing team will see as gold. These conversations will be an excellent source of case studies, proof points and customer quotes for you to leverage. There is so much entrepreneurialism in the economy right now. t's why, long term, I'm bullish on our economy. But it's no secret that many startups and new brands will fail through no fault of the product design or business idea. Failure can be mitigated, however, as long as you:
Remember, a modern, successful leader never stops repeating this cycle. |
| 10 Critical Elements of Professional Invoices Posted: 29 Sep 2019 05:00 AM PDT  An invoice is not a binding legal document, yet it is still one of the most important documents you will ever create. It's a bill for the services you provide or products you sell. You obviously realize that you need to invoice your customers to receive payment for the goods or services you provide, but what should your small business's invoices actually look like? The invoice template you choose needs to be professional and clear – after all, it directly affects when you receive payment and on what terms the payment is made. A study by U.S. Bank found that U.S. small businesses are owed $825 billion in unpaid invoices. If you're ready to create professional invoice templates to ensure you get paid for the products and services you provide your customers, utilize these 10 critical elements to ensure the invoice is both professional and effective. 1. A standout headerThis point seems obvious, but it's also very important. Make sure to label your document as an invoice in the header so your customer knows what it is when they receive it. Use a bold, large font. When you label the document, you make it crystal clear that this document is the invoice and the dollar amount listed is what the customer owes. It's common for businesses to send out multiple papers with the invoice, and when the invoice doesn't clearly state that it's an invoice, it might get tossed aside or thrown away and go unpaid. 2. Your company's informationSmall business invoices need to include your business's legal name, street address, email, phone number and (if applicable) fax number. Make sure all the information is listed at both the top and bottom of the invoice. Double-check that all of your information is listed accurately, in case the customer needs to contact you to pay with a credit card by phone, email you with questions or mail a check to your business address. Incorrect information will not only make you look unprofessional, it will also make it difficult to receive payment. 3. Your customer's name and contact informationMake sure the customer's name and title are clear and spelled correctly. Include the customer's contact information such as their email and physical address on the invoice.
Editor's note: Looking for accounting software or an invoice generator for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
4. Invoice sent date and due dateIn addition to your company's information, you need to include the date the invoice is issued and the date the payment is due. Spell it out for your customers! Also let them know the new total they will owe if they pay after the due date. These dates can help if there is ever any confusion about when an item was sold or when a service was rendered. You never know when you might find yourself in a position where you have to look back and confirm dates of services or product shipment. 5. Invoice numberInclude other identifiers on the invoice, such as an invoice number unique to the transaction. The invoice number is the second most important element after the amount of money that is due. You can assign each invoice a number in various ways. It's common for a business to list invoices in chronological order. When invoices are numbered, it makes things much easier if you have to search for a document in a paper file or on the computer. Numbering invoices is just another way to help you get paid on time. 6. Breakdown of products and services providedYou need a section on the invoice that breaks the bill down for the customer. It can be as specific or generic as you prefer, as long as it is easy for the customer to understand. Make sure to list the following:
You might want to add a section to elaborate on the descriptions of the items or other information to explain what is listed on the invoice. This may include additional materials that were purchased to complete a job or additional hours that an employee worked. 7. Terms of the transactionThe terms of payment are extremely important on your invoice. Payment terms depend on your industry, preference and relationship with the customer. It's also vital to clearly state the penalties and fees if the terms are not met. List the available payment methods to make sure your customer knows how they can pay in the most convenient way for them; they may not know you accept payment via Pay Pal, for example. One of many ways to improve customer retention is by making things simple for them. 8. Itemized feesIf there are handling fees, taxes for purchased goods or any other money the customer needs to pay, you need to clearly list each as a separate line item so your customer knows what they are being charged for. This is also helpful when your business needs to apply fees to different budgets to ensure your books balance. 9. Total amount of money dueThis point may seem silly to mention, but it's the most crucial. Make sure you clearly list the total amount the customer owes, with all taxes included. Display it prominently on the invoice in bold to ensure your customer is clear on what they need to pay. Don't make them hunt for the amount they owe. 10. Any notes for the customerWhile the items above are the essentials, you may want to include other things. An important one is a message field. This is a great place to write a brief note to the customer and thank them for their business. Every business owner should know that a customer wants to feel valued, and customers who feel valued turn into loyal customers, so use the message field on the invoice to extend a sincere thank-you. You can also use this field to make reference to the project, especially if there was something unique about what you did for the client. In this era of texting, you might also want to send a heads-up text message to let your clients know that an invoice is on the way. Bonus: Design elementsPay attention to the design of your small business invoice. Just like everything you send out, your invoice is a reflection of your brand. At the very least, it should include your logo. If you can, use your color scheme and signature fonts. At this point you might be thinking, "This is a lot of information just to create an invoice," but luckily, there are many free downloadable templates out there in case you don't already use a system that offers an invoicing feature. This is the solution I use for my small business invoice needs. [Related: Best Invoicing Software for Small Businesses] Creating and sending invoices is often a laborious process, but it's part of running a small business. An invoice is proof that you provided services or goods. Invoices also give your business some legal protection if you're challenged with a tax audit and allow you to verify your business's reported income. Whether you're a new or long-standing business, there are some things your invoices must include. If you have some doubts about how to issue correct invoices, use this basic information to help ensure your invoice is paid promptly and in full. What other elements do you think are vital to include on a professional invoice? |
| You are subscribed to email updates from Business.com. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment