It is a widely known fact that customers are the key to success for any business. If it’s a small grocery store or a multinational company, the efficiency and profitability of a business are always directly dependent on the customer. This is why it is extremely important for businesses of every size and environment to make their primary goal customer satisfaction. The happier your customers you, the more likely you are to succeed. However, that can be very difficult in practical terms. Here is how you can win your customer’s heart with a small addition to your business of a Cloud POS software.
What Is Customer Satisfaction and Brand Loyalty?
Customer satisfaction refers to having a good relationship with your customers that make them happy. The more satisfied your customers are with your business, the more likely you are to succeed in every aspect.
Brand loyalty refers to the behaviour of customers to stay loyal to a business. This is related to customer satisfaction as you can only achieve brand loyalty with customer satisfaction. This refers to the behaviour when a customer feels satisfied with you that they keep dealing with your business only.
Even if there are better opportunities out there, the customers feel safe and satisfied with your business and choose you over any other competitors in the industry. For example, if I prefer to go to Imtiaz SuperStore even if many other supermarkets are nearer to my address and offer almost the same prices, I am loyal to the business and Imtiaz SuperStore has achieved brand loyalty with its customers.
Why Customer Satisfaction and Brand Loyalty Is Important?
When keeping customers happy is your primary motive it is automatically important to invest in that. Brand loyalty is not possible without customer satisfaction. Your business needs to provide some incentives/benefits to customers that they like. Only once you’re a business that is liked by customers can you take the next step forward and work towards brand loyalty.
For restaurants, using a Cloud POS Software can help greatly with customer satisfaction. Even though in a restaurant the product isn’t a service but technically the food is. This is why for restaurants, good management with a Cloud POS Software can help create better products for customers.
For restaurants, building a satisfied customer base needs them to have good food available, with proper management.
On the other hand, with the retail industry, the focus should be on the service. The product that you sell isn’t your product. Selling that product is. The service you provide customers is the reason customers can like you. Of course, this involves keeping quality assured stocks as well, which Cloud POS Software can help with. By creating a good service, customers can feel satisfied with a retail business.
Existing Customers vs. Potential Customers
When a business wants to create a satisfied and loyal customer base, it is important to know the definition of customers it deals with. Every business has two types of markets: The market they have achieved and the potential market they want to achieve. This is also referred to in terms known as current customers and potential customers.
Current customers are the customers your business already deals with. For a retail business, this is a customer who often shops at your store. For a restaurant, this is a customer who often orders from you.
Potential customers are the customers your business hasn’t already dealt with, but aim to get them. These are all the people that are in your target market but not dealing with you and dealing with your competitors.
While it may seem important for a business to focus on potential customers mostly as that will increase the business’s market share, it seems far more profitable to focus on existing customers. This doesn’t mean that you’re ignoring potential clients. This only means you prefer to satisfy your current clients more, which can actually turn into a good marketing strategy to attract potential clients.
Facts Relating to Existing and New Customers
Here are some surveys that prove why it is current customers and more beneficial and profitable for a business than potential customers:
- Acquiring a new customer can cost up to 5 times than retaining an existing customer
- An increase in customer retention by merely 5% can increase profits up to 95%
- The success rate for selling to an existing customer is 60-70%, while the rate is 5-20% with a potential customer
- Loyal customers are 5 times more likely to repurchase, 5 times more likely to forgive, 4 times more likely to refer, and 7 times more likely to accept a new product
These surveys clearly show the importance of keeping existing customers happy. Now to the most important question of how to do that?
Here is how a Cloud POS Software can help achieve that quickly and efficiently:
Innovative and Smooth Checkout Experience With a Good Cloud POS Software
POS software are mainly used for checking out. This shouldn’t ignore the fact that a modern POS can be equipped with many greater features as well. For example, CISePOS, unlike most popular POS systems, provides intelligent accounting and inventory management modules with many useful POS integrations as well.
Backing to the main point, checking out is one of the most important services to customers. Customers hate long queues and bad checkout procedures. With a cloud POS software, checkouts are made smooth and fast. Hundreds of items in a cart can be checked out with a receipt in a matter of seconds. Calculations are also made accurately and quickly such that there is no margin of error.
Inter Stock Transfers and Proper Inventory Management With Cloud POS Software
With an inventory module of a cloud POS software, you can track inventories of not only your branch but multiple branches. This helps you provide for the customers’ needs easily.
You are helped to never run out of stocks so a customer never leaves the store disappointed. Even so, that if one branch doesn’t have a stock, you can remotely see the stock of any other branch from anywhere through the web based POS. If it’s available, you can order the stock between branches making customers feel special and not leaving empty-handed.
Inventory management also helps you reorder easily. Make purchase orders and GRNs efficiently to smooth out the process. A business with good inventory is always liked and praised by customers!
Customer Profiling With Cloud POS Software
One of the most useful techniques to build customer satisfaction and brand loyalty is customer profiling. Customer profiling refers to keeping records of your customers. These records include their names, contacts, and possibly feedback. These records help in a number of ways.
The most profitable use is to create a loyalty program. A loyalty program is an open offer to all customers to purchase more for you with an incentive of discounts, refunds, coupons, offers, etc. With good customer profiling, you can track customers’ purchases and enable a loyalty program.
Loyalty programs not only help current customers feel special, more satisfied, and inspires them to be loyal, but also attracts potential customers greatly! This ensures a boost in sales and profitability.
The next big aspect of customer profiling is marketing. By recording the contact information of customers, you can stay in touch with your existing customer base. This can be used for many marketing strategies. The most popular ones are email marketing or SMS marketing. This involves the business to text or email information about new offers, stocks, innovations, and more. A constant reminder on phones is proven to make customers move towards your business more.
Another special way to ensure customer satisfaction is to ask for feedback by sending surveys, or texting a simple thank you note.
All of these strategies for achieving customer satisfaction and brand loyalty can be effectively maintained using a good cloud POS software. Register now and aim for success with more profitability!