AI and Client Services – Chatbots and CVAs Are the Wave of the Future

AI and Client Services – Chatbots and CVAs Are the Wave of the Future

In our most recent post, we shared the belief that Artificial Intelligence (AI) would impact the design and furnishings industry sooner rather than later. Beyond AI-powered design apps, we will most likely see the increasing implementation of bots and virtual customer assistants (VCAs) to blend and improve AI and client services.

According to the research and executive support firm Gartner, emerging technologies such as “Bots and virtual customer assistants (VCAs) are becoming more widely adopted. They are of medium-high importance now but are expected to grow in importance in the future. These technologies act on behalf of the organization to deliver information or act on behalf of the customer to perform a transaction. Bots and VCAs can guide customers to the right resources at the right time to free up rep resources.”

“‘Sixty-eight percent of service leaders indicate that bots and VCAs will be more important in the next two years,’ says Lauren Villeneuve, senior principal, advisory at Gartner. ‘Service centers should seriously be considering how this technology could be integrated into current operations, in both customer-facing and rep-facing systems.’”

The Practical Use and Importance of Bots

“Leveraging AI bots and VCAs through web chat channels has proved successful for many service centers. Deploying bots can deliver various benefits, including:

• Greater capability and scale. AI bots are able to solve simple issues while letting advisors focus on the more complex tasks. Additionally, bots are able to help serve a growing customer base without the necessity of adding advisors.

• Faster chat speed. AI bots can drastically reduce customer wait time. One client reported chatbots replying with[in] five seconds of customer contact, while typical advisors take 51 seconds.

• Better gatekeeping. AI bots can learn to recognize other bots trying to gain access to systems, thus freeing advisors to only focus on actual customers.”

It is this nearly flawless flow from initial client contact to results-oriented solutions that improve client relations and free up a designer’s time, enabling them to focus on what they most love to do – reimagining a homeowner’s spaces. So, despite our nearly universal dislike of dealing with an AI when seeking service ourselves, the trend is for more, and better, chatbots and CVAs in our personal and professional lives.

As long as the better part of that sentence holds true, the inevitability of this trend should be something we look forward to seeing.

Ted remains available for business consulting to the trade on diverse issues which can include AI and customer service questions. To get in touch with him, simply… Contact TD Fall today.

Client Retention Tips #2: Use Video to Re-engage Past Clients Emotionally

Give ‘em the feels!!!

Video will Re-engage Past Clients on an Emotional Level

Video engages your audience on a visceral and emotional level that most text and imagery simply can’t achieve. With video, you can make multiple impressions in a minimal amount of time. You can literally communicate in seconds what it might take minutes to read – minutes that your audience may not be otherwise willing to invest in your content.

Here are 5 ideas for easy-to-produce keep-in-touch videos that you can use to re-engage with past clients or clients who’ve gone dormant:

1.      Educational tips and techniques videos – Everyone loves to get free stuff. Sharing high-value information about important subjects in your niche will always be popular. Doing so will enhance your credibility as an expert; a thought leader and a go-to source they can rely on.

This will also place you back at the top of mind for your past clients, folks who may have forgotten just how valuable your products or services were to them in the past.

And think about this for a minute: “How To” videos are one of the most searched phrases on YouTube. So, if you are creating videos and publishing them on YouTube, your new video has a very high chance of getting a ton of views and shares. You cannot go wrong when creating educational “How To” videos. #Bonus!

2.      Inspirational and positive topic videos – Most people like to start their day reading or listening to positive messages in one form or another. More than likely you have at least a few things you like to tell your clients to regularly inspire them, give them hope and direction, provide courage to take the big leap, and generally put a smile on their face.

When done properly, video can provide the motivation, inspiration, and stimulation for your clients to act on their own behalf; by investing in a product or service that will resolve an issue that is causing them pain. The beauty of this approach is that it is rarely “salesy”, and the audience won’t feel like they’re being pushed in a particular direction.

By providing them with options for resolving a problem, you also present them with the opportunity to choose your solution. Wrap all this up in an inspirational and positive tone, delivered regularly, and you’ll be handing out an abundance of warm fuzzies.

3.      Videos that challenge, empower, and encourage reaching their goals – We love the idea of an ongoing series of challenges. And when you deliver them in a video, your passion and enthusiasm come through loud and clear. Whether you’re encouraging your clients to reach new heights each and every month, or you’re empowering them to work through a difficult process and guiding them to the light at the end of the tunnel, offering a series of challenge videos could be just the type of encouragement they need to see it through to the end.

The first quarter of every year is a great time to focus your audience on setting and reaching goals. After all, many if not most of them have set some sort of resolution for change in the new year yet, research tells us that 80% of these resolutions fail within the first 60 days each year.

If you can use a video appeal to help them achieve their goals this year, you’ll likely have a friend for life – a friend who just may buy from you again and again!

4.      Holiday, seasonal, and special occasion greeting videos – When was the last time you resented receiving a special message to commemorate a holiday or special occasion? Like, never? The thought that you took the time to show you continue to appreciate them will go a long way to helping past clients remember why they appreciated you in the past.

Being kind is never a bad idea, in any situation, and it can have long-term benefits for both of you.

5.      Client appreciation message videos – No one likes to feel forgotten, especially if they’ve made an effort to reach out or made a purchase from you. For existing or recent “Quiet” clients, letting them know that you appreciate their business and are willing to continue helping them is a huge positive. In this case, even client testimonials about that new product or service can be used.

Even the simplest message, like a sincere “Thank you”, when communicated emotionally in a video message, can have a huge impact on folks who may have felt otherwise ignored.

Video Marketing Engages Clients Emotionally

Cultivating repeat customers is a critical element in the long-term success of any business. Due to the inherently impersonal nature of the internet, those who do business online often struggle with client retention. A keep-in-touch video campaign that is designed to nurture and re-engage past clients might just be the perfect tool for doing so – keeping your business growing and thriving long into the future.

Remember, Ted remains available for marketing and business consulting to the trade. Simply… Get in touch with TD Fall today.

Client Retention Tips #1: Use Video to Re-engage Past Clients for Repeat Business

One thing that online marketing can do far better than traditional marketing methods is re-engaging old prospects to make them new again. And, instead of another text-filled email barrage – video marketing can help you retain and re-engage with old clients more effectively than other methods.

• As a strategy for nurture campaigns, keep-in-touch campaigns, and re-engagement campaigns, video marketing has no equal.

If you are like most online business owners, your focus is on client acquisition; the process of attracting and persuading potential customers to buy your products or services. Utilizing social media, blogging, list building, building your thought leadership on relevant guest sites, and video marketing – there are abundant opportunities for generating new traffic, converting new leads, and finding new prospects.

• And, of course, this makes a great deal of sense because, if you don’t grow your business you’ll surely fail.

Based on the latest research, it’s 6-7 times more expensive to acquire a new customer than it is to keep a current customer. In fact, 80% of your future profits will most likely come from 20% of your existing customers. These are just a couple of the reasons that implementing a customer loyalty program is vital to your business.

Considering those stats, doesn’t it make sense for you to make an effort to keep the loyalty fires stoked? And, by incorporating videos into your messaging, it’s not as hard as you might think.

• Growing your business should include nurturing existing clients, as well as securing new clients.

And what about old prospects? What happened to the people who have engaged with your site in the past, contacted you previously, or maybe even purchased over the past few years? When’s the last time you worked to convert these folks into leads who will engage with your business right now?

After all, these are people who’ve told you that, at a minimum, they’re interested in what you have to offer, whether they bought in the past or not. Just because they’ve gone quiet doesn’t mean you can’t pull them back in by creating a video packed with timely information that will positively impact them.

Refocus Past Clients’ Interests with the Power of Video

If you think of past or inactive clients as dormant assets to your business, you’ll see their potential value more clearly. Why should you think of them this way? Because they’ve already proven their value:

• They already know you and (hopefully) like you.

• They understand your products and services, along with the value you provide.

• They have paid you money in the past – and they may be willing to do it again!

These are all very good reasons to begin re-engaging with past clients. Here are a few more:

• More than 90% of marketers use video content in their marketing campaigns.

• The word “video” in an email subject line increases the open rates by 19%.

• The word "video" in an email increases click-through rates by 65% and reduces the number of email unsubscribers by 26%.

These are not insignificant numbers, and all of them combined should be more than enough to compel you to begin using video messaging as part of your client retention strategy.

Use A Keep-in-Touch Video Campaign to Nurture Past Clients

Few businesses remain stagnant over time, just as few clients have only one pain point that needs resolution. While your mix of products or services will likely shift and grow, so too will their needs change with time. For all you know, they need your newest service now more than ever, yet they have no idea you offer it!

There can be a variety of reasons clients leave or go dormant:

• Their needs or interests have changed

• Their immediate problem has been solved

• Your product list or service menu has changed

• Your content has become too “Salesy”, with no new high-value information available to capture their interest

• Lack of engagement has made them feel unappreciated or invisible

By re-engaging these former clients, you greatly improve your chances of converting them again, or even for the first time.

Remember, Ted remains available for marketing and business consulting to the trade. Simply… Get in touch with TD Fall today.

Designer Business Tip – Refusing Work & Bad Advice

Today’s designer business tip is a response to a recent column from Design consultant Sean Low published at BusinessOfHome.com. In it, he answers a reader’s question about refusing work because a project might be too small. This, despite having worked with the clients before.

By now, you should know our stance on client retention, that existing and previous clients are your most valuable business assets. First, they already know and appreciate you and you know them. Second, they are much more likely to accept your project estimate and any additional, unforeseen costs that may come up. And finally, they are your best advertising for new client acquisition.

So, what is our problem with the advice given by Mr. Low?

Sean Low’s Answer Stunned Us

Before we go there, we need to get a grip on the question and who posed it. Apparently, the question was submitted by a reader with quite a high opinion of himself and the projects he does. Basically, after redoing the “whole house” in the past, he is hesitant to go small, claiming that “One even asked me to redo a powder room ... which is not really what I do.”

Unsurprisingly (to us at least), Consultant Low quickly proceeds to feed the designer’s ego by telling him that such small projects, even for repeat clients, might damage his reputation as someone who offers “transformational change” in his work. In other words, as he says, “You risk blurring the very business you are in.”

Further, he writes, “Third, and most important: You do not care about these small projects. And even if you did, you do not care the way some other designer will.” That is, newer, perhaps younger designers who are still trying to build their reputation.

“If you undertake large projects that offer a scale of change and impact worthy of your talent, wisdom, and experience, doing a project that does not offer that to you or your client simply cannot work. Other designers who are built for this smaller project—whether they are up and coming or if this is the work they most love (or both)—deserve this project.”

“Let your best clients pay the most and get the most from you and your firm, not the other way around.”

Our Answer is Different

As far as we’re concerned, while it may be true that your heart won’t be in it for a very small project versus a huge one, it should be for a familiar, well-paying, and valuable client.

We would also hesitate to say that accommodating such a client simply cannot negatively impact your reputation as a true change agent as an interior designer. On the contrary, it should enhance your rep as someone who absolutely believes in serving their clients and puts their needs first. All of their needs.

Additionally, small jobs like these can create opportunities to up-sell additional work or new furniture for example, or, to at least schedule a review for “freshening” other areas of your client’s home. And, for those designers who have assistant designers or juniors, it's an opportunity to pass the work off to them to create an additional income stream.

Needless to say, such a largely passive (for you as the primary) source of income could prove beneficial when we're in leaner economic conditions which is something that Sean Low completely overlooks.

Ultimately, for our designer business tip this week, the value of existing and repeat clients is far greater than Mr. Low’s “go-to” advice. Returning clients are 60-70% more likely to agree to work with you again than new clients. They are far less expensive to market to since they know and like you. And, they tell others about the great job you did for them, making them the cheapest form of advertising you will ever find!

For more deep insights and design business consulting, or for the latest and greatest luxury furnishings from Kravet and others, simply…   Contact TD Fall today.

Designer Business Tip – What About Engagement Fees?

Well now, as we move forward from the craziness, excitement, and fear that we’ve missed something important at Spring Market, we would like to lighten things up a bit. Besides, we can’t work that hard ALL the time, right? And so, we have a quick designer business tip on charging your design clients an “engagement fee”. (You know, a trivial little subject that hardly matters!)

According to Sean Low, “the go-to business coach for interior designers” at BusinessOfHome.com, for designers who know their value, an engagement fee is a must. However, those who doubt themselves and continue to “hustle” for design projects like a newbie might want to reconsider.

(If there’s one thing we know about Mr. Low, it’s that he pulls no punches.)

Are You Worth It?

Answering the above question depends largely on you. If you’ve established a solid reputation as a designer who delivers what you say you will, dependably and creatively, why would you think otherwise?

As Mr. Low says, “Your talent, wisdom, and experience have intrinsic value and deserve to be recognized (and compensated). Your willingness to dedicate the time necessary to fulfill your … promises needs to be appreciated and paid for. That’s where an engagement fee comes in. It’s not a deposit or retainer; it is a fee for your talent and attention that goes against nothing and is non-refundable.” (emphasis added)

In other words, they are paying you – for you – and all that may include!

“If you ask a client to invest a significant sum in you to create the transformative environment they seek, the more likely they will give you what you need to make the transformation happen. As much as they are investing in you, they are investing in themselves. Once invested, you will be better able to receive the kind of information you need to create as you must.

What Do You Owe After the Fee?

“You do not owe your clients anything other than your best work. You have nothing to prove, only the willingness to share your talent, wisdom, and experience with those clients [who] truly care about your work and how it will come to be for them.”

He concludes with, “While a significant engagement fee might make your firm more money, that is not my ultimate aim. Instead, I want you to establish a relationship dynamic from the very start that will yield the greatest opportunity for success.”

There now. How was that for a lightweight, frivolous topic following the hectic week at Spring Market? You’re welcome!

And remember, Ted remains available for questions and answers about things like charging an engagement fee and other designer business tips to help you grow your business. With more than a quarter century in the business, Ted has the experience and knowledge to offer high-quality business consulting to the trade. Simply… Get in touch with TD Fall today.

Furniture Stain Protection – Effective Resistant or Deadly Chemical?

Under the heading, “What are consumers being told that could affect your business?”, we offer these gems on the critical chemicals used in furniture stain protection from various sources found on the interweb.

First, we must ask what are these chemicals and how are they used. The answer is, they are called PFAS, and this blend of chemicals may be used in just about any capacity and will likely be found anywhere. What are they?

“Per- and Polyfluorinated Substances (PFAS) The per-and poly-fluoroalkyl substances (PFAS) are a group of chemicals used to make fluoropolymer coatings and products that resist heat, oil, stains, grease, and water.” (cdc.gov)

Sounds like magic, right?

What is an example of a PFAS? Well, according to the Wisconsin Department of Health and Services, they may be used in:

• Cleaning products.

• Water-resistant fabrics, such as rain jackets, umbrellas, and tents.

• Grease-resistant paper.

• Nonstick cookware.

• Personal care products, like shampoo, dental floss, nail polish, and eye makeup.

• Stain-resistant coatings used on carpets, upholstery, and other fabrics.

Now the bad news. The magic chemical combinations ubiquitous to so many manufacturing processes and which we pedal as stain protection for our precious fabrics may not be very healthy.

According to the Harvard School of Public Health:

“A recent review from the U.S. Centers for Disease Control and Prevention (CDC) outlines a host of health effects associated with PFAS exposure, including cancer, liver damage, decreased fertility, and increased risk of asthma and thyroid disease.” (Harvard.edu)

Unfortunately, the really bad news is yet to come…

Are PFAS Stain Treatments Effective?

This then is the ultimate question when we consider the possible risks of using these chemicals: Do they work?

In an April 4th article at FurnitureToday.com, serious questions are raised about the effectiveness of these stain-fighting chemicals.

“A new peer-reviewed study published today in the AATCC Journal of Research, calls into question the stain-fighting effectiveness of fabrics treated with PFAS. Scientists conducting the study tested fabrics with PFAS and found that they had limited to no effectiveness versus non-treated fabric, particularly under real-world conditions.

“It was surprising that these harmful but supposedly indispensable chemicals had no practical benefit,” said lead author Jonas LaPier, a PhD candidate in civil and environmental engineering at Stanford University. “It makes you wonder what other uses of PFAS are also unnecessary and could be easily eliminated from products without a noticeable change in performance.

“Using droplets of coffee and oil-based salad dressing, the researchers tested six PFAS-finished and three non-PFAS-finished fabrics used for indoor commercial furniture. For water-based coffee stains, none of the PFAS-finished fabrics performed better than the unfinished fabrics. The stains were minimal and easily removed from finished and unfinished fabrics alike. Only fabric type (polyester vs. cotton/nylon, patterned vs. non-patterned, light vs. dark) affected coffee stain performance.”

For us, this new information raises the ethical question of promoting a stain protection system that may not be effective – and which may be dangerous to use in the first place. The article continued:

“Exposures to PFAS from furniture occur during the manufacture, use, and disposal of finished fabrics, generating health risks for workers, consumers, and communities living near production sites as well as environmental harm, according to the study. Various states have or will be implementing laws banning certain PFAS from products sold in those states.”

There are certainly organic alternatives to stain treatments that contain PFAS and other chemicals. But, this also begs the question of their effectiveness at protecting the beautiful designer fabrics, carpeting, rugs, and furniture you offer your clients.

Ted remains available to answer questions about the furniture stain protection used by the lines we represent and other issues important to interior designers and luxury furnishing dealers. Simply… Get in touch with TD Fall today.

Interior Design Budgets – A Designer’s Nightmare Come True

Too often, discussing interior design budgets with potential clients can be a nightmare. So many homeowners think they know what a job is worth yet may not have the knowledge to understand the full range of steps needed to match their dreams. So, while they feel like they “know” what a project should cost – and that may be all they’re willing to spend – it’s your job to educate them about their misconceptions and help them move toward a more realistic number.

Yeah, waking from that nightmare is a huge relief!

Take Command of Conversations About Interior Design Costs

Good thing for us, the folks at Business of Home corralled five interior designers to explain how they deal with unrealistic expectations about design costs with their clients.

Needless to say, it all begins with communication and education with plenty of follow-up during a project, if you’ve accepted the job. Then too, it may not be worth your time, energy, and frustration of the budget is unrealistic. Sometimes, as you’ll soon see, you just need to say, “No thank you”.

This is true for Robin Gannon of Robin Gannon Interiors in Lexington, MA:

“Sometimes that’s just what their budget is, and they’re not a fit for us. As a firm, it’s important to understand what you do and what you do well. You can’t sacrifice the quality of what you do simply because of somebody’s budget.”

The same is true for Helena Brana of Brana Designs in Corona del Mar, CA:

“Transparency with our clients is one of our founding principles. We discuss clients’ budget expectations very early in our communications and estimate costs based on our experiences with comparable projects. [Not all] clients are the right fit for us, and it’s better for everyone to find out early to avoid disappointments later on.”

Adjust Your Design Clients’ Expectations

Doing this is a priority for Daniela Holt Voith of Voith & MacTavish Architects in Philadelphia, PA:

“We seek to set client expectations not just about budget, but also about schedule and fees. We can design a beautiful, functional project for a client based on all the listening in the world, but if it’s not in the budget, it’s a nonstarter. As much as you never want to walk away from an opportunity, if there’s no consensus, it’s better to part ways amicably.”

Handling the budget conversation should be done up front, says Johanna Barger of Johanna Barger Design in New York:

“Design is a very creative field, but it is also a business – my business. And I never shy away from budget discussions. I take the financial aspect of the process very seriously, and one of the first discussions in our initial meeting is cost expectations.”

And further, she says:

“Many clients do not have a sense of the financial commitment it takes to create what they see in magazines or on social media. Part of my service is to educate the client through direct, transparent conversations about numbers while also realizing their design aspirations.” (emphasis added)

Finally, we have these comments from Alison Downey of Downey Interiors in New York:

“The project budget is always part of our initial conversation before moving forward. As our fee is commensurate with the budget, and [considering] clients don’t always understand the vast range of options when it comes to price points, we take the time to educate them from the get-go. In order to determine a realistic level of investment [rather than] ‘budget’, we prepare a project plan that includes a high and low total reflecting the items we anticipate will be used.” (emphasis added)

She continues with:

“If the client doesn’t feel comfortable moving forward, we need to determine whether the project is a fit [for us]. When a project doesn’t align with what’s needed for a successful outcome, it likely won’t be a good experience for anyone involved. That said, we wholly respect a realistic budget that is set at the beginning of the project. We work hard to be as accurate as possible and guide the client when they are veering off course. It is our job to check in with them, let them know where things stand financially, and ensure they are well-informed.”

Conversations about money can be tough, as can dealing with a potential client’s expectations based on their interior design budget. Yet, as we all know, they must take place and must be frank and open. Anything less would be not only a disservice to your client, but to yourself, as well.

If you find yourself regularly getting caught in the nightmare surrounding interior design budgets with clients, Ted is available for sales coaching and business consulting to the trade. Simply… Get in touch with TD Fall today.

Client Acquisition Tip – Take The LEAD & Get More Clients

Despite the ongoing disruption to many of our businesses and lives, we are convinced that things will improve, and we will return to a more normal state of affairs. Why do we believe this? Because it’s what we do – what human beings do. Always have and always will. With that in mind, we’d like to offer a client acquisition tip that will almost certainly help you grow your interior design and/or luxury furnishings business.

• Now, since acronyms are all the rage these days, we’ve developed a li'l sumpin’, sumpin’ we call the LEAD approach to client acquisition:

• Listen – to your target audience and they will tell you how to convert them.

• Educate – your audience on solutions to their pain points.

• Adapt – to the needs of a broad client base.

• Develop – services or products that meet specific needs.

These steps will become the foundation for a fully integrated, well-conceived approach to generating leads that will address the needs of your target audience. This will enable you to communicate with them as individuals, not as a vague, superficial, poorly defined collection of personality types.

4 Tips for Improved Client Acquisition

Let’s dive a little deeper into the practical steps of the LEAD approach; steps you can take to effectively generate leads for your business in virtually any business environment:

• Listening includes increasing communication – in both directions. As we’ve mentioned before, prior and existing clients may be your greatest asset. Since they already know and trust you, they are an invaluable source of information about the value of the things you do – as well as a resource for referrals. Engaging with them will enable you to speak to them about alternative offers, explore new value-added services, and make yourself invaluable to them and prospective clients.

• Education and learning are equally valuable – to your audience and you. Learning about the challenges your clients are facing will create opportunities for you to offer increased, targeted support. The current situation could create life-altering changes that will need both short- and long-term solutions. Regularly scheduled meet-ups with clients, prospects and team members should become the norm.

• Adapting to the needs of a broad client base now includes adjusting to new challenges. This is where you will begin to employ some outside-the-box thinking since new challenges are going to need new solutions. You may need to get some online training yourself, as a means to offer more services and greater value. You may want to offer special deals, temporary rate reductions, and freebies to generate interest. You may even want to reexamine your values in an effort to discover what really matters – to you and your clients – in these challenging times.

• Developing new products and services will be critical to your success. This will likely include broadening your own skill set, as well as finding new ways to present them. This is especially true for service providers, like interior designers for example. You may need to expand your services menu to use your entire skillset, as you figure out new and inventive ways to offer value to your clients.

Many design clients struggle to articulate their vision for a particular space, which is where you come in. Find creative ways to offer them the greatest value by presenting practical, real-world solutions to their pain points. Assure them that you’ve spent years building relationships with dependable contractors and furnishing suppliers that enable you to deliver as expected in a timely, cost-effective manner.

Even if staying in touch with clients and team members regularly involves nothing but sharing stories and commiserating, staying engaged has value. Being visible will keep you front-of-mind with your audience as the economy and markets return to normal. Showing you care will build trust and loyalty, which will allow you to retain and acquire clients more smoothly.

And yes, we believe that optimism is key because we know that life and business WILL return to normal and, when it does, you want to be ready.

Are you looking for more client acquisition tips or other marketing ideas and support? Ted remains available for business consulting to the trade. Simply… Get in touch with TD Fall today.

Client Retention – Building Relationships is Critical to Keeping Clients

How often have you heard that relationship building is the key to client retention and acquisition? We know we have trouble counting the number of times we’ve read about it. Guess that means it’s important, huh?

Of course, this begs the question of how you build relationships online, as well as person-to-person.

After all, and as we’ve often claimed and continue to believe, the internet is as impersonal a place as can be imagined. By its very nature, it is completely indifferent to your wants and needs and, while it has value to all of us, we have no value at all to it.

Now that we have the metaphysics of our online world out of the way, what does all of this mean when it comes to doing business online?

The simple answer is – it is entirely up to you to learn how to build relationships with your clients and prospects as the foundation of your online marketing strategy. To do this, you will need to understand what compels them to search for solutions in such an unforgiving environment and let them know that you can be trusted to help them.

Clearly, this is no small task.

Sustain and Grow Client Relationships

Thankfully, we’ve found help for you (and us!).

In an article at Business.com, editor and author Chad Brooks keys us in on how to get this done: “The most important thing in marketing is to retain your most profitable business customers.”

While Mr. Brooks offers a dozen or so valuable ideas to help small businesses improve client retention, we will focus your attention on those we believe to be the most valuable. Our hope is that these will resonate with you and inspire you to follow the link above for more.

• Continually evaluate your market and network – Research your customers’ markets, needs, and goals. Big data analysis tools should be part of your sales team’s planning. Market trends shift often, and you need to know what strategies to employ to increase shares or enter new markets. Engage customers in product development and enhancement via beta tests, focus groups, and pilot programs. Learn their business habits, purchasing patterns, and requirements for effective proactive solutions.

• Use a CRM system – A Client Relationship Management system stores client and potential client data in a format that is digestible by your team. It also monitors things such as customer satisfaction and may provide overviews of sales and other metrics. Typically cloud-based, these programs help businesses organize customer relationships and facilitate interactions.

Since existing clients are your most valuable asset, it is critical to your ongoing success that you understand them on both an organic (i.e., in-person) and digital level (i.e., the metrics).

• Communicate relevant information regularly and effectively – Keep in touch with existing clients with targeted emails and newsletters. Update customers on industry trends potentially affecting them and give your take on upcoming issues. Let them in on your visions for their (and your) success, and then explain your take on achieving it.

Social media is a great connector, so use it wisely to keep communication channels open. However, making a person-to-person connection means much more. Be a person, not a talking head on a website. Humanity trumps digital every time.

• Be accessible and responsive – Talk and listen to customers to maintain a dialogue and build a trust-based relationship. Make it easy for customers to reach you. When they contact you, make it a point to return calls and emails promptly. Implement a customer satisfaction policy that provides a way to resolve and remedy problems and issues. Provide support, service, advice, and information. Train team members on how to manage calls efficiently and effectively so customers have their concerns addressed no matter whom they reach at your business.

• Become the “Go-To” person in your market – Develop skills and knowledge that make you an authority for your customers. A reputation for expertise means the ability to provide valuable resources to clients unobtainable elsewhere, especially your knowledge. Look for ways to add value, be a real partner, and help your customers achieve results. Provide guidance even when there is little chance it will mean any immediate business gain for you. Doing so almost always pays off down the road.

• Redefine your concept of who and what a client is – Clients are much more than a roster of potential purchasers of products and services. Retaining customers requires fostering long-term relationships over pursuing short-term money-making possibilities. Recast the relationship as more of an extended partnership. Then be prepared to meet client needs by adjusting your business services as necessary.

Existing Clients are More Likely to Buy Again

There’ are a few reasons we are so focused on client retention. Based on the latest market research, designers and furnishing dealers will do themselves a favor if they can devise ways to retain or reengage existing and past clients. Why?

• New clients are 7x more expensive to acquire than keeping or reengaging existing or past clients.

• Probability of converting an existing customer is between 60% &70%.

• Probability of converting a new client is just 5% to 20%.

• Repeat clients spend an average of 33% more than new clients.

• Repeat clients are 60% to 70% more likely to buy an up-sell.

These are just a few of the reasons that re-engaging and working to establish customer loyalty is critical to the growth of your business.

Clearly, there is work to be done to improve the future of your business. There is also further guidance available if you choose to use it. Ted remains available for business consulting to the trade. We think he is a master at both relationships with clients and retaining them. So, feel free to… Contact him at TD Fall today..

Online Client Acquisition Pt1 – Getting to Know Your Target Audience

Online client acquisition should be easy in the 21st Century, yet… Not so much!

First, we’re not talking about simply putting up an uber-cool website and waiting for the clients to storm your virtual doors. That just doesn’t happen anymore (if it ever did). And, while a great website can make a huge difference in building your online reputation, you need content to fill it and products or services to offer.

And there’s the rub. What do people want/need that can’t already be found online these days – and that you have to offer?

While we would never presume to tell you how to run your business, we do have some experience with helping designers and furnishing dealers market themselves online. One of the things we’ve discovered is that, while you can certainly try to “walk a mile in their shoes” in an effort to understand what others are going through, your own experiences color your perceptions. This makes it almost impossible to truly grasp the pain points of the people you most want to help.

But hey, don’t take it personally. It’s just human nature to perceive the world from your own perspective. But, you can overcome that naturally built-in bias with tools that are readily available and easy to access in the virtual world.

Develop New Services Using Audience Feedback

We’re not the only ones with some expertise in this area. The digital forms creation service Wufoo and the email marketing platform MailChimp have put together some pointers to help you develop new products. The most important of these are surveys of your audience. (Needless to say, they both offer their services to help you get it done, too.)

Why surveys? Well, think of it like this. If you're like most entrepreneurs, you began your business intending to help others in mind. You perceived a need and sought to fill it. Unfortunately, for most, that vision goes unrealized, and they struggle to survive in a highly competitive marketplace. Either your audience doesn’t see the same need you do, or you’ve somehow missed the mark with targeting and/or marketing your ideas.

In this case, what you need is more information. You need a deeper understanding of what your ideal client is looking for and broader knowledge of how to present it to them in a more compelling way.

The best way to get that information is to ask them for it. That is what a target audience survey does. It gathers information that is critical to the success of your business in a structured way that enables you to process it coherently and effectively. Then, you can take that valuable data and massage your offerings to meet their needs in ways they will find hard to resist.

The result? Cha Ching!

The concepts we’ve shared today are an important start in getting to know your target audience. in our next post, we’ll get into the actual steps you can take to improve your online client acquisition efforts. Stay tuned for our next post or, feel free to check with us… Contact TD Fall today.