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Companies tend to be solely focused on their Return on Investment (ROI) when trying out a new tool, marketing strategy, or social network, that the customers ROI (and they do have one) never even enters the picture. Just like most businesses, customers also try to find “what’s in it for them” when investing their time and money into a website, new product, or company. If a business is not customer focused and solely only thinks about what they can gain from an interaction or transaction than they are missing out on the bigger picture, customer satisfaction.
Of course, it is important that companies try to uncover their Return on Investment, but it should never be at the expense of the customer’s ROI.
What is the Customer’s ROI?
Customers want more than a product from your company, they want service too. When choosing to purchase items from a business, there are many factors they consider before investing.
- Does the company provide great customer service?
- Are the people who work at the company knowledgeable?
- How do I benefit from shopping with this company?
- Do they care about my time?
- Are they helpful?
- Is there a better offer out there? – This doesn’t just include prices, but the company as a whole too.
These are only a few factors, but they give you a general idea of what customers want.
For instance, the retail store, Walmart, provides a unique service called, “Price Match” where customers can purchase products that are on-sale elsewhere at Walmart, simply by having customers show the competitors flyer at the check-out with the discounted product.
Another great example of a customer focused company is Fisher Price. They not only sell age-appropriate toys, but they also give parenting advice, which helps their consumers to be a better parent.
By businesses, such as these ones, who give customers helpful tips, advice, educational tidbits, and unique services that go above and beyond just selling products, you are providing benefits to the customer’s investment, which is your business.
Providing customer satisfaction will make customers choose your business above all others and increase your customer loyalty, thus, by investing in the customer’s Return on Investment will ultimately serve the business’ ROI as well.
[Image via: Insurance Quotes]