Category Archives: Product Development

Grow your business: Keep your existing customers coming back

It’s no secret that the cost to acquire a new customer is more than retaining an existing one. According to Bain & Company, an organization has to spend 6-7 times more to attract a new customer. Moreover, it is 50% easier to sell to existing customers compared to new ones, according to Asian Entrepreneur.

Retaining your customers is one of the best ways to grow your business. According to Asian Entrepreneur, “A 5% increase in customer retention can increase a company’s profitability by 75%”. That’s why it’s important to treat your customers right after they do business with you as good as you would treat them prior to purchase. Let’s take a look at some ways to delight and retain customers.

Keep them informed

No one likes unpleasant surprises, not even your customers. Keep them informed when they do business with you. This becomes even more important when you are unable to meet your promise. For example, your customer has relied on you for mobile application development and for some reason you are unable to deliver what you promised on time. Contact your customer and let him know about the same.

Keeping your customers informed is crucial even if there is no problem. They like it when you keep them up-to-date. Email them at regular intervals to keep them informed about the status of their project.

Discover the wow factor

Put yourself into your customer’s shoes. Find out if you were dealing with this business what would keep you coming back and make you tell your friends, relatives, or others about this business.

Get into discussion with your team and brainstorm ideas about what would pave way for an amazing experience. Adequate market research can help you in this. Find out what customers expect from your business and what they are actually getting. You may find some wow factors that are economical to deliver.

Reward loyalty

Show your customers that you appreciate their decision to work with you. There are different ways you can reward them. Offer exclusive customer-only discounts or give them special offer on the anniversary of them first doing business with you.

Deliver exceptional service

Whether you are into web portal development or any other business, quality of service is one of the major factors to influence your customer’s decision of coming back to you. Failure to deliver exceptional service can not only disappoint your customers, but also take a toll on your business. Sit down with your staff and discuss what can be done to deliver better service.

Retaining your customers is a winning tactic. According to Asian Entrepreneur, “80% of your company’s future revenue will come from just 20% of your existing customers”. So, delight your customers and retain them to let your business flourish.

Finding the right developer for your product

It can be challenging to form a team or find a person you are comfortable working with, especially when you are a startup and you do not have much connections. But, a right approach can put you in contact with your ideal professional.

Have a technical Co-founder

If your company requires core technical work, it is better to partner with a technical co-founder. You can also hire a Chief Technology Officer (CTO) with sufficient experience and necessary connections. He ensures that the developers provide the services promised without compromising on the quality.

Connect with the development community

It does not matter whether you are a developer yourself or just hire developers, it is always beneficial to stay connected with the development community. It becomes easier to hire people when you are aware of the kind of projects and tools a person can work on.

It’s all about research

Relying on freelancing websites to hire developers can be risky and is not recommended. Remember, all that is needed is research, research, and research. Consider every aspect of a developer, including his credentials and qualifications to ensure he is authentic. Look for reviews and references on his profile. You can get a better idea of his skills and capabilities from his social media and Linkedin profile.

Understand your product to get better idea of skills that a developer should possess to successfully work on it. This will help you find the right professional for your project. But remember, finding the best developer alone is not sufficient. Don’t forget to regularly monitor your team. Make sure they work on what was promised. Constant monitoring will make them feel accountable and eventually improve the quality of services delivered.