A deck with a great view

How to Develop a Reputation as a Niche Business

A good reputation is very important for every business because it is one of the factors that attract new customer and help retain the current ones. A strong reputation is one that does not change easily despite having an occasional negative review or despite you making a certain mistake. Building a good reputation can be less challenging but maintaining it can be overwhelming because people can have different opinions and perceptions about your business. Some of these perceptions may lead to misinterpretation of something related to your business and if not handled well can ruin your reputation. Therefore, you can use the following tips to ensure that you develop and maintain a good reputation on both online and offline platforms. 

1. Gain More Knowledge About Your Niche Business

When customers approach you either physically or from online channels, they expect you have all the details about the products and services you are offering to them. It is your duty then to gather and enhance your knowledge in the industry you are operating in. Attend business seminars and conferences relating to your niche business, do your research online and form positive networks with like-minded people. This way, you will be fully equipped with all the answers that your customers may have for you. For instance, if your niche business involves dealing with dock supplies and a homeowner or a contractor wants to know something about lumber, lighting, railing or any other accessory, it is good to have this information handy. Also, be willing to share this knowledge with other people in meetings and also through online blogs or social media posts. Having the knowledge and being willing to share with others will build your reputation and attract more customers to your niche business. 

2. Invest in a Good First Impression

The first impression can either build or prevent a strong relationship from happening. Always remember to present yourself the way you want people to see you because either way, they will judge you before you even open your mouth. The first impression is sometimes one of the undervalued aspects in business, but it is very important when it comes to the development of a good reputation. There are different ways to impress customers, and it includes everything from your attire to the way you receive or greet your potential customers and your confidence when you talk. The success of your niche business will depend on how you represent it. 

3. Communication Skills

Communication is key when it comes to developing and maintaining a strong reputation for your niche business. For example, if you’re working to install a deck for a client, even if they have not requested an update about the progress of their decking project, send an email to let them know you care. You will not only start building a strong relationship, but you may trigger placement of a new order for other products like dock accessories. However, do not keep on emailing your customers after every five minutes because that will become a nuisance to them and most probably make them block your emails. Also, consider asking for feedback about your products or services from your customers, as this will prove that you value their opinions and are willing to improve based on these opinions. However, when you get this feedback, stay on top of responding to them. This form of interaction will drastically improve your relationship with customers and hence build a strong reputation. Ensure that you can communicate effectively with your current and potential customers and this will build and maintain your reputation. 

4. Promise What You Can Provide

Everything you promise your customers should be provided as promised and within the time promised. If you are not available to deliver something in the timeframe you promised, delegate that task to someone else to avoid disappointing your customers. Sometimes an emergency can lead to a delay of delivery and if this happens to you, alert the customer in advance to avoid looking like a scammer or a flake. This is one of the strategies that companies such as Decks & Docks Lumber Company have been applying for the last 20 years, which is ensuring rapid delivery of dock supplies to their local and international customers. Apart from valuing delivery time which is very important, deliver the exact product or service that you promised or which the client requested. Everyone wants to work with a supplier who values their time and needs, and if you can master this trend, your reputation will remain strong throughout. 

5. Consider Helping Other People Achieve Their Goals

This is a very important technique when it comes to building the reputation of your niche business because when you help other people succeed, they will look forward to continuing their work with you. This is one of the reasons why most successful businesses use customer success to attract and retain customers. Help others, and they will be willing to help you in return. This includes your customers, employees, friends, relatives, and business associates among others. They all play a big role in your business success. 

6. Improve Your Online Presence

If you have a website for your niche business, make sure that it is friendly, easy to navigate, fast and compatible with mobile phones. This is your first step in developing a good online reputation. Also, use social media platforms to tell people about your brand and when doing this, ensure that you post regularly, publish up-to-date content and interact with your online commenters. Your online presence is very important for the development and maintenance of a strong reputation in today’s digital world.


Customer satisfaction

Dealing With Customer Churn

What Customer Churn is, How to Deal with It, and Why it Matters

It is always a concern when a company’s subscribers or customers stop doing business with them. Some refer to this as customer attrition but most often it is known as customer churn. The ability for a company to measure this is essential. History has shown it is more cost-effective for a company to retain its existing customers than to pay to acquire new ones.

Customer Retention Rate

Knowing customer churn rate will show a company their rate of customer retention. It will also help determine which strategies would be necessary for improvement. Companies utilize various methods to calculate this rate. Some look at the percentage of customers they have lost. Others want to know the percentage of customers they have lost compared to the company’s total number of customers. There are some companies that calculate this rate based on specific periods of time. This could be quarterly, annually and more. One of the most popular methods involves dividing the total number of a company’s customers at the beginning of a determined time period by the number of lost customers during this same period of time.

Reasons

Companies want to identify any issues that may be the reason for them losing customers. There are a few things that are considered common causes. One is providing ineffective customer service. A study showed approximately 90 percent of customers left a company as a result of their poor customer service experience. The business world is a competitive place and customers now demand the best possible customer service. When they don’t get it, they go to a business that provides it. There is also a good chance that customers who are not satisfied will share their bad experiences on social media and more.

Lifetime Value

There is a direct connection between the success of a growing business and customer lifetime value. A company’s chances of expanding its customer base will significantly diminish if their churn is too high. A marketing campaign well received in a company’s industry will not be effective if customers are being lost at a high rate. More than one study has shown that customer retention costs are far less than the costs associated with customer acquisition.

Eliminating Customer Churn

It results in a negative impact on a company’s income when this rate is too high. There are strategies a company can utilize to eliminate it. Customer loyalty is something that can be built from personalized service as well as positive experiences. Companies need to take a proactive approach to eliminate their own rate of churn. It is also effective when a business asks its customers who have left to complete a survey. The goal with this will be to discover the reasons these customers left the company.

Educating Customers

Many companies have been able to decrease their churn by regularly reminding customers what the company’s goods or services can do for them. They make an effort to keep their customers informed on any improvements and innovations. This has been shown to build customer loyalty.

Knowing Customers

One of the most essential elements for decreasing and eliminating customer churn rate is a business knowing their customers. With the proper use of Big Data, it is possible to obtain valuable insights into what a company is doing that keeps and drives away its customers. Big Data can make it possible for a business to anticipate the issues and needs of its customers. This will make it possible for a company to work toward retaining their business by meeting the expectations of their customers. This will involve identifying which customers are at the biggest risk for churning. This will give the company information necessary to improve the satisfaction of their customers at risk for leaving.

UserIQ

This is able to provide a platform designed to collect data for a company. It enables them to scale onboarding, accelerate time-to-value. UserIQ is able to provide its users with an increase in their revenue by providing information that will make it possible to provide the most effective customer service experience. It will forever improve the way a company interacts with its customers.

It is very important for a company to make an effort to decrease its churn rate as much as possible. Even a business with the most popular products or services will have a team of employees focused on decreasing its churn rate. This is often done in many different ways. It could involve a company improving its products or services. A company could work hard looking for things specific to its individual operation to deal with its particular churn rate and more.