What if I told you that you could offer your customers even more than you do now while spending less to do so? This may be contradictory to everything you’ve ever known. After all, offering more should require more time, resources, and energy, right?
When you know your customers and execute the right strategy to serve them, you can create more value while simultaneously streamlining your backend processes.
Know Your Customers
The first step to offering more while spending less is knowing your customers.
You need to know:
- What problem do they have?
- What gets in the way of them getting what they want or need?
- How could they make more effective buying decisions?
- What would make their life easier?
For example, a program independent pharmacies offer called SyncRx (or RxSync) synchronizes customer’s prescriptions to get filled on the same day each month. Because they know their customer, they know that going to the pharmacy to refill prescriptions multiple times a month is a massive hassle. They found that this inconvenience also made it more likely for people to lose track of and stop taking their prescribed medications. That translates into less revenue for the pharmacy AND negatively impacts the patient’s health.
With this model, customers see a clear and worthwhile benefit. And from the business’s perspective, this model streamlines inventory and optimizes workflow. Additionally, touchpoints with customers are frequent and regular, so additional offers and add-ins are easy to incorporate while long-lasting relationships are maintained.
Think of subscription models. They allow customers the convenience and flexibility of automated, recurring payments and deliveries, thus providing more value than businesses that require their customers to make one-time payments—every single time.
And the customer isn’t the one getting all the value. With predictable revenue and the ability to project inventory needs out into the future, businesses with subscription models can tighten their internal systems by automating and optimizing their processes.
By doing this, subscription model businesses can avoid leaking money through inefficient operations and can open up the time and resources to provide a better experience to their customers, employees, and leadership team.
The concept of offering more while spending less requires a total mindset shift. In a world where “you get what you pay for” is usually the case, it’s easy to assume that if you want to offer more to your clients, you must make an equally significant investment. You may think that, if you spend less, you’re cheapening the customer experience and lessening the value of the solution you offer.
Thinking differently means thinking outside the box. It means stepping out of standard norms and assumptions to do things differently and, as a result, get different results.
With the advancement of technology and the ability to use resources and tools from anywhere in the world, it is now not only possible, but essential for businesses to implement strategies to offer more and spend less if they want to be a worthwhile competitor in their marketplace, stay top-of-mind for their ideal client, and work smarter behind the scenes.
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