September 12th, 2014 by Elma Jane
If you needed a loan, would you shop around first or go with the first lender you found? Small business owners are more likely to do the latter. For small business owners, personal interaction is key, and with many lenders focusing strictly on online marketing methods to reach new customers, these findings may come as a surprise.
While there is a plethora of alternative online lending options for small businesses, 44% of all loan applications are completed in person, even though business owners of all ages surveyed reported using an online process for researching and initiating a loan application, only younger business owners were very open to using it to complete the process.
User-friendly websites do help aid in conversion, but they don’t influence lender choice. Small business owners are more likely to use the first lender they meet, proof that even in an age of technology and advancements in online lending, human interaction is still one of the most important parts of the loan process, this may be due to the challenges small businesses face during the loan process as restrictions have increased on traditional loans.
First thing business owner do is ask rate…When it is more important to get the terms you want. If a lender term wants a higher rate, but let you pay it off on a longer term you may find more is less!
Despite great interest in strictly online alternative lending, many business owners still desire personal interactions with financial providers that will take the time to discuss business challenges and solutions. National Transaction standout over competitors because of its human/personal interactions.
Posted in Small Business Improvement Tagged with: business, competitors, customers, financial providers, lending options, loan, loan applications, marketing methods, National Transaction, provider's, rate, solutions, traditional loans, websites
August 12th, 2014 by Elma Jane
With so much competition in today’s marketplace, it can often be a challenge to turn first-time customers into repeat customers. Providing good customer service isn’t always enough to keep consumers coming back. To create loyal customers, businesses need to be prepared to make their customers feel special and wanted.
Improve customer loyalty with the following:
Be quick to resolve issues. Not all products work perfectly and sometimes, paid services don’t meet expectations. Accept when customers’ expectations haven’t been met and work hard to make sure the issues are resolved to their satisfaction. They will remember this and will feel like their purchases are safe with you next time.
Keep in touch. Gather contact data on your customers when you can. Reach out to them with special offers and new products and services or just send them a birthday card. Use any excuse to keep your company in their minds.
Provide great service. Customer loyalty wanes when customer service is lacking. Make sure the customer is attended to promptly, courteously and efficiently. Listen to their needs and meet them as efficiently as possible. Customers will remember this, but they will remember bad service even more.
Reward loyalty. Once in a while, you should treat a loyal customer with a free product or special discount just for being loyal. You’ll be surprised at the loyalty this will generate.
Thank your customers. Chances are, you have competitors in your category and that means your customers have options. The fact that they chose you whether it’s because of your pricing, reputation or convenience is something that you appreciate, so show it. Thank them every time for choosing you and let them know in words and deeds how important your business is to them, regardless of whether they’re your smallest customer or your largest.
Posted in Best Practices for Merchants Tagged with: competitors, consumers, contact data, Customer loyalty, customer service, customers, data, free product, products, purchases, services, special discount
March 12th, 2014 by Elma Jane
To succeed in customer service, a business must be customer-obsessed. Businesses should genuinely want to listen to their customers and provide the best service possible. But it’s even more important for businesses to differentiate themselves from the competition. Customers crave differentiation.
Tips for improving customer service:
Go beyond average. The baseline for service has been raised. Average is no longer good enough it’s forgettable. Ask customers specific questions about their experience, and listen for words like fine and okay that scream mediocrity, and then ask what you can do to make their next experience better.
Hire the right people. Building the right team from the start is vital to great customer service. Look for candidates who are the absolute best people for the job and who also genuinely care about providing great service.
Keep up with your competition. Business owners should keep their fingers on the pulse of the industry, to understand what their competitors are doing. They can then use that knowledge to do something more unique. Always network and look for opportunities to figure out how you can be a step ahead.
Posted in Best Practices for Merchants, Small Business Improvement Tagged with: businesses, competitors, customer service, experience, great service, small business
