Customer satisfaction is at its all-time high, which makes customer service both an art and science that business owners need to master. Customers today demand more than good products and services; they want to know their voice is heard. This means that your company needs to invest in technology solutions that will allow for 24/7 connectivity with your customers.
Customer retention strategies are often overlooked, however, they can make or break any business owner, especially in a casino business such as this. The key to understanding what drives customer behavior boils down to knowing the ins and outs of their decision-making process. Although your customers may act without logic at times, most decisions they make are based on emotions rather than numbers on a balance sheet.
There are multiple reasons why people buy things, and it’s important that your company meets these needs. The following are just a few of the most common reasons why people buy things.
– Feeling – Your customer wants to feel something when they purchase your product or service, which is why luxury brands do so well. This is also why Apple has been able to sell iPods for as high as $500 even though there are many other companies selling their own MP3 players at half the price. People may initially balk at the idea of paying twice as much, but once they understand what you are offering them in terms of your level of service and how it makes them feel, they will find themselves more than willing to pay top dollar.-
– Novelty – People like to buy things that they don’t already own. This is why there is such a market for limited edition items and why the Apple iPhone has been so successful in recent years.
– Social attention – People crave attention and social media plays a large role in this today. This is the reason behind buying certain brands of shoes or clothes, as well as owning luxury cars, even those who already have those same through their employment.
– Irrationality – People will often purchase things for no logical reason at all. The power of suggestion can go a long way towards getting people to buy something just because you recommend it. Whether your customer buys from you because they know that doing so makes them feel good or if it’s because you were able to create a sense of urgency and they don’t want to miss out, your customer will feel good about the purchase and see the value in it.
If people are satisfied with their purchase, they will often pay more for it than if they were dissatisfied. However, there is a limit to how much we will spend as consumers as demonstrated by the concept that no matter how expensive something is, there is always a line where price becomes too much. This may be assumed as an unbreakable law of economics, but since this rule lacks logical backing, there are those who have challenged it at its core.-
Through extensive research and studies on consumer behavior and decision-making psychology, it has been discovered that many buyers are willing to pay much higher prices for the same item if they are satisfied with their purchase.-
The concept of mental accounting is rooted in how people make decisions about money. People tend to put the different sources of income under certain categories, depending on which account it comes from. For example, money that was given as a gift will be handled differently than money earned through hard work and therefore viewed differently by your customers even though both three types could be used for the same purpose.-
Many businesses fail because they don’t see any value in putting forth an effort towards customer retention. This is why so many companies only focus on attracting new customers instead of nurturing existing ones. It seems like common sense, but there are still many business owners who don’t see the value in putting more effort into retaining current customers than attracting new ones.
It’s true that your company may need to spend more money trying to get a new customer than it would cost you to simply retain the one that you already have. This is an extremely shortsighted way of thinking.
The benefits of customer service and customer retention should be clear to any business owner who is willing to look at the facts and see their real value.
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