Yolofsky Law - February 2020

... continued from Cover

GIVE LOVE, GET LOVE Turn Amazing Customer Service Into a Major Revenue Source sent out correctly. Also, commit your organizational energy to your business. What do you need for the IRS or an auditing company? What happened in 2019 to change how you approach things in 2020? What shifts do you need to make for 2021? By March, you’ll be settled from the whirlwind of responsibility the new year brings, and you can coast into spring. CHECK YOUR GOALS At this point in the year, you should have a clear idea for how the first and second quarters of 2020 will go. Because goals can shift, February is the perfect month to assess whether or not you need to make adjustments to the plan you made in 2019. Since business typically winds down to a manageable pace this month, consider how you could ramp it up come springtime. Do you need to press harder with your plans for 2020, or do you need to capitalize on what already worked in January? Compare your post-January projections to those of previous years to get a clear idea about what your next steps should be, and use February to implement them. EMBRACE THE SLOWDOWN No one likes a slow month in business, but you can use it to your advantage. If February is a historically slow month for you and your company, consider how you could improve internally . Offer extra employee training, provide cross-training events, streamline processes, test new software, or ramp up education for your sales, customer service, or technician staff. Take advantage of the extra

hours in the workday not devoted to a customer’s needs and make your business stronger than ever for when the busy season hits again. Your team will be better prepared for the onslaught, and their extra precision just might pay dividends to overcome another slow month.

The shortest month of the year is nothing to fear! With these tools, you can make this your best February yet.

convincing others that your business exists and has value.

Boosting customer retention by any amount can have a huge impact on your revenue. A study conducted by Bain & Company and reported by the Harvard Business Review found that even a 5% increase in retention can boost revenue by 25%–95%. In short, your ability to retain the right customers can make or break your business. Businesses are constantly searching for ways to achieve customer loyalty. After all, it’s far more cost-effective to keep the same customers coming back to you than it is to constantly go after new ones. Marketing to new customers can cost up to 25 times more than simply catering to your existing customer base. Loyal customers who love your business are an incredibly powerful asset. They can do a lot of your marketing for you through social media and other word-of-mouth channels,

But how do you get to that point? How do you develop a strong bond with your customers that is hard to break and will keep them coming back time and time again? It really starts with stellar customer service. Poor customer service is the No. 1 cause of customer loss. Upward of 71% of people say they cut ties with businesses over poor customer service. Customer service includes your employee-customer interactions, your response to problems, your response time , and your approachability on social media. Look to businesses that have figured out how to do customer service right, like Apple, LEGO, and other beloved businesses in your community. Consider what you can

incorporate into your own customer service experience or become a customer yourself and see just how far other businesses are willing to go for you. Another way you can win loyal customers is just by being present. One way to do that is by answering phone calls, emails, and online inquiries immediately . The more time you put between the initial customer contact and your response, the worse it looks for you. When people visit your business in person, be there to offer a hello, answer questions, and engage in casual conversation. When you’re there for your customers, your customers want to be there for you.

2 • www.yolofskylaw.com

Made with FlippingBook - professional solution for displaying marketing and sales documents online