Did you know that building existing customers' trust by making them happy would massively boost your sales compared to finding new customers? A study from Groove HQ shows that the probability of selling to an existing customer who finds your brand credible is 14x higher than the likelihood of getting a new customer.
It’s simple – “If your customers like you and find your brand credible, they would willingly open up their wallet to you again and again and again. But if they don't, they would walk away and share their bad experience with your brand to the world."
Trust is one of the most important factors in the market today. Customers weigh your credibility before deciding on whether or not to trust their money on your brand. However, if you want to build your credibility and make your customers addicted to your brand, then I recommend you follow these 6 essential principles.
1. Have an awesome customer service provider:
Poor customer service provider is costing you much more than what you think.
Research shows that the US companies lose a huge $41 billion every year due to poor customer services. Not to add the cost of the bad word of mouth and negative experience they share with their friends to put them off your brand. What a great loss!
The benefits of having quality customer service cannot be underrated and the most successful entrepreneurs like Larry Ellison, Bill Gates, Nicholas Dutko; the founder of Vehicle Transport Services, Sergey Brin, among others, often cite having an excellent customer service as one of their top keys to business success.
Awesome customer service does not only boost your credibility to customers, it helps you sustain the true ones as well as multiply your referral by 70%. In order to get to this figure, you should think beyond just selling your product; aim for customer convenience. It also comes down to regularly checking in with your customers and asking for their feedback.
2. Under-promise and Over-deliver:
One of the most deadly reputation slayers for an enterprise is "over-promising and under-delivery." When you promise your customer a certain product/service, you must do everything within your power to deliver the promise and outstrip their expectation; especially if it’s a first time client.
So how do you get this done?
It all starts with the first-time communication with the customer. It could be during a chat session on your website, it could also be the first email when the customers ask about your service. It's only natural that you'll want to impress the customer by your pitch and promises. But what happens when after all the promises, you end up under-delivering? The customers then see you as "helpless and impotent.” So they walk away and share their bad experience with your brand to their associates.
So if you want to have a strong entrepreneurial authority and boost your credibility, one of the best ways to that is to promise less and outstrip customers’ expectations.
3. Keep your pricing consistent with all your channels:
Nothing provokes customers more than having to hear different pricing at different places regaeding the same product. Keep your pricing same over all platforms. If you are to advertise on a blog or social media, your price shouldn't vary from what you will tell your client in a phone conversation.
That way, you appear to be a professional in the field which would give customers another level of trust in your brand.
4. Never stop learning and developing:
Developing acts and strategies that would make customers keen to your brand and boost your credibility is not a “do one thing.” It’s a continuous affair.
As an entrepreneur, there’s a certain level of professional development you must attain to become credible. Reach out to your customers, learn from their feedback and doing this continually hone your relationship with your customers thereby boosting their confidence in your brand.
5. If there’s a mistake on your part, apologize:
A study shows that 76% of customers are fully satisfied and are willing to trust the brand again when the company accepts their fault and apologizes.
During and after sales, there is bound to be a misunderstanding. If peradventure the mistake bounces on your part then you should confidently apologize to the affected persons rather than look for a way to cover up.
It’s your duty to serve your customers’ value for their money; so leave the excuses and fix the problem.
6. Show a sense of loyalty:
Above all, credence becomes concrete when your customers see your sense of loyalty.
Always try as much as possible to honor your customer’s perspective. It takes a loyal entrepreneur to win loyal customers over. Always listen to their needs and personalize your service to their liking. Showing your customer that you care opens up an ultimate set of possibility for an alliance.
Nothing can compare to having loyal customers: Loyal customers are 5x as likely to repurchase, 5x as likely to forgive when there is a misunderstanding, 7x as likely to try a new offering, and 4x as likely to refer. (Temkin Group)