You can increase your service revenue by putting the customer's needs first.
In case you haven’t noticed, the customer is always right. To increase profits, it helps to focus on customer satisfaction because research has shown that happy customers spend more money. One way to do this is to become a more customer-centric and service-orientated business.
Nowadays, more businesses are focusing on growing service revenue. While service strategies are becoming more popular, many businesses still struggle to get the best out of their services.
Anticipate what your consumers want and give them the service they expect. We will show you how below….
When considering customer service, be aware that your customers are going to form opinions based on their experience. Dissatisfied customers are likely to feedback on their experiences to you directly on review sites or on your social media. Be mindful of these valuable insights. Take every piece of feedback as a valuable opportunity to how you can improve.
The data also shows that when a company responds positively to negative feedback online, it can change people’s opinions from negative to positive.
Packaging and selling your services in the form of gift vouchers is one of the easiest and lowest-cost ways to boost your revenue.
This is largely due to the buy now use later model. When you sell your services as a gift to be purchased, your customers will directly buy the service as a product. But it is often the case that a significant portion of these gift vouchers will never be cashed in. This means that you have just made 100% revenue on selling a product that you’ll never pay out the service cost of.
Now even when these gift vouchers do get cashed in, in return for a service there is a whole lot of additional spending that occurs. People will spend more on extra services or products when they have a gift voucher. And if they loved the experience they’ll go on to purchase similar vouchers for someone else, or even book to come back themselves again.
It's essential to integrate your sales and customer service teams in order to avoid data duplication. By centralising all the crucial data it'll make it a lot easier for teams to pass the information along smoothly. This results in teams communicating more efficiently with one another. Increasing the quality of the services, productivity and satisfaction of the customer.
You should increase your community presence to get yourself noticed. Some ways of doing so are sponsoring community events, speaking at engagements or actively supporting a local sports team.
The lowest cost way to do this is to expand on your current services. Offer unique experiences that no one else is doing. If you’re in the restaurant industry combine special chef demonstrations with cooking events. Or for a hotel create an overnight stay experience with a local theatre showing. The score for creating new and exciting experiences under your services is expansive.
Digital marketing is a digital-based strategy that is used to promote a business' services.
The goal of this strategy is to attract and retain customers through online channels.
It can be done through social media, search engine optimization, blogging, and email marketing
Below we’ll take a brief look at the different digital marketing strategies you can employ to improve your services…
Start by improving your digital branding on your social media channels and your website. Communicate to your customers who you are, what you’re about and most importantly how you can help them.
Remind your customers of your presence by posting regular content and interacting positively with your audience.
There are many useful marketing tactics you can use on social media to drive interest to your business. Some of these techniques include running competitions, Vlogging, Memes and using hashtags. See our post on social media promotions to see how this can be achieved.
Writing and sharing blog posts are a great way to become a thought leader in your niche. Over time, (as blogging is a long-term strategy) you’ll have effective SEO (search engine optimization) tactics in place to help drive readers to your blog. Your blog content should either focus on entertaining, informing or inspiring your audience about your niche. In time, your blog post traffic will hopefully transform into leads for you to sell your services to.
Running a SWOT analysis every few years is a great idea to know who your competition is and how you can have an advantage over them in the market. Sometimes this will force you to review your pricing.
Altering your prices or other marketable products can stimulate demand. Analyse the prices of your competitors to be aware of what they offer and figure out your personal margin. It may also be possible to lower your price. If this isn't an option, you could offer favourable terms in your services in exchange for a higher quality experience.
Always research what your competitors are up to. This can be really beneficial for you because you can see what their behaviour is like, how capable they are and where their limitations lie. This will help you be better prepared to defend your market position and react to changes
If your business has sectors, services or products with low margins, low profitability or high costs to sell, you may want to consider refocusing your company’s efforts on other areas that generate a better return. If you have pre-existing commitments to existing products or services, then this can be tough. Removing less profitable offerings may help increase your revenue opportunities and allows you to reinvest wisely in promising endeavours.
From reading this post you should now effectively be able to make changes to your services and start receiving more revenue from your services.
Here at Enjovia, we are experts in helping you set up a gift voucher store and turn your services into larger revenue-generating experiences. For more information, check out more about us here.