How to “Wow” Your Customers
“
The distinctive appeal that an object or behavior has on others.” “
A set of properties belonging to an object that pleasantly surprises a watcher.” “
A striking or impressive feature.” However you prefer to define it, your business can’t thrive without it. It sets you apart from others, and draws customers your way. So what is exactly is it? And how do you attain it?
It’s the
wow factor.
The largest
Internet-based retailer in the United States, more commonly known as Amazon.com, has mastered the “wow factor”. In 2005, Amazon released Amazon Prime, an online membership offering free two-day shipping within the contiguous United States on eligible purchases for an annual fee of $79 (equivalent to $96 in 2015) as well as discounted one-day shipping rates. Over the years the program has expanded to Germany, Japan, United Kingdom, France, Italy and Canada.
Amazon Prime provides its members with additional benefits that include, but are not limited to:
- Instant streaming of selected movies and TV shows
- Access to the Kindle Owners’ Lending Library
- Unlimited, ad-free streaming of over a million songs
The “wow factor” Amazon Prime has on its customers is so remarkable that Amazon was able to
grow its Prime membership by 53% in 2014, despite the $20 increase in membership price.
According to CIRP, as of Dec. 31, 2014, Amazon had 40 million U.S. members.
“We view this data point very positively given the incremental top-line benefit of each new member, as well as the loyalty that the program encourages in customers, and remain impressed with such substantial growth as the program encourages in customers, and remain impressed with such substantial growth as the program is nearly 10 years old,” Nomura analysts wrote in a research note on Jan. 30.
Amazon created a “wow factor” empire with the idea of providing free shipping to Prime members. However, free shipping isn’t the only way to wow your customers. Approximately 43% of small business leaders say they
are challenged with increasing profits and 48% claim that are concerned with growing revenue. If you find yourself a part of that percentage, your small to medium sized business could do the same as Amazon and create a “wow factor” with the proper inventory management.
You might be asking, “Why inventory management as a ‘wow factor’?”
Inventory management systems provide a range of benefits for a business. They can quickly conduct audits, barcode your inventory, allow you to stop running out of stock, eliminate inventory write-offs, increase profitability but most importantly, they make life easier. Add of these elements together, and you have the perfect solution to customer satisfaction in any situation, especially the three scenarios below.
1. “Out of stock? Bummer, I guess I’ll try to find the product somewhere else.”
We all know how frustrating it can be when you find exactly what you were looking for, only to hear those four dreaded words: “It’s out of stock.” Solid inventory control cuts down your
time to fulfill orders. Using your inventory management system for product sales allows you to keep popular items in stock at all times. No need to worry about losing a sale to a customer who will try to find their product somewhere else, instead of waiting for yours to come back in stock. Wasp’s Inventory Control solution allows you to provide
comprehensive visibility of inventory details with more than 60 embedded management reports. It also guarantees the right items are in stock to meet appropriate customer demand. Inventory management will now have your customers saying,
“Wow, this business always has exactly what I need!”
2. “What exactly is the return policy?”
Too often we are hesitant on making a purchase when we are unaware of the return policy, or if it isn’t a good one. Inventory management maintains customer satisfaction with returns a
couple different ways. First, products are often returned due to damage upon arrival. If you’re able to arrange a replacement or swap with the manufacturer of the product your customer is returning, you’ll keep them happy. Inventory management software also allows you to
quickly know what items you’re running low on and what orders have not shipped yet. You can also receive alerts on important inventory information. Inventory management will now have your customers saying, “
Wow, they have a great return policy!”
3. “There’s too much to choose from and it’s all so expensive!”
Controlling your stock requires you to maintain an adequate supply without overstocking your shelves. So how do you find that balance? How are you supposed to know what amount of stock is simply too much? Inventory management software can give you the perfect amount of up-to-date inventory levels, because without it, you can find yourself cutting into gross profits and suffering
stock outs and backorders. Without a clear understanding of how much inventory to order, you can wind up with too much and find yourself paying an increased storage cost.
While inventory management can fix those problems for your business, what does this mean for your customers? When you are implementing the appropriate inventory management system, you can cut the time products are wasting away on your shelves. Without the extra inventory and time, you can also
cut the cost of inventory. This is huge for your customers because it can provide them with lower pricing. Inventory management software will now have your customers saying,
“Wow, I found just what I needed easily and at a great price!”
When Amazon created Prime, they couldn’t have imagined the extent of the “wow factor” benefits it would bring to not only their customers, but their business as well. As a small to medium sized business, implementing an inventory management system could be the perfect solution to your inventory issues and the “wow” your customers need to provide them with satisfaction they won’t receive at any competing business.
How could implementing a dedicated inventory management system help your company make sure to never run out of stock?
