Advice for budding entrepreneurs: customer is king!
If you are a budding entrepreneur, people will ask you to focus on building your idea, raising money, growing your team and more. However, if you get your customer relationship and loyalty right, everything else with follow!
Loyal customers create stability in business operations and help recruit new customers through positive word-of-mouth communication.
According to Bain & Co. 5% increase in customer retention can increase profits by up to 125% ! **
Once you have your product ready, here are some ways to get started growing your customer base:
- Spin a network web: Build a network with your customers online as well as offline. Keep in touch with your customers over messages, business cards, mail and various social media sites. Networking is a lifelong investment. Build a powerful relationship with your clients by understanding and catering to their needs in the market. If possible, get to know your customer in person. Maintain a database for customer contact details to keep in touch with and send them your best wishes on important holidays!
- Flexible services: Keep on updating your services in tandem with the trends. Make your services customer-friendly and reliable. Make sure to take customer feedback constructively and strive to constantly improve on your services based on the feedback you receive.
- Be clear and transparent: Communicate well to the customer your aims and goals as a company. Understand what the customers want from you and your product. Be clear and transparent while corresponding to their demands and your supply.
- Reward loyal customers: Loyal customers are the crux of every business’ success. Interestingly, companies have a 60 to 70 per cent chance of selling to an existing customer, while the probability to sell to a new customer is only 5 to 10 per cent ***! Hence, to maintain a healthy relationship with these loyal customers reward them with discounts, schemes and other means.
- Create brand ambassadors: Growing a community is necessary for new-age startups. This helps in expansion of the business and ultimately reaching out to newer avenues. Brand ambassadors also contribute to a healthy client relationship by relating to the success stories of the customers and the product.
In this age of digital media when most companies have a team dedicated to social media and online marketing, online engagement such as referrals, shares and likes are critical. The opinions of every individual consumer are being heard by your entire customer base following your page on any social media platform and hence has to be taken seriously. According to Harvard Business review*, customers who encountered positive social customer care experiences are nearly three times more likely to recommend the brand!
So go build your customer relationships. If you do it right, you will build your business too!
Link to published article: http://bit.ly/2iGde3o
Talerang’s copyrighted curriculum was researched as a project Harvard Business School. Our training methodology integrates Harvard cases, proprietary assessments, interaction with guest speakers, industry exposure and personal mentoring for holistic professional development. Our programs offer exclusive opportunities to work with over 250 of the best companies in India including the Aditya Birla Group, Foxymoron, Teach For India, Mahindra Group, Avaana Capital, Z3 Capital and more. Our team is from McKinsey, Citigroup, KPMG, ZS Associates and our Panels include CEOs of top companies. Students get dedicated mentors and interact with industry stalwarts from our Young Leaders Panel and Senior Panel. Our Future CEOs alumni also get to access a network that is a close knit community of close to 1000 Future CEOs who are advised by young industry leaders and a panel of industry stalwarts.
Modeled on global best-practices
Talerang’s programs are different from regular trainings and courses due to the international approach to learning and the international curriculum. During the research at Harvard Business School, we interacted with Year UP, a U.S. based organization solving a similar problem. We further refined our learnings by visiting 100+ colleges and partnering with 250+ corporates who defined our training curriculum.
Our research shows that 6 key competencies - self-awareness, life vision, communication, working smart, first impressions and bridge to career help young talent succeed. Additionally, jobs of the future require a combination of 14 skills including research, analytics, digital marketing, finance, strategy, coding, communication and design. We ensure that you are learning in a planned and structured manner with a focus on being relevant for jobs of the future.
Proven track record
Talerang gets applications from close to 100+ premier colleges across India and has several rounds of selection. Our highly selective cohorts are academically bright, have demonstrated leadership and volunteered to impact their communities. Our previous students are articulate all-rounders including national level swimmers, debaters, festival organizers, entrepreneurs and performers. Over 4 years, we have placed 99% of our students and our proud that over 90% of them have been consistently rated as work-ready, with over 50% been given call-back offers for full-time jobs! The jobs and internships we provide are premium with a focus on quality.
As special projects, we have been invited by research teams from Stanford and Harvard to conduct trainings on their behalf and also been the organization of choice for pre-placement training for IIT Bombay, IIT Roorkee and IIT Madras in an official capacity. From Tata Trusts to Trilegal, various corporates have also invited us to on-board their entry-level hires.