Thrive with the Hive – Buzz 8 VALUE

EXTRACT FROM Thrive with the Hive: 10 simple steps to follow to consistently deliver exceptional customer service, putting the internal and external customers at the heart of everything we do.

BUZZ 8 VALUE is an extract from Thrive with The Hive, and will talk to you about valuing not just your customers, but your employees too, value them both and you give get loyalty in return.

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The organising theme of the hive is that everything is done for the good of the whole and the community is central to the operations of the colony. Every single bee is aligned to the hive’s value, and shared values are instilled through their frequent messages.

Making your internal and external customers feel important is a tremendous step in building customer loyalty. How do you know what customers want in order to feel important? While each individual is different, there are ways you can make your customers feel important every time they interact with your business. Simple steps such as using your customer’s name or shaking your employee’s hand will go a long way to making them feel valued.
You may be thinking that this is obvious, indeed, it is not rocket science. While it may be obvious, the truth is that it is also frequently not practised. And because it is not done well or consistently, it represents a key differentiator.

But first you must know and define your business values. Your values are your principles or standards and what is important in life and work. Values give us our sense of purpose. They should determine your priorities and, deep down, your values are the ways in which you measure whether your life is turning out how you want it to. When the things that you do and the way you behave match your values, life is usually good, you’re satisfied and content. But when your values and life or work don’t align this is when things feel wrong.
Identifying and understanding your values is a challenging and important exercise. Your personal values are a central part of who you are – and who you want to be. By becoming more aware of these important factors in your life, you can use them as a guide to make the best choice in any situation.

Some of life’s decisions are really about determining what you value most. When many options seem reasonable, it’s helpful and comforting to rely on your values – and use them as a strong guiding force to point you in the right direction.

When you consider your values in decision making, you can be sure to keep your sense of integrity and what you know is right, and approach decisions with confidence and clarity. You’ll also know that what you’re doing is best for your current and future happiness and satisfaction.

Employees become committed to achieving excellence when they feel appreciated, supported and involved. So, valuing your staff before your customers boosts company morale, enhances productivity, lowers costs and drives revenue.

All of which points to the fact: there can be little or no customer satisfaction and resultant business growth without employee satisfaction. Now, surely that makes for a compelling argument to re-evaluate your workforce’s current status and listen to the voice of your internal customers.

“It costs six to seven times more to acquire a new customer than retain an existing one – Bain & Company.”

Do you know how much a customer is worth to your business? Understanding Customer Lifetime Value (CLV) will help you answer that question. Knowing what value you place on every newly acquired customer is important when it comes to allocating marketing budgets and forecasting revenue.

Companies spend a lot of time and money on attracting new customers, but less effort goes into figuring out why they lose customers. However, the cost to business of losing customers, as well as the impact on the overall company, is dangerously high, which is why it’s more profitable to expend your efforts on retaining existing clients.

When talking about value, people always think about money, but value and price are not the same thing, we need to focus on what is of value in the eyes of the customer. Keeping your customers focused on how they will benefit from what you offer. Show them the results and what it means in terms of their return on investment.

Value is in the eyes of the customer. The customer doesn’t always readily look in the right direction, so it’s our job to help them see the entire picture and guide  them into what is right for them.

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