The smartest thing I can say about growing a business right now is this:
Everything revolves around these four things. Nothing more.
We talked a lot about the first two. You need to market your product, both online and offline, so more people know about your business. Then you need to create the sale.
The last two, follow-up and review, aren't talked about as much. Of course, phrases like “it’s easier to sell more to an old customer than to get a new one” and “customer lifetime value matters” have always been around. Lately however, it has occurred to me that it is more important than ever to…
Create value for your customers.
Harvest the value generated by your product or service.
Direct the harvested value towards online reflection (i.e. review).
Serendipity led me to discovery.
In my company, we developed a new product that did not meet expectations. This led to a lot of agitated customer feedback via email and social media. A lot was deserved and it motivated everyone in the company to try harder.
Related: 11 Ways Business Leaders Make Unhappy Customers Happy
Six months later, the results of our hard work have started showing up in the form of five-star reviews on Amazon, which is becoming one more sales channel more important to us.
Reviews are everywhere.
Facebook, Uber, LinkedIn, Yelp, Amazon, Airbnb, Upwork, TripAdvisor, Apple App Store, Google Play, IMDb, YouTube, all are successful and all have users creating and managing their content. It's both smart and valuable and scalable, if done right.
What's really happening from a macro perspective is that technology, and especially the internet, is making the transparent whole world. From the intangible to the tangible. Your business secrets, good or bad, can find their way online in minutes. Back then, a few bad customer interactions were somewhat accepted as the message traveled slowly. Either way, management had the chance to train and correct the employee who made the mistake before the company's survival was in jeopardy. You don't have that chance today.
On the other hand, today, sharing a great online experience with 400-500 of your closest internet friends takes priority over mind of the moment.
If you are able to organize this process, nurture it and harvest it, you are very likely to become a winner in the journal economy.
The reviews are in or.
There is money in collecting reviews. Why?
First, as consumers, we increasingly navigate society based on reviews. Where to eat in Barcelona? Hmm… Let’s check TripAdvisor. Which running shoe should I buy? Let me check RunRepeat. What movie should we watch tonight? Let me check IMDb.
Secondly, all the platforms mentioned above are based on algorithms and code that work automatically without human interference. However, indirectly, there is a lot of human interference. For every good review you collect, it is another step forward for you in the eyes of the algorithm. If one person likes you, it'll probably be a good choice for the next person as well.
Related: 6 things you want your customers to say about your business
We've been through it in our business. Since we started prioritizing collecting reviews on our Amazon page, we've seen 50% growth month over month. Reviews are gold.
But this isn't 2006. Algorithms will spot you from miles away if you try to cheat. You cannot create 10 profiles and send the top 10 reviews on the same day, at the same time and from the same IP address. You need to deliver value, then reap the harvest.
Win in the review economy.
You need a plan. There is no room for hope and coincidences. Familiarize yourself with things like automated emails, net promoter score, and the personal touch.
Under the pressure of our failed product launch, we worked tirelessly to correct our mistakes and to ensure that every customer has a great experience with us. The result was a smooth process for what happens every time someone buys our product.
We guarantee this by applying a high degree of automation. When you buy an Airtame, a bigger process is started:
An email is sent confirming the purchase and informing you that the order is in progress.
The next day we send you another email with tips for getting started with your Airtame.
One week later Upon completion of the purchase, you will receive an email from Thomas Young, our Integration Manager, asking if he can assist you.
If you reply to this email, it will be sent to our customer support team who can help you set up your Airtame the right way.
Thirty days later we send you another email asking you on a scale of 1 to 10 how likely you are to recommend Airtame.
If you rate us 9 or 10, we ask that you review us on Amazon.
If you give us a rating of 0-6, we repeat the process to ensure that you are satisfied with the product.
And if you rate us 7 or 8, we consider each individual case before deciding how to proceed.
This is how we do it. All automated emails can seem a little impersonal, but as soon as you make the move to reach out, one of us will handle your case individually. This person is not allowed to let you go until they are satisfied. Creating value for our customers is this important to us.
You are only halfway there when selling your product.
Whatever your line of work, every email, conversation, every haircut, every serving, every experience, every interaction you have with your client is a chance to make a new friend. Never forget that. Alwaysoverdeliver.
If you are confident that you are still doing a great job, you should consider doing physical advertising to get your customers to review you on your platform of choice. You also need to start training your employees to ask for this (gently).
You're only halfway there when you sell your product. You need to measure the value you create for your customer and then direct it to positive thinking online. Value creation is key and this is where you need to start.
Related: How to Become a Top Ranked and Top Rated Online Business
