Use the Voice of the Customer to Maximize Profit
Subscribers will tell you how to leverage your strengths to drive profitability.
When you own a business you control your schedule and get to work half days every day. When you were a new business owner this sounded great. Then, you realized a half day is 12 hours. You’re busy — too busy to play with untested business theories. But, there’s one theory that makes “busy” more profitable and it’s so simple you’re sure to have overlooked it.
“Voice of the Customer” (VOC) is a solid principle that targets subscribers’ wants to improve products and services. You may think there’s no mystery about what your subscribers want from your WISP — an affordable, consistent connection to high-quality broadband and great customer service. Yet, you can go further with subscribers’ opinions to improve your packages and find ways to elevate service. These improvements bring additional revenue and customer satisfaction, but there’s much bigger value to gain.
The VOC is your key to unlock your two of “The 3 Ingredients of Success”.
When Two is Better than Three
A long-held marketing principle teaches that businesses can deliver on two of these three customer benefits or values and dominate their markets: Think of these as the three ingredients for wild success.
- Low Price — The greatest value is expressed through the lowest price.
- High Quality — The greatest value is offered through the highest quality product or service.
- Exceptional Service — Value is offered through the best customer service.
You can offer all three, but it’s impossible to do it well. It’s logical that you want to offer products at the lowest price, with the highest quality and offer exceptional service. The truth is all three are too costly to make this strategy very profitable. In fact, the business world is littered with mediocre companies that try to do this very thing every day.
The key, pick two of the three ingredients and focus on delivering them better than your competition:
- Low Price and High Quality
- Exceptional Service and Low Price
- High Quality and Exceptional Service
Leveraging Dual Benefits for Growth
Categorize the information gathered from your social media sites, surveys or from customer meet and greets into the three benefits to discover what customers care about. As you tally the data, you’ll get a feel for which two benefits will attract the most prospects and make it easier to convert them into your new subscribers.
Then, shape your marketing materials, customer services and “product” packages to laser-focus on the delivery of your two ingredients.
Tune into our next blog to discover how to apply one of the benefit duos to your WISP to accelerate the results of your marketing, strengthen your revenue stream and maximize profit.
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