How Businesses Can Take the Personal Finance Initiative
Personal finance isn’t typically thought of as in the purview of businesses – after all, it’s a ‘household budget’; the clue’s in the name. And besides, companies are in the business of making money, not helping people save.
But there are some steps that any professional company, big or small, can take to help out their customers. That’s great news for any business seeking increased customer retention and loyalty, while improving brand reputation.
Make all the financial stuff transparent
Finances are a minefield of legalese – all crammed together in the tiniest print possible. And that makes it difficult for some customers to know what they’re really signing up for.
While you’ll still want to provide all the necessary legal documentation, simplify as much as possible. So, while you absolutely want to shout about the benefits, don’t simply whisper the risks.
Both B2B and B2C customers will appreciate the honesty. By using unambiguous and straight-forward wording, you’ll likely gain larger traction on your finance deals.
Genuinely reward customer loyalty
For a lot of shoppers, using loyalty cards is a force of habit because they’re prompted, rather than because they expect too much in return.
Sure, 25p off a quiche is nice (and all those savings soon add up), but it’s hardly the big reward your customers deserve when they’re trying to stay on top of their finances.
You can’t really put a price on loyalty, built up over the years – whether it’s the impact on reputation or the long-term ROI – so make sure your customers really are getting the best deals.
That doesn’t mean giving everything away – you could encourage discounts and loyalty schemes in return for online reviews; you could run a recommendation rewards scheme if customers refer you to others… The possibilities are endless.
Help them make the informed choice
As a business, you have certain products or services that you’re keen to push over others. On the other hand, you want to know that when your customer leaves the premises, they have exactly what they need at the price that’s right for them – that’s what keeps them coming back, time and again.
In these online days, it’s all about choice. Informed choice. We’re all individuals, after all, so we all have different needs. Make it clear what the key differences are, particularly the benefits of all options.
A good tip is to keep things visual, whether online or in-store. It makes it easier for people to take in all the details – so they know they’re making the right purchase.
Get online often
You want your customers to get the best deals. Good for them, good for you. As such, you’ll want to take more and more advantage of social media platforms.
Choose the platform or platforms best suited to your target market, and invest in marketing your deals directly to them. Whether you’re a solicitor’s firm in Surrey or an arts & craft outlet, there’s a platform out there for you.
Your business can even tie social media into your loyalty schemes, offering discounts on purchases once they follow your company page, as you begin to cultivate a customer base that appreciates your willingness to offer generous promotions online.
And now is the absolute best time to do this on YouTube. After the recent ad-pocalypse, fewer big businesses are buying ad space on the site – leaving a void smaller companies can fill to get their promotions seen by a massive audience.
As a business-owner, your future under the financial landscape is uncertain. Companies are feeling the bite; customers are feeling the pinch.
By considering the personal finances of your customers, and helping them make their money go further, your business can benefit as much as your customers do.
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