Wednesday, February 19, 2014

Fringe Benefits Grow Businesses

Grow Business

Since your income is tied directly to the quality of services you provide and the manner you deliver these services, you need to have a tangible way to measure client satisfaction and improvement.  I’m not talking about financial bookkeeping and net income recording.  I’m talking about going to clients for answers on how your business is performing with client satisfaction surveys.  You’ll find as client satisfaction increases, so does your income.  This means it makes it easier to grow your business and its helped me grow my business in the past.

If you aren't conducting client surveys or having someone do it for you, you’ll be left in the dark as to whether your clients are thrilled and eager to buy or ready to leave at the next drop of a hat.  Either way, you won’t know till it’s too late.

As you conduct surveys, you may notice that some clients aren't experiencing overwhelming satisfaction but that they continue to hire you.

Chances are, they are staying with you for fringe benefits which may be completely unrelated to the business you provide.   It could be that they simply enjoy the camaraderie with your people, that they share things in common with you, or that they enjoy meeting mutual friends at your place of business.  Or, it may simply be that they enjoy being associated with your business as bragging rights with their family and friends.

Either way, you want to know what these other reasons are.  Knowledge is power and you can use these fringe benefits to grow your business.   Then, you can enhance these fringe benefits and even market them to potential clients as reasons to sign up.  When it’s all said and done, it pays to know why clients work with you then to adjust accordingly.   

Tracking client Improvement

We should also be tracking how effective your businesses are at doing what they are supposed to do.  Client satisfaction and actual client improvement may not have any correlation in many businesses.   In fact, many businesses are based off soft benefits such as facebook where client satisfaction and client improvement are mostly indistinguishable.  

Try to identify to what extent client satisfaction and client results interact in your business to maximize both.
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