In the current climate of bigger, more competitive markets, great and customer service is paramount. You need to build a brand that fuses excellent service with superb value for money, but you might think that such a combination comes at a hefty cost. This doesn’t have to be the case though. Take a look at these great ways to keep business costs down while maintaining the quality service that sets your business apart from your competitors.

Outsource some activities

Outsourcing might seem like another expense, but it can free up a lot of internal time which allows you to focus on improving your product or service. From social media marketing to investing in a PR strategy, outsourcing can help develop your brand image. A creative marketing agency is perfect to consult for these kinds of services, and you can get involved directly with how each strategy is generating — allowing you to consider the things that you know your customers value already.

You could also consider outsourcing other areas of your business operations such as payroll and recruitment. The recruitment industry itself is worth a staggering £35million, so take your business to the forefront of sourcing personnel and commit more of your time to boosting internal value for your customers.

Go greener!

The narrative surrounding climate change is hard to avoid. After all, we must all do our bit to help reverse the effects of our harmful habits related to human activity. If your brand is yet to fully recognise this, then now is the time. By opting for an eco-friendlier business strategy, you will benefit from lower costs, allowing you to focus on your service and tap into a new niche. Many customers are looking to see commitment to the issue of climate change, and by embodying these values, your customers will notice.

Adopting a more conscious approach to your managed print solutions is a great first step towards becoming a greener business. You can opt for toner cartridge recycling schemes and printer recycling facilities easily. Reduce the carbon output of your office further by committing to turning lights off and unplugging devices where possible, bringing your electricity bill costs down.

Another great idea is upcycling. So next time you want to give your business or office a refresh with some quirky furniture additions, why not consider choosing vintage or second-hand pieces? You can create a unique workplace by experimenting with aesthetics and this is a great way to do so while also being greener — throwaway culture is a key element of the carbon boom that needs to be tackled.

By making these small considerations, you can add an element of value to the service that your business offers while also saving costs.

Home in on your target audience

Failing to identify who your target audience is can lead to substantial financial losses. Without a target audience identified, you could be fuelling projects which aren’t benefitting you or your customers. If you take a ‘one-size fits all’ approach to business, then you are missing the mark when it comes to making the right investments.

One of the key steps towards increasing customer value is by listening to the people that you are trying to sell to. Customer experience software is used to try and find the best way to cater for your customer from the initial meeting stage all the way through to buying. Customer feedback is a tool that often falls by the wayside. The things that you could learn might provide you with a new focus for your strategic decisions. Or, and you might identify areas where you are spending a considerable amount on yet not seeing any results in.

Creating marketing personas is a great task to begin with, and you can carry out a wealth of invaluable research to help you along. From finding out how your customers discover your business to understanding their buying behaviours, you can gain a better understanding of exactly why they choose your product or service over cheaper alternatives. Find out what it is that adds value to your brand and refine your finances accordingly. You could enjoy a budget that achieves more by spending less.

While some costs cannot be cut, you can find ways to make your business finances go further. You can do this without jeopardising the existing value that your customers place on your brand too. This adds new points to set your business apart in an ever competitive market.

 

Sources:
https://content.digitalmediastream.co.uk/blog/recruitment-industry-trends-2018
https://www.americanexpress.com/en-us/business/trends-and-insights/articles/7-tips-to-help-reduce-business-expenses-without-sacrificing-quality/
https://www.zendesk.com/blog/5-ways-reduce-customer-care-costs-without-compromising-quality/

Categories: Business

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