The Common Customer Pain Points Businesses Must Address
Operating in the fintech industry can be profitable, but if there’s one thing to know, it’s when you’re running a business you can never be fully sure of success. There is, after all, plenty of competition that can make it difficult to get ahead.
Some businesses inadvertently make it more difficult for themselves by failing to provide customers with what they expect. Indeed, you could argue that the customer experience is just as important as the product that you’re selling them.
So what makes for a good customer experience? You could boil it down to actively addressing their pain points ahead of time. If you know what they wouldn’t like about working with your business, then you’ll be able to tailor your operations and keep them on board. In this post, we’ll look at some common customer pain points — and how to deal with them.
Getting in Touch
In the majority of cases, your customers will have a flawless experience from beginning to end, without you having to deal with them directly. But there’ll always be times when a customer needs to get in touch, either before using your service, during, or after. In fact, there are a million reasons why they might. So the question is: how easy is it for your customers to contact you? Are you there to speak to them when they need you, or are they waiting multiple business days? If it’s the latter, then look at stepping up your response time. Even something such as adding a live chat feature to your website can make a big difference.
Inefficient Payment Processes
If you’re going to go through the long and difficult process of winning a customer, then you’ll want to avoid losing them at the last minute. Yet this happens more frequently than you might think, and it hurts both the customer and your business. In this day and age, there’s no reason not to have efficient payment systems in place. Your customers will want to pay their way, not your way, so make as many different payment methods as possible available.
This is a big one. People trust that they’re going to get what they expected when they made a purchase. If they don’t, then they won’t stick around — you can burn people once, but not twice. Even companies that do offer good products can have this problem if they make over-the-top claims about the effectiveness of their products. You’ll want to get people interested in what you have to offer, but it’s always important to be honest in your marketing. If a customer does complain that they didn’t get quite what they thought they would, then be sure to remedy the problem as soon as possible. If you offer SaaS, then a no-quibble money-back guarantee is recommended.
You may know everything about your business, but it’s unlikely that you’ll be the only one that your customers interact with. In fact, you’re probably the one they interact with the least — it’ll be your employees that they deal with. Customers can quickly become annoyed — and develop doubts about the company — if it feels like the employee they’re dealing with does not understand the product or the solutions. As such, it’s recommended to invest heavily in your staff’s training. You’ll also want to equip them with everything they need to deliver a first-rate service; if you have technicians in the field, then field service software can ensure they have all the key information they need. Ultimately, your staff aren’t a part of your company; they are your company.
It’s important to respect your customer’s time. While your business may be the most important in your life, it’ll be a small part of your customer’s life. One mistake that many successful companies make is bombarding their customers with marketing materials. An update about your company that lands in your customer’s inbox may be merited if you have a new product launching, but if it’s just a general update, then it’s worth thinking twice. People receive so many emails that they may hit it with the junk label, which will impact the delivery success rate of your more-important emails.
Slowly to Innovate
You can’t take your customer’s loyalty for granted. If they’ve always been happy with your product and service, then they’ll want to be loyal — but assuming that they will be is a dangerous game. If you’re continually improving your products and showing the same level of innovation as other businesses, then it’s likely that they’ll eventually decide to jump ship. In other words — don’t fall behind the competition.
Lack of Consistency
People want to know what they’re getting when they make the initial purchase. When they make a second, third, and fourth purchase? They’ll expect that they’re getting the same level of quality. Consistency is a highly underrated asset in the business world. Without it, your customers will begin to have doubts, and you can’t blame them — it’s much better when you know what you’ll be getting, after all.
No Relationship Investment
It’s worthwhile actively nurturing the relationship with your customer. It makes it much more likely that they’ll stick with you. Some businesses keep the relationship purely transactional, but in an age when people are asking more from the companies they give their money to than ever before, it’s recommended to spend some time nurturing the relationship. How can you do this? There are a few effective methods. For example, you can personalize your offerings whenever possible. You can also recognize where the customer is in the customer life cycle, and deliver that level of service. Someone who’s been with you for five years deserves different treatment compared with a new customer, for instance.
Your main focus will always be on ensuring that your products are as good as they can be. But from time to time, put yourself in your customer’s shoes, and check that you’re proactively managing any issues they may have ahead of time.