Research the competition - Deepstash

Research the competition

Researching similar companies enables you to uncover ways a competitor addresses customer pain points.

Learn lessons from other successful businesses. You learn new tactics by comparing aspects of your company with other companies on the market

Different companies offer varying solutions to problems. Broaden your perspective of the issues customers face in the market and make progress.

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MORE IDEAS FROM How to Use Customer Pain Points to Improve Sales and Business Practices

Engaged customers will provide feedback that can give a fresh perspective on the company and help improve customer satisfaction rates.

Use short questionnaires and surveys to ask questions that will offer the most precise answers. With short but detailed questionnaires, a company can put itself in its customers’ shoes. 

Feedback allows marketers to understand the customer experience and uncover ways to improve it. Reviews are another great way to gather feedback from your customers.

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Market research provides critical information about your market and business landscape. This information is useful when trying to position products or a brand in the market

Don’t limit yourself to data just from the sales and marketing department. Cross-team collaboration is key, so get support and product involved to get a holistic view of your data.

A company can analyze its customer journey to enhance customer experience and improve its conversion rate in a B2B or B2C setting. Analytics software can be invaluable for discovering patterns and trends that can positively impact a company.

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A company must provide proactive customer service driven by call center KPIs designed to address customers’ problems accordingly. Outward-facing employees are a valuable source in identifying customer pain points because they speak with customers all day.

Sales agents assess the likelihood of a prospective customer purchasing a product before they act and can uncover reasons as to why a customer would opt not to buy from a company.

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Types of Customer Pain Points
  • Financial - refer to customer challenges about the amount they pay for a product or service.
  • Support - refers to the level of support a customer needs to complete their interaction with your business. The customer may need help on their way to purchasing a product.
  • Productivity - refers to challenges a customer faces in terms of their efficiency. In a B2B setting, clients may want to improve their internal processes and use your solutions. 
  • Process pain points mean prospects have less favorable experiences on their way to the checkout.

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Customer pain points lower the performance of products and services in the market.

Customers feel more comfortable spending their money on a company they can trust. 92% of customers are more likely to buy a product after reading a trusted review.

Pain points can be difficult to diagnose, as quantitative data does not always provide insights into a customer’s mind. By correctly fixing pain points, your business can improve sales and business practices.

In probing customers, you can quickly uncover their sources of pain.

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Customers need to feel secure, knowing that they are getting value for money with every purchase. 

Conduct extensive market research to position products suitably in the market. Products should be of good quality and justify their prices. Be transparent about the price of your product. You can provide an overall price inclusive of taxes and delivery or give an invoice highlighting the cost breakdown.

Avoid adding fees at checkout or making drastic price jumps on the product. Customers can feel secure when they purchase a high-quality product that will last.

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A sub-optimal website can confuse customers and make them bounce. A company that only operates for a limited number of hours can see sales drift to a competitor that runs all day.

Use an omnichannel model to interact with customers on any platform, at any time. Shoppers that can engage with your brand on multiple devices and via several channels spend more money with a brand than shoppers that only use one.

Ensure that each platform delivers a consistently positive experience and customers will appreciate it.

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A customer may look for more efficient ways to interact with a company.

Make use of hybrid working to improve the sales process at any time of day. Use scheduling software to ensure there is always an agent available when a customer could need one. With hybrid working, some agents may operate from other geographic locations and in different time zones.

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Use the best digital customer service solutions which utilize RPA technology to improve response times and streamline customer problems to the relevant agents. By quickly addressing customer challenges, whether ones as simple as dropped calls during support or product complaints, you enhance the customer experience.

Some customers require support on their way to checkout. Those customers may need an agent to speak with them or guide them through the sales process

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RELATED IDEA

Customer Discovery “is all about questioning your core business assumptions.” (Brant Cooper, author of The Lean Entrepreneur)

Performed correctly, Customer Discovery is a customer-centric, scientific process that puts evidence behind an assumed product-market fit:

  1. Observing and defining a phenomenon (problem or market need)
  2. Developing a hypothesis about a solution to the problem (business idea)
  3. Conducting an experiment to test the hypothesis (getting “out of the building”)

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Customer-Centric Marketing

Customer-centric marketing is an approach to marketing that prioritizes the wants and needs of the customer over any other factor in regards to their interests.

Although their goal is to grow their business, customer-centric marketing shows us that they will be able to grow while at the same time ensure that their product or service can improve some aspect of the customers' work or life.

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Keys To Customer Retention

Businesses spend millions of dollars every year on marketing schemes to draw in new customers. As important as that is, businesses should really be looking at how to retain the customers they have. Retention is less expensive and can help maintain solid revenue streams.

There are many ways you can amp up your customer retention. Doing so will strengthen your brand image and bolster your sales. Here are seven techniques you can use.

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