Customers are the lifeblood of every company. Yours. Ours. Every single company out there relies on satisfied, loyal customers who do business with us not just once, but repeatedly. We value knowing what our customers want—it empowers us to provide them with the best possible experiences.
That is one of the reasons we conduct a dealer survey each year. So we can better serve our customers, dealers like you. But do you know what YOUR customers expect?
Last year, our brand managers posted a brief customer expectation survey on our social media pages of 4 of BioZyme’s family of brands: VitaFerm®, Vitalize®, DuraFerm® and Sure Champ®. The customer’s expectations are discussed below. While we might think that delivery or even loading products into customers’ vehicles is the most important service we can provide, your customers have told us otherwise.
Why do Customer Expectations Matter?
“Know what your customers want most and what your company does best. Focus on where those two meet.” — Kevin Stirtz, author of More Loyal Customers, speaker and trainer
Meeting customer expectations is crucial to the livelihood of a company for several reasons. Let’s look at each of these reasons and why they should matter to your individual businesses.
Customer Satisfaction & Loyalty
Satisfied customers are more likely to remain loyal to a company and continue doing business with them. By consistently meeting or exceeding customer expectations, companies can build trust, strengthen relationships and foster long-term loyalty, leading to repeat purchases and positive word-of-mouth referrals.
Over 90% of consumers think that a positive customer service experience makes them more likely to buy again. Read that again. Over 90% of consumers say that a positive experience will make them a repeat customer. That is a very big deal, especially when you consider acquiring a new customer can cost 5 to 7 times more than retaining an old one.
Competitive Advantage
In today’s competitive marketplace, companies must differentiate themselves from competitors to attract and retain customers. Meeting customer expectations effectively can serve as a competitive advantage, distinguishing a company’s products or services from alternatives and positioning it as a preferred choice among consumers.
Brand Reputation & Image
“A brand for a company is like a reputation for a person. You earn a reputation by trying to do hard things well.” — Jeff Bezos, Founder and CEO of Amazon
A company’s reputation and image are closely linked to its ability to meet customer expectations. Positive experiences with a brand can enhance its reputation, while negative experiences can damage it. Building a reputation for reliability, quality and customer satisfaction can enhance brand equity and attract new customers.
Revenue Growth & Profitability
Satisfied customers are more likely to make repeat purchases, spend more per transaction and recommend the company to others. Repeat customers spend on average 67% more than first-time customers.
Therefore, meeting customer expectations can lead to increased sales, revenue growth and profitability over time, as customers continue to choose and support the brand.
Reduced Churn & Customer Retention Costs
Acquiring new customers is typically more costly than retaining existing ones. By meeting customer expectations and delivering value consistently, companies can reduce customer churn rates and retention costs associated with acquiring new customers to replace lost business.
Remember, it can cost 5 to 7 times more to acquire a new customer than retaining an existing customer. Although new customers are needed to grow, it is foolish to not retain those you already have, and many new customers can be the result of current customer referrals.
Innovation & Product Development
Understanding and meeting customer expectations can provide valuable insights for innovation and product development. By listening to customer feedback, identifying emerging trends and anticipating evolving needs and preferences, companies can innovate and introduce new products or features that resonate with their target audience.
At BioZyme, this is exactly how we have decided what products to develop and launch most recently. We listen to our customers’ needs and develop products that help alleviate their biggest challenges.
Regulatory Compliance & Risk Management
Meeting customer expectations often involves ensuring compliance with industry regulations, standards and ethical practices. By adhering to legal and ethical guidelines and addressing potential risks and vulnerabilities, companies can mitigate legal, financial and reputational risks associated with non-compliance or misconduct.
Employee Satisfaction & Engagement
Employees play a crucial role in delivering exceptional customer experiences. When employees feel empowered, motivated and supported by the company to meet customer expectations, they are more likely to be engaged, productive and committed to delivering high-quality service.
By prioritizing customer-centricity and consistently delivering value to customers, companies can thrive in a dynamic and competitive business environment.
BioZyme Customer Expectations
As mentioned earlier, we conducted surveys on our online platforms to find out what our consumers’ expectations are. Results from the4 brands polled were resoundingly the same.
First, customers want businesses to keep a good inventory. Second, they want dealers to provide information about the products. Overall, the third most important thing, although it ranks fourth among the equine enthusiasts, is that customers expect dealers to be able to make product recommendations.
Let’s explore each of these top 3 customer expectations, why they are important and the actions you can take to help meet the expectations and grow your business.
Keep a Good Inventory
Keeping a good inventory starts with a good inventory management system. You need to know what kind and how much inventory you sell each year. And then, you need to stock that inventory accordingly.
A customer can’t buy what you don’t have. For example, it’s chick season, so every dealer out there should have Backyard Boost® on hand, especially if you sell baby chicks. The temperatures are also warming, which means you need to have products with HEAT® technology in stock.
Make a checklist of every product BioZyme sells, and make sure to have what you need and will sell in the store or in the warehouse. Know what you have and keep regular track of your inventory so you can replace stock that sells.
Provide Information About the Products
Information is power. With a diverse product offering, it can get confusing for producers or pet owners to decide which of the many products out there is best for them. That is why you are expected to be able to answer question about the products in the store.
BioZyme offers the Master Dealer Program to all of its dealers so they can become better informed about its family of brands. Each of the 4 online chapters provides valuable information about each brand’s product offering. The program also includes general marketing and sales information that can apply to any business.
“Our customers relay a lot of information to the public, and it is important that we provide them with the most updated information possible. We are so extremely proud of all the dealers who have completed the Master Dealer Program to take their dealership to the next level,” said Samantha Albers, Brand Administrator – Dealer and Backyard Boost.
Make Product Recommendations
Third, customers want dealers to be able to make product recommendations. That means that 1) you must know the products, 2) have the products in stock and 3) understand your customer and his or her challenges or opportunities.
Making product recommendations are a great way to close the sale, but without information about the products to share or products to sell, you likely will fall short.
BioZyme Resources
At BioZyme we have created tools for you to help make product recommendations if you are not feeling 100% sure about the customer’s needs or wants.
First, you can always contact your Area Sales Manager (ASM), if you are unsure about a product to recommend.
Second, provide your customers with some of our educational and promotional materials so they can do their own research.
Third, refer them to the online tools we have created, like the Concept•Aid® Navigator or Vitalize® Product Quiz. These handy tools allow the customer to determine more about their needs and match them to 1 or more of our many products.
Don’t forget making product recommendations is also a great opportunity to cross-sell. So, if it is weaning time, you’ll want to recommend Gain Smart® mineral, but also you will want to recommend VitaFerm® Cattle Drench and a VitaFerm® Stress Tub, too.
If you are selling show supplements, be sure to always suggest some of the gels or Sure Champ® Liquid Boost®. These are quick sells, and customers don’t always know they need them until they encounter a challenge with their animals.
What Did Horse Customers Expect?
The third highest customer expectation for those who took the Vitalize survey was that they appreciate when delivery is provided. Let’s face it. This is a great convenience, that likely saves the customer money and time.
They also don’t have to try to load heavy feed bags into their cart or vehicle. But most importantly to them, the time they save not going to pick up their supplies is time well spent. It’s easy to see why this is so high on their customer expectation list.
BioZyme Wants to Help You Succeed
We certainly hope this insight into customer expectations is helpful to you as you take your business to the next level. We are here to assist you along the way to grow your business and we want to help you:
• Stock and Manage Inventory
• Stay Knowledgeable about BioZyme Products
• Make Product Recommendations
The more you know, the more you will grow!
Watch the Online Dealer Center for more tools this spring, updates to the Master Dealer Program and feel free to provide feedback to your ASM, the Dealer Action Team or the Sales Coordinators anytime you need help.