In today’s competitive business landscape being unable to satisfy your customers’ requirements can be the difference between establishing a long-term relationship and never hearing from a customer again. With many customers you are only given one chance to prove your value. This can be a scary prospect. The good news though is that there are many tools to ensure that your customers’ needs are being met. In fact, one of the main benefits of any inventory control system is ensuring you have products available for your customers, when they want them. This article is designed to guide you through the inventory control software features you can leverage to ensure product availability and the resulting customer satisfaction your company depends on.
Keep customers satisfied by having products available
One of the major factors in customer satisfaction is the availability and timeliness of the delivery of products. If your customer has to wait to receive a product—even for just a few additional days—it can be detrimental to their feeling of satisfaction, and more often than not a dissatisfied customer is a former customer. With that in mind, avoiding back orders should be a major goal of any business.
We’re all familiar with the 80/20 rule that says that 80% of your revenue is derived from 20% of your customers. With that in mind, losing just one customer in that group of 20% can have devastating long-term effects on your company’s revenue and bottom line. Through a strong inventory or warehouse management system you will be able to use product demand forecasts and lead time tracking to ensure that your warehouse is always stocked with the necessary products at the proper times. This will in-turn ensure that you never have to say “no” to a customer.
Positive purchasing experience leads to positive word of mouth
In addition to receiving continued business from a satisfied customer, oftentimes there will be a less quantifiable benefit of positive word of mouth. To acquire new business you have a number of options, many of them extremely costly. However, one of the least expensive yet most effective forms of marketing has always been word of mouth. In fact, in a recent study conducted by the Keller Fay Group 61% of respondents indicated that they were likely to purchase a product or service based on positive word of mouth alone. Also, 41% of respondents said that positive word of mouth would prompt them to seek out more information, giving you that.
That being said, just one satisfied and retained customer can result in dozens of customers in the future. How many times have you gone to a restaurant, had an excellent experience, and then told colleagues, friends or family that they must try that restaurant? Through a strong inventory control system, you can ensure that your customers are saying the same thing about your company.
If you want to increase your customer satisfaction, and in-turn generate more revenue, inventory control software is the answer. There is a world full of customers waiting to purchase your products, you just need to make sure you have what they want, at the exact moment they want it.