Are You On the Path to Next Generation Innovation in Communications?

Keeping customers for the long term is a key strategy for any business. Staying with the same old way of doing business may seem like a low-cost method of operations, but it can kill long-term initiatives when you ignore next generation solutions, such as the virtual PBX. After all, long term success is not found when focusing solely on the initial transaction, but the potential for a lasting relationship.

When examining single purchases, it can be difficult to associate a customer with the value they represent for the company. Instead, Nextiva suggests looking at six other areas to determine the value of the single customer. According to the company’s latest blog, the first thing to consider is revenue minus cost.

If a customer is examined only by the total revenue generated, it creates a skewed perception of the value to the company. For instance, there is time involved in serving the customer. If that time exceeds the value of the revenue generated, any hope of a profit is gone. When a customer costs more than their revenue, they actually cost the company money. In this case, it would be better to send the customer to the competitor.

Revenue timing is also important. If a company is extremely busy in December, they may not be able to fill all of their orders. Therefore, the order received in January when slow could be worth more. If the customer also refers the company to others via word of mouth or social media, they become advocates for the brand, creating new opportunities within the customer’s circle of influence.

The customer’s brand is also important to consider. If he or she is a celebrity or an expert in a particular industry, that could add credibility to the company. The small business can certainly benefit from relying on the credibility and reputation of more famous brands. If a company does business with Apple, the brand adds value and encourages others to do business with that company.

Retention and feedback are also important. The longer a customer remains with the brand, the less time and effort that has to be invested in replacing that customer. The feedback captured from any customer can identify any processes or customer service initiatives that are not working as intended. It’s an opportunity for the company to fix it before a customer is lost.

For the company seeking to promote effective communications to support the customer base, the virtual PBX plays an important part. The smaller business especially benefits from this technology as it presents a professional image and provides advanced call capabilities. The auto attendant, for instance, can serve as a way to greet callers with an enterprise feel, while still connecting to key individuals for the personal touch.

A standalone virtual PBX from Nextiva provides the technology innovations necessary to allow the small business to continue to evolve in a fast-paced market. At the same time, customers get the responsiveness and quality care they need, when they need it. Nextiva is priced right for the small business, with packages starting as low as $8.95 per month, allowing even the smallest of businesses to get on the path to next generation innovation.

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Edited by Jamie Epstein