Each point of contact your customers have with your business creates a long-lasting memory, and the total impression from these memories determines whether they become repeat customers. So, to build customer loyalty, your customer experience strategy must focus on each stage of your customer’s journey. With rising prices causing tighter margins for many businesses, it is harder to make upgrades without severely cutting into cash flow. A merchant cash advance (MCA) can be your answer to this challenge.
Since one of the MCA benefits is lump sum cash, you could take the following measures to enhance customer experience.
Invest in Training Your Staff
The performance of your frontline customer support staff is essential to a uniformly positive customer experience. Gallup.com reports that companies with customer-focused employees outperform their competitors by 147%. For this reason, using regular training sessions to help your frontline staff make the best customer-focused decisions is worth the added expense.
One of the most effective uses of an MCA is funding regular training sessions for staff members in sales, marketing, support, and partnerships to provide excellent service for your customers. You can focus on some of these essential training objectives.
- Your frontline staff completely understands your business’s purpose and mission.
- Staff members can give the customer the most updated and accurate information about your products and services.
- The staff members acquire more awareness of customer challenges and the ability to provide quick solutions.
- Training includes best practices for providing real-time customer assistance
- Staff members learning to build customer trust and loyalty with personalized communication
Use a Merchant Cash Advance to Expand Your Product Offering
Adding accessory products to your inventory is an excellent way to boost customer experience. This step can save your customers the time and expense of shopping for additional products elsewhere. For example, if your company sells and installs HVAC systems, you could help customers make their heating/cooling systems operate cheaper and safer with Ultraviolet (UV) lighting. With the help of a merchant cash advance, you could add an accessory product to your product line to further service your customers.
Create an Omnichannel Experience
You can use MCA benefits to ensure customers have a seamless service experience throughout their buying journey. By using the funds to carry out an omnichannel strategy, you can establish many ways for your customers to contact your team with any questions or issues. Some of the channels you can select are:
- Social media support
- SMS (Text Message System)
- In-app messaging through mobile channels
- 24/7 Helplines
- Live chat or video calls
These customer omnichannel options allow your customers to reach your business whenever and wherever they choose, regardless of the stage of their customer journey. As a result, it is one of the best uses of merchant cash advance that can potentially increase your business’s revenue by about 10% year-over-year. And since your MCA repayments come from a percentage of your monthly credit card sales, you can execute this strategy without seriously impeding your cash flow.
Use Merchant Cash Advance to Reward Loyal Customers
Personalizing your customer’s experience is a proven way of increasing sales and customer loyalty. According to Epsilon research, 80 % of consumers are likelier to buy when a business offers personalized experiences. Collecting customer data through a customer loyalty program is the most effective way of implementing personalized service.
You can use the money from an MCA to establish rewards for loyal customers, such as a trip to a popular destination, store discounts, or gift certificates. Whatever you choose, an MCA benefits your efforts by allowing you to instill a very personalized validation for your customers. This strategy can promote customer retention and word-of-mouth advertising.
Quickly Address Customer Issues
A PWC survey found that American customers will pay up to a 16% price premium for products and services from companies with exceptional customer service. This is why quickly addressing customer problems can lead to higher profits and greater customer retention. After completing a quick and simple MCA qualifying process, you can have the funds to boost your customer response capabilities, which may include:
- Messaging platforms like Facebook Messenger, Signal, and WhatsApp
- An email system that supports ongoing two-way communication with customers
- Listening tools such as Hootsuite and Buffer
- Customer surveys to connect information about customer sentiment
- Google Analytics for tracking customer service metrics
Exploring MCA Benefits for Boosting Customer Experience
Of all the potential uses of MCA, enhancing customer experience is one of the most direct and impactful ways of growing your business through customer retention and brand promotion. To learn more about your MCA options, contact us at (714) 500-6622. You could qualify for up to $250,000 in only 24 hours.
