Finding ways to add to your bottom line can be a challenge for those who experience operational inefficiencies. Four simple best practices that could improve and streamline some of those challenges and improve your operational efficiencies are outlined below.
Employ sound Repair Service Options
Instead of returning a product, customers are most likely looking for a solution to resolve their issue. Once a customer is confident that their supplier can deliver sound services, this will help create a satisfied customer who will most likely return as repeat business. One very beneficial service in today’s world is a repair solution. Costs associated with repairing in-house/retailer averaging $100+ versus taking a hit on your bottom line by having to accept a product return.
Implement Technology Solutions – e.g., Virtual Technician Solution
A Tech solution or Virtual Technician allows for a faster response at a reduced cost while providing service. Virtual allows a qualified rep to inspect and evaluate the product to estimate what parts/services might be needed and if it’s in line with manufacturer defects. It can be done on the same day, depending on availability. Helps with: Reducing initial inspection costs, faster repair options, customer experience, and ultimately enabling the solution to keep the product in-home and out of the return of goods flow.
Automate Communications
The key to all success in service is communication! How well and how often can determine how successful a business will be! Employing sound processes to push notifications to customers when post-sales statuses occur provides customers with transparency with their product and services post-sale. For example, repair technicians’ average industry post-sales service “no-shows” is as high as 10-30%. However, utilizing proper communication strategies can reduce that average to roughly 1.7%. Implementing a sound communication strategy with your customer and providing visibility along the way can improve your operational efficiencies by reducing no-shows/costs to retailers and, most importantly, keeping products with happy customers.
Collect Data Systematically
Whether you are a retailer, manufacturer, or administrator, you must have a system in place to manage, track, and effectively use the data. Well-planned and implemented processes make it easy to collect data on the reason for customer returns and other useful data such as common product defaults and lifespans. Data provides better insight into the product, service process, and customer expectations pre and post-sale. Having a robust, cost-effective post-sale CRM can provide the details needed to effectively manage your post-sale customer experience and provide retailers with bottom line cost savings.
Implementing all or a couple of the tips mentioned above can improve operational efficiencies leading to increasing your bottom line. Providing additional service solution options to the customer will ensure the likelihood that the product is kept out of the return flow. Customers like being kept up to date, informed, and provided with solutions for their issues. We have seen the practices above provide measurable success for retailers from a cost-savings standpoint and increased customer experiences.
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