Become a microbrand with new technology
Local merchants traditionally had a challenging time competing with major brands. Large companies have far more spending power and better reach to a larger group of people. However, small-to-midsized businesses have lately been able to keep pace with their larger counterparts because of cutting-edge technology. For instance, payment processors today make SMBs more agile and flexible, allowing room to scale and providing back-end analytics that offer quality insight into a given customer base.
Small businesses can now smartly reach the ideal customer at the right time thanks in part to advanced reporting. As a result, they don't necessarily need to reach the masses; they just need to interact with the right individual.
On the other hand, big businesses can now effectively and smartly reach customers in the same way using similar technology. Cutting-edge network security and payment processors can be the pivot point for growth and innovation in the general business landscape, depending on how a company leverages new technology.
Becoming a microbrand with new tech
An argument against big businesses has been that sometimes customer service doesn’t come across as a priority. While their prices may be slightly lower, recent data found consumers actually may be willing to pay more for better service. More than two-thirds of an American Express® study group said they're willing to spend 14 percent more on average with a company that delivers excellent service.
While big brands have already established their financial dominance in the marketplace, they would be remiss to not prioritize technology and leverage cutting-edge systems to their advantage. Payment processors in particular can help larger brands interact with their customers, while new and innovative ways of interacting with the company can completely change how consumers perceive a particular brand. More specifically, customer expectations can shift when they have the ability to order online or through mobile applications. Once patrons have the ability to reach out in different channels and means to make a transaction, they are more likely to continue making purchases with that company.
Prioritizing customer needs is a strong way to bring back customers, which has a dramatic impact on a company's bottom line. Along with the Harvard Business School®, global consulting firm Bain & Company® found a 5 percent increase in customer retention can increase profits by as much as 25 to 125 percent. All businesses have to do is leverage the right technology and pair it with quality service.
Perception is everything in the business world, especially when a company relies on consumers for the majority of its profits. Big businesses can offer the same type of quality service local merchants do, just on a grander scale. No longer do big brands have to fall victim to the stigma that customer service lags for the sake of slashing prices. By leveraging the right technology, such as cutting-edge credit card processing systems, larger companies can provide quality service to their customers and improve both retention rates and the bottom line.