In terms of starting up and running your new business operation, are you confident things will work out in your favor or you will ultimately have to bite the bullet and close up shop one day?
While that can certainly be a tough question to answer early on, you will be able to see some patterns form sooner rather than later. As a result, you will gain some insight into whether or not you have a smooth business startup plan unfolding in front of you.
That said there are a number of steps you can take as the months and hopefully years unfold.
For starters, making sure you give your customers all the time and effort possible as it pertains to customer service is essential. To do otherwise would be setting you and your business up for failure.
In return, your customers need to do a little something for you, notably, make sure they follow through on their word when they initiate buying a product or service from you.
With that in mind, what can you do to make sure that happens in the first place?
Transaction Experience Must Run Smoothly
In order for your business to have its best chances at success, remember a few pointers:
- Customer experience needs to be solid
As mentioned a moment ago, the customer experience has to be as close to perfect as possible each and every time.
This means that you go out of your way for customers, yes, even those who will get under your skin from time to time.
Not only make sure that their purchase transactions are free of drama, but that you thank them afterward for doing business with you.
In the end, going that extra mile for customers in terms of products, services, attention to detail etc. oftentimes translates into more business.
- What customers can do for you
Along with all you do for your customers, they need to do something for you.
Whenever one of them initiates a purchase with you, they must follow through in terms of the payment. If that sounds like a no-brainier, you might be surprised to learn just how many actually do not complete the full monetary part of the transactions.
If you get a chargeback, it means the consumer has bought the product or service, yet then changes their mind in paying for it. As a result, you are on the ropes for the money.
Now, some customers will be legitimate when it comes to having a change of heart when buying something, while others will try and scam you.
In order to do your best to prevent chargebacks, make sure you look for signs of such actions taking hold in the first place.
These can include:
- Delivery issues with your fulfillment obligations and shipping services
- Shipping and billing address not correlating
- Bad customer service on your end, leading to unhappy customers
- Credit card red flags like expired cards, multiple purchases placed in a short period of time (could mean someone trying to max out a stolen credit card before authorities catch wind of it).
The occasional chargeback is something that is not likely to throw you for a loop.
That said a pattern of chargebacks developing could very well spell financial trouble for you sooner than later.
- Always looking for customer feedback
One other important piece of the successful business puzzle is investing in regular feedback from customers.
By doing this, you are better able to gauge how your customers are viewing their experiences with you. If you see a pattern of unhappy customers forming, that in itself is a reason to act.
Along with online surveys and a place on your website that allows customers to respond to you, feel free to engage them during in-person transactions.
By simply asking them if everything went well with their buying experience, you are much less likely to see them having a change of mind when it comes to ultimately paying.
As a business owner, how do you go about trying to prevent chargebacks?