While it might be tempting to cut corners where you can to save some coin, keeping up with changing customer expectations can make a major difference to your bottom line.
Rolling out the red carpet for your customers doesn’t always need to break the bank with a complete overhaul. A little can go a long way, even if it means a pinch of temporary administrative or financial strain. After all, a business that’s willing to embrace change is a business that will stand the test of time.
Whether it’s moving more operations online, boosting social media presence or going completely cashless or paperless, even the smallest changes can transform your day-to-day operations and help boost your bottom line.
Kochie’s Business Builders spoke to small business owners across Australia to find out how they’re responding to their customers’ changing needs. Here’s what they had to say…
1. Embracing the departure of cash
Angel Aesthetics founder Sylvia Crouch. Image: Instagram
Opening her flagship salon in Brisbane in 2018, Angel Aesthetics founder Sylvia Crouch has noticed a few crucial changes in her customers’ behaviour. In just a few years, she’s seen her customers almost completely shift away from cash, opting instead for online booking and payment methods.
“Cash is on the way out,” Sylvia says. “They pretty much all pay on card.”
Responding to the changing payment trends, Sylvia has recently opened a second location in the Gold Coast as a totally cashless operation.
“We’ve noticed an increase in Afterpay since COVID,” she says. “Especially at the moment with the cost of living.”
Though the merchant fees and admin passed on to business owners by buy now, pay later services can be a bit of a strain, it’s something Sylvia is willing to bear for the long-term benefit of her customers.
2. Diversifying your revenue streams
Gnocchi Gnocchi Brothers co-founder Ben Cleary-Corradini. Image: Tyro.
Gnocchi Gnocchi Brothers co-founders Ben Cleary-Corradini and Theo Roduner know how much their customers value convenience.
From the get-go, it was important the pair integrated a payment system into their business that could be used by all providers, and processed transactions faster than you could say ‘Gnocchi’.
“When rolling out our new stores, Tyro had us covered with EFTPOS machines in place to get trading,” says co-founder Ben. “Tyro makes things happen fast and that’s what we like most about them.”
Not only do Tyro’s speedy transactions help the pair avoid hangry customer encounters, they’ve also allowed the business to diversify their revenue streams, working seamlessly with popular delivery platforms.
“We have worked with delivery platforms like UberEats, DoorDash and online with Bopple to further build our brand,” says Ben. “And Tyro enabled us to do deals and transact quickly.”
Tyro offers a range of payment products to suit any small business, including their recently launched portable EFTPOS reader Tyro Go. Designed for businesses on the go, Tyro’s range of EFTPOS solutions is helping more than 66,000 businesses around Australia.
3. Letting customers try before they buy
Nick Baker, CEO of Reflections Holiday Parks.
For Nick Baker, CEO of Reflections Holiday Parks, the impact of the last few years has pushed his company to embrace the surge in outdoor adventuring interest.
“COVID was a massive accelerator for customer trends,” Nick says. “Getting back to nature and getting outdoors.”
According to Nick, last year produced the biggest sales ever for camping and caravanning equipment in the industry, with the interest in the great outdoors showing no signs of slowing down.
From glamping tents and accessible caravan lots, to facilities allowing furry family members with four legs, Nick’s team at Reflections Holiday Parks have worked hard to adapt their operations to suit their ever-diversifying customer base.
“We’ve made sure in our parks we have a range of things for people to try before they buy,” says Nick. “We want to be there to help people who are camping for the first time.”
Nick’s business model and plans for the future are guided by a simple mindset he is passionate about sharing with his customers.
“Our motto is, life’s better outside,” says Nick.
4. Mastering your online presence
Plant Daddy co-owners Trent and Charlie Wu. Image: Instagram
Unless you’ve been living under a rock for the last decade, you’re probably aware of the power an engaging online presence has on a business’ success. Trent Wu, co-owner of Sydney’s Plant Daddy, shares how thoughtful marketing has sowed the seeds of growth.
With a thriving store and online profile, Plant Daddy relies on a few different strategies to retain and grow their customer base.
“We use a combination of social media marketing, and Google Business to manage our review and business information,” says Trent.
Scrolling through Plant Daddy’s Instagram account, it’s easy to see how their engaging stories and reels capture the attention of their 6000 followers.
“We find that using both these platforms we can leverage where our customers are engaging with us and target marketing in those areas as one often will perform better than the other,” says Trent. “We can then learn what gaps there might be in our strategies and adjust for future campaigns.”
Plant Daddy’s branding and marketing is heavily geared towards making the customer experience positive, whether that be for in-store purchases or online orders. They even offer a 10 per cent discount on their website for new customers.
To keep on top of customer payment trends within your business, try Tyro’s range of reporting tools, such as the Tyro App and Tyro Portal.
This article is brought to you by Kochie’s Business Builders in partnership with Tyro.
Feature image: AdobeStock