5 Things I learnt about service industry after completing 1 year at my startup
These are the 5 key takeaways from my experience with my 1 year old startup
Service business rely a lot on its customers. It revolves around them, serving and giving them happy time. Therefore it must fulfill consumer's expectations. For example, in both my ventures- One Day Millionaire and Experience Saga (where we try and offer unique couple experiences and surprises to our customers), customers want their experience to stand at par with their anticipation from the experience (and why not? they are paying for it!). Blending the experience or service and customer's expectations together is a task in itself.
Apart from planning or attesting bona-fide value for money for the service, there are other factors that contribute to the success of a service business. I have listed key factors below:
1. You know about your services but your employees don't !
There is difference between thought process and application. Apparently, we think a lot, however outcome differs from our thinking. Documenting services not only help for repeated referencing but also help in growing business. It is efficient as it helps training new employees. It chucks out the additional hustle-bustle related to the service. We realised this only after 3 months of launching our startup when our employees were not sure about the services we offered.
2. It's a NO HOLIDAY JOB.
Passion and insights matter a lot. Service business requires a lot of these. Without commitment and skills, growth is stagnant. Service business doesn't have a specific period, therefore making money in dreams is not possible. It is a day-to- day game. We work late nights, on weekends and holidays to ensure our customers have a smooth experience.
3. Treat your customers like your GF/BF !
What happens when you don't send a timely response to your gf/bf on Whatsapp? They are annoyed, right. The same is the case with customers. Here at ODM and Experience Saga, our customers believe and rely on us, as we are just a call away. Be it before the experience or during the experience, we make sure customers don't feel alienated or panicked at any moment (if any). All their queries are sorted with patience and ease.
4. Listen. Understand. Suggest. Don't Sell.
Products can be seen and felt by the customers. Customers can make out whether the products are up to their expectations or not. Whereas, in services and experiences, like ours, customers can just expect and presume about the experience. Therefore, providing the details of our services does play a crucial role in giving an overview of the experience. The best way to do it is by listening to what the customer wants, understand their expectations and suggest only if your services meet their expectations.
5. Cherry pick "Promoters" from your customer base
At the end of the day, happy customers are true motivation. The aim is to prioritize their needs to give them a memorable experience. HAPPY CUSTOMERS are the best marketing channels. Every business has a set of customers who are very enthusiastic about their product/service. It's very important to identify such people in your customer base. We have got a lot of referral business from "Promoters" just by constantly keeping in touch with them.
Exclusivity and understanding the customers shape a strong ground for business to grow on. Service business majorly dependents on skills and resources for its sustainability and success. Nonetheless, passion for work pays off.
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