Chief Revenue Officer @KPItarget
If you’re in the business of making a percentage of your customer’s revenue, then what’s the best way for you to increase your own revenue? Help your customers sell more, of course!
That’s exactly what Square’s doing with its new photo-studio offering. Square Photo Studio helps Square’s customers (and non-customers) capture perfect product photos, helping them to grow sales. By making it accessible and efficient, delivering three product photos for $9.95, Square is able to capture a wider audience for this new service.
How does Square accomplish this at such an affordable price? By using robotic photography technology to capture the photos, no human photographer is needed. Businesses simply ship their products to Square, and within 14 days their photos are ready to be downloaded.
Many of Square’s customers are busy small business owners who have to keep a close eye on the bottom line. Even if small business owners decided to spend more money on product photography, the effort of selecting the right photographer, scheduling the photo shoot and working directly with them at their studio takes up precious time — time that could be better spent on mission critical tasks to grow and operate their businesses. Plus, you can’t beat the affordability and ease that Square’s service provides. Square clearly is making one aspect of small business ownership easier, which is pretty rare.
Additionally, Square’s customers benefit from being perceived as innovative. When their customers compliment them on their photos, they have a story to tell about how a robot took these photos for an incredibly affordable price. People want to do business with innovators, so Square’s photo-studio service gives its customers cachet.
Square receives multiple benefits from offering photo studio to its customers and prospects. Obviously, it enhances the customer experience, helping it to retain existing customers. Additionally, it introduces Square and how it does business to a whole new set of prospects who become customers, even if they are not using Square for payments.
Now, Square has earned the right to market its other services to its photo-studio customers. It’ll be much easier to win new business from photo-studio customers when it’s already proven that it’s delivered value.
Moreover, Square’s photo-studio offering generates key data insights that’ll help Square market better to prospects and customers. With every new photo-studio customer, Square learns more about the products businesses are selling. Depending on the questions they ask when photo-studio customers use the service, Square can obtain a wealth of data about product types, product pricing, target markets, trends, etc. As long as Square asks relevant business questions without being too intrusive, it can uncover numerous data points to learn more about how its target customers do business. For example, if Square asks a question about how customers determine the price of their products, then it can learn how that pricing impacts sales, and how it compares to competitors.
Analyzing this data will generate insights, enabling Square to personalize its marketing communications to its payments customers, its photo-studio customers and new suspects and prospects. Each photo-studio customer provides new data that help Square improve its marketing and operations to help it grow. Continuing with the above example, Square can use the pricing insights to make recommendations to its customers about optimal pricing, helping them stay competitive and increase revenue. Of course, if those customers also use Square for payments, then any revenue increases of the customers also increases revenue for Square.
Lastly, Square’s photo-studio offering provides new opportunities to generate positive public relations and word-of-mouth marketing. Instead of simply being a service that enables easy payments, Square now has a new story to highlight about how it helps businesses grow through fabulous product photos delivered at an unbeatable price. Square not only saves their customers money and time, but also helps them stand out from the crowd with photos that wow their customers, generating new sales.
Customers win when they obtain high-quality product photos for a fraction of the cost, enabling them to focus on growing their businesses. Square wins because it delights its customers, enhancing their experience and increasing positive word-of-mouth marketing. It also wins because it obtains valuable data insights, helping it market more effectively with relevant content, delivering value to prospects and customers. That’s Intelligent Resonance.
How can you deliver a new offering to customers that enhances their experiences and provides data insights to personalize your marketing? To discuss how to develop Intelligent Resonance in your marketing, contact me: firstname.lastname@example.org.
Note: Neither Bret Rachlin nor KPItarget are Square customers nor affiliated with Square in any way.