At the recent Alumni event, Ryan Bacher, CEO of Netflorist, spoke to the Seed Entrepreneurs and gave advice to the eager listeners. His advice was summed up as the following:
Bacher advises to have a clear line to profitability. “The ones that say that profitability doesn’t matter are the ones that do not have to worry about it,” he comments. There needs to be a clear understanding of when the business is going to be profitable and how it is going to get there.
Bacher explains that his business might be online but he is a retailer and knowing that was key to his business and his success. “Know what your business is, what it should be doing and the space in which it operates. This will help you speak to customers.” He explains that the ease of doing business is the most important thing to your customers. That is the bottom line of the experience for your customers. Effortless and frictionless, that’s what keeps customers.
Email is the worst form of communication according to research and Bacher’s experience. He believes that you need to rewire your brain and get your head around it. Another thing that business people in South Africa need to get their heads around is giving refunds without the hoops the customer needs jump through. “Customers will come back if you give them the refund without the headache,” states Bacher.
These were some of the pearls from a man that has very broad shoulders, “We carry the responsibility for saying sorry, reviving marriages, celebrating births and so much more. We make sure we do it properly and timeously. That has made us the biggest online gifting service in SA.”