Business change or Change in Business
In the ever changing consumer dynamics, wherein the trends of business are changing rapidly. The consumers expectations have considerably changed in the last decade and keep on reaching new levels with each passing day. The variety / flexibility demands by the customers is a norm, speed is of essence to top, complexity and legal implications are making tons of money ideally only for the attorney’s, margin of profits are diminishing! Also at the same time competition and available services / vendors have reached a new archetype. How do you cope up with the change?
Firstly it is a needed change. The market demands have increased and supply was limited only in the hands of few virtuous. So it helped more entrepreneurs to share the burden of ever increasing needs. New service providers also came in with new solutions to existing problems. Diversifying and accepting the varied needs of the customer. The next stage was if it is same product why not at one location. All in one stores were the next solution to customers. Now the customer is also well informed has a clue or idea about the solution being looked forward to. The customer needs it delivered at home at the convenient time and available with least amount of information to be shared a multiple times. Wow this is some change!
How do we plan for the same? One point to remembered is everybody is everybody else’s customer. Also the customer cannot be taken for granted i.e. what is asked we deliver or we don’t. From being a generic solution provider the shift is again coming to specific needs, specific solution providers also who can be reached by the customers anytime with maximum options with minimum price and delivered now. To match up these expectations, the need is to be as close to customer as possible. Also have limited customers but best services than have general practices and limiting services.
Now try and make a note of the 80/20 rule. Identify your top paying customers Vs. non paying customers. The time / money / communication / staff required to manage the non paying customer Vs. Paying customers. It will give you glimpse of when to say yes and where to draw the line. This is also important to have the work / life balance. The best of the staff are not resources but people who need minimum supervision and maximum output. The self starter is nothing but having a conducive environment for the team to perform. Performance is by people showcasing statistics and not statistics showcasing people. Also it is people who is the business. The relationship between clients / vendors is of vital importance. You cannot have the same comfort level with all the customers, in that way you have different tangents as well. Try using different people to deal with different kind of people / customers.
The customer is always right is a myth, the customer wants you to guide for the best solution, the best buy, worth the money deal. At times in my experience I have had customers stating that you know what the solution is apt but not for me, we shake hands and move on, later getting a call hey listen can you connect with my friend, they are not sure what they need but I guess it is something probably you can help them with what they are looking for! This is business where people remember you and would return to you probably not today, not tomorrow but may be in next three months.
Today we visualise dreams and dreams is what is asked for to be delivered to the customer, we sell dreams. You doubt me think about it, what is boxer’s day sale? What is discounts ? What are offers? What is brand value (perception to price index wherein the brand value is more and if you could buy for a cheaper price, that is what you are selling).
Think about it, where do you want to be, meeting customer expectations and growing in the market or selling what you sell to cope up with you dealings. Be precise, be genuine, be realistic and above all be honest that is what would take you long way, cause today return customers are loyal customers and yes where price is important, nobody minds paying an honest price for awesome customer service experience.