In this dog-eat-dog world of savvy customers and relentless competitors, managers should seek to be the hunters, not the hunted. Customer service can be the most effective weapon.
Bear in mind, in our lean economic times Apple has continued to exceed competitors by “selling” products considered non-essential. How? They relieve an unmet desire to such a degree competitors want to become customers.
Here are five things you should do:
- Stop being a victim. Assume complete responsibility for changing your situation.
- Identify your best customers, recognize their importance to your overall profitability, and understand who your competitors’ premium customers are.
- Figure out what would most please your best customers and bind them tighter to your business. Also figure out what might attract your competitors’ best customers to you. Determine what approaches would create the greatest economic payoff for you.
- Build the capability, test it, adjust it, roll it out, and further build it. Ask questions. Talk to your customers. Get their feedback. Make them part of the process. This is about their relationship with you.
- Recognize, happy employees contribute to loyal customers.
Jim Woods is president and founder of InnoThink Group. A global management consulting firms specialized solely in helping organizations of all sizes in all industries catalyzing top line growth through strategic innovation and hypercompetition. Jim has over 25 years consulting experience in working with small, mid size and Fortune 1000 companies. He is a former U.S. Navy Seabee and grandfather of five. To arrange for Jim to speak at your next event or devise an effective hypercompetition strategy email or call us at 719-649-4118 for availability. Subscribe to our free innovation and competitive advantage newsletter. Don't miss a single new business idea!
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