The customer is always right. This phrase came to relevance in the 20th century, coined by retailers who pushed for customer satisfaction. These retailers, namely Marshall Field, Harry Gordon Selfridge, and John Wanamaker, found success by following this principle. This phrase, of course, is not absolute.
While these entrepreneurs grew their respective businesses with this principle, some see this phrase as counterproductive and untrue. Some customers may think that whatever they do or say should be tolerated by a business, even though their actions are objectively wrong. Apart from that, strictly following this principle puts employees in a vulnerable spot.
Although it may seem like the customer is not always right, there is a good foundation about their importance to a business. Customers make it possible for a business to operate. Businesses satisfy the demand of consumers and provide revenue and profit for any business of every nature.
Customer Scarcity
A severe lack of customers can put a business in danger. With that, every business should learn how to attract and retain customers. This can be a challenge, especially in a market where the demands for certain goods vary.
This lack of customers can also hinder a business from growing. With no customers, a business can never make a profit. It may set the business for bankruptcy and even closure.
Identifying Lapses
The lack of customers will kill a business. With that, businesses should know what stops them from attaining them in the first place. Knowing their hindrances can help them improve their lapses and can help ensure their business’ success.
Where To Start?
Your Location Matters
A bad location can hurt a business. Location is important because it can determine the accessibility and exposure of businesses to potential customers. It would not make sense to put a business where no one can see it.
With that, businesses should make sure potential customers can see them. It would help to be located in a place where there are many people and can be accessed by everyone. For instance, a mall is a great place to have a food business. Another example would be putting a school supply store near educational institutions. This is about putting a business in front of those who need it.
Lack of Online Marketing
As technology progressed, so did the methods of marketing. Businesses now market their products online. This has proven helpful for plenty of organizations. A huge number of people have also resorted to using the Internet for their daily lives. There are around 4.66 billion Internet users all over the globe. The Internet is essentially a goldmine for businesses.
To maintain a steady influx of customers, a business should invest in letting people know about them. This can be achieved through various marketing strategies. Marketing deals with how a business promotes its products.
The Internet has magnified the way businesses market their products and services. This is because the Internet amplified the reach of the average person. Apart from that, social media allowed people to communicate faster and better. This created a fresh method called social media marketing. This can be an easier and cheaper method to promote a business’s products.
Through social media, more people can now find a business with ease. Advertisements are casually inserted in people’s social media feeds, making sure that a business is seen. Also, businesses can directly talk to potential customers about their services. This makes a perfect avenue for creating relationships with consumers.
Businesses should also make use of search engine marketing. When people need or want to buy something, they often use the Internet to search for these items. Optimizing a website for search engines means this website shows up on the first page of search results. This helps the influx of customers for the business because searchers can see the business faster.
Bad Customer Engagement
Every business needs to interact with its existing customers. Customer engagement is where customer service shines. This makes sure that current consumers have a pleasant experience with a business.
When current customers are satisfied with a business, they are more likely to tell other people about it. Good customer engagement can not only retain old customers but can also help gain new buyers. Ultimately, the goal of customer engagement is to create relationships with consumers. This is why businesses should study how they can interact with their customers online and offline. It can harm their businesses when they do not do this.
Everyone wants to see a business succeed, especially the owners. With that, businesses should take time to plan their tactics for customer acquisition and retention. Yes, the customer may not always be right. But we cannot deny their role in making businesses flourish.