Start a conversation.
In an economic downturn, it is often difficult to shift focus from the business that you manage (and are trying to grow) to that of your customer's world view. We all know that customer dialogue is important, but when was the last time you had an in-depth conversation with your customers about their priorities and how they view your company in light of those priorities?
So, how do you start the conversation? You can begin by picking up the phone to call a few of your closest allies. Or, you can take a more sophisticated approach. Consider starting an online social networking group where your customers can engage with you and provide ongoing feedback. Consider online research services as a cost-effective way to gather more formal, quantitative data about your offerings and how they stack up competitively. Add an online survey to your website where your customers can log concerns and accolades that you can then flag as potential problems or opportunities.
Of course, all of these mechanisms easily translate to new business strategies; but, try beginning with your existing customers. Remind them that you value their patronage and care about their difficulties and insight.
Act on the information.
So, now that you have some valuable feedback from your customer base, what do you do with it? Well, that depends on what your customers have shared with you. Step into their shoes. Review the information through their eyes. Try and anticipate where you can add value to their unique circumstances. Consider what you can do (as a business partner) to help them achieve their goals.
Often times, the quickest route to customer satisfaction is through competitive pricing strategies. Are there opportunities for you to add value while cutting costs? Walmart notoriously does this by squeezing its supply chain and passing on the savings to its patrons. It knows that its customers are primarily attracted to its stores for the low prices; so, Walmart adopted a corporate strategy that focuses on this central philosophy and shows up (in their most recent branding efforts) as "Save money. Live Better." What are your customer's primary reasons for doing business with you? Can you increase the payoff of that key element and strengthen the relationships you have with your clientele?
In a tough economy, your customers need to know that you are paying attention to them. Offering a "Ferrari" when they are thinking "Hyundai" is the wrong approach. Evaluate where you can add value while being cost-sensitive. "Lean thinking" is a popular manufacturing industry practice. The concept centers around paring down down all internal and external processes to eliminate waste and improve business practices from top to bottom. Are there ways in which you can lighten your costs and systems and pass on the savings to your customers?
Rumbletree would like to help you create a winning strategy. Contact us today to arrange a meeting to discuss how we can help you succeed or watch for the next part in our ongoing series.
Call Leslie at (603) 433-6219 or email her at lhanlon@rumbletree.com