Author: Pat Pattinson
Ailing business:
Let’s go back to the basics of business: a business owns a product or service that a client needs or wants. That client, out of his or her own free will comes to the business and determines the viability of the product by assessing the cost versus the benefits it offers. Then they decide either to purchase the product or walks away. In order for you to sell enough products and fight the odds of customers walking away without making a purchase, it has become a numbers game. The more feet through the door the more sales you make and the hit ratios no longer matter.
It sounds so simple. Business has, after all, been done this way since Neanderthals exchanged fire for tools. Yes, the basics have changed from the barter system used in the dark ages to the digital era of “BitCoins. However, the concept stays the same. Or does it?
As time goes on, it seems that the customer continually wants more. Not only that, but they want it cheaper and they want it faster. And what’s wrong with that? After all, the written rule is that ‘the customer is always right’. And the fact of the matter is that without customers you will have no business. So what could be more important than keeping a customer happy? Perhaps, dare I say, PROFIT. After all, we are not in business to satisfy customers, we are in business to make a profit!
As business owners, we need to realise that we teach our clients how to treat us. By allowing customers to handicap us, we fail them in the long run. When businesses succumb to pressures to make a product cheaper, the product and ultimately the company will suffer.
Some customers are simply not worth having. This means that the deficiency suffered when referring to customers is ultimately not just the number of customers, but the quality of customers as well. As business owners we need to secure a larger number of better suited customers and keep them for longer.