In any business enterprise, there are key stakeholders that determine the success or failure of the said venture. These key stakeholders may include amongst others the business owner (irrespective of the business status), investors, employees and the customer. The main aim of a business is to satisfy the appetite of the customer and make him/her come back for more and if possible bring others along.
Who is a Customer?
A customer (aka client) equally known as the consumer in some cases is a physical or moral person that can profit or benefit from goods and services offered by the producer (aka marketer / supplier) equally known as the business owner or service provider. Sometimes the former is also called the buyer and the latter the seller.
The Customer is King
The customer is king or always right is an adage typically used in the business milieu. It could simply mean in layman’s terms that the customer is the key to any successful business endeavour. One should treat the customer in a way as to make he or she feel like a king. King here is not gender specific but just stands for the top player in the game (MVP). This axiom fosters the idea that a consumer’s request, demands or complaints should be approached as a priority so that customer does not have the feeling of neglect, cheating, or deceit.
Why is the Customer Always Right
- The customer is indispensable for any business venture to be a succeess. No matter how big the investment, the business cannot survive without the buyer or consumer. Hence customers are a major determinant of success.
- The customers perception of one’s product and customer service can determine whether the customer will stay or leave. A negative response or if a customer’s compliant is not well handled could lead to the loss of that customers.
- If a buyer is pleased with the goods and services offered by the seller, not only does the buyer become a devoted and loyal customers but this equally opens the seller to the buyer’s wallet as well as their contacts (potential customers). Thereby increasing the seller’s customer base and subsequently the business turnover.
- We are currently in a digital era where e-services and the influence of social media is very significant in our day to day activities and the promotion of businesses. These e-services such as e-marketing and sales are usually associated with review columns. Internet reviews of businesses and good and services (product) is based on the consumer’s perception of the said business or product and is liable to be consulted by many others hence determine how they approach your business.
- There is a lot of competition nowadays. It is very difficult to have the monopoly of a business, so attract and hold on to the customers you have. With this broad band of producers or suppliers, the buyer or consumer has a wide range of acquisition options. The supplier does not have the luxury to be arrogant or piss off the customers on his supply list.
- Businesses develop and grow essentially from mouth to ear, endorsements and recommendations from those who have previously had the opportunity of getting into contact with the goods and services offered by the service provider. Irrespective of publicity and adverts done, this mode of communication can either amplify the trust in the product or degrade it.
- Customers love to be flattered and treated as the centre of the business that is as if without the individual, the business would not grow (which to a greater extend is true). Producers are usually considered the servants of the customers. They are there to satisfy and please every single customer.
- The art of conquering and maintaining a sustainable client base is very difficult to achieve and time consuming. It is therefore relatively easier to retain already loyal customers than attracting a fresh bunch. Plus the loyal customers, if offered good customer service would recommend your business to others and act as references.
- The producer is to take into consideration the recommendations and wishes of its customers since they determines the lifespan of a product or services. Certain iconic companies that did not evolve or develop innovative strategies to handle the change in market suffered a great deal as a result of not evolving with the customers’ ever changing mind-set and demands.
Understanding the King
Any successful business is customer oriented. In order to run a successful business ensures that you identify you customer base and make every customer feel he/she is the most valuable asset of your business development. Understand your customer base; differentiate them according to their needs, demands and preferences. Always be ready to evolve and progress in the dynamism or tone set by the customer. Any customer irrespective of the business or goods and services or product demanded and supplier will always come back to the place where he/she is not neglected, always given the priority, revered and treated like royalty (an honoured KING).