STUDENTS' CORNER - 204

Happy Customers popular image

Let us see what companies that are on track to sustain themselves are expected to do.  No doubt, all companies survive on customers and nowadays the importance of customers for a business has been fully understood by all the stakeholders of a business. In fact let us consider the Organization Chart. In a traditionally drawn chart which has been there for quite some time, at the top will be Top Management and at the bottom, the Customers.  Today, the Management experts have totally reversed the chart. At the top we find customers and at the bottom, the top management. Money turns into capital only when put into business for more money; and business depends on customers.

 So all businesses that matter focus on customer retention; of course, along with this line of efforts, they also exercise same focus and force on acquiring new customers; because it is a common knowledge that all businesses without exception must anticipate a minimum of exit customers.  Marketing scenario demands this knowledge; competition marks business domain.  Of course, there is an idiom that brings out very effectively the competition-ridden market; there is this situation of competition that is described as Dog Eat Dog situation. If you are not alert and efficiently responsive to the market dynamics, the one who has followed you with small or big gap in the market share will overtake you.

It is good to recall a situation in Japan some decades ago; when the country has developed economy very well with hard work, the youth of the day claimed that they could relax not working so hard as their fathers did; but they were answered by their wise fathers that if they do not keep running at the same speed if not more, there are hundreds of people ready to go far ahead of you since they keep running fast. So you have to keep running to remain where you are now. Interesting.  

What are the popular measures taken by the business houses to keep the customers with them as much as possible? Let us see a few of them because it is developing field in marketing.

First of all, it must be understood that all customers are not equal in the sense that there are casual buyers of your product and constant buyers of the products. You must evolve a method that will help you find and differentiate the customers, those who do not choose to buy your products and those who but choose. That is the frequency of purchase matters. And you must initiate a process by which your loyal customers are made to realize that they are given a special kind of treatment. When discounts are there, you must be sensible to add something more to the loyal customers. When all is said and done recognition does influence one. Being recognized one feels some kind of happiness and naturally such pleased customers you can expect cannot be easily lured away from you by your competitors. Business is a constant war and those involved in war no wonder want always to win war.

Perhaps you may be aware of the fact that the definition of the aim of the business mode keeps changing. First it said satisfaction of the customer is primary; then, it was changed to saying satisfaction will not do, the customer must be delighted. And now they aver that the customer must be made aware of the fact that the business is listening and responding to the customer.

We will see some more measures generally taken to attract and retain the customers in our next.