As you will see in our Annual Gross Revenue Report, despite an industry where uncertainty seems to be the only constant, there still is business to be had and money to be made. Companies continue to find ways to create profitable business opportunities.
The challenge is to not get so caught up in busy work that we forget to do the things that genuinely matter.
One critical element nowadays is to stay as close to your prospects and customers as you possibly can. How well you satisfy them is dependent upon your ability to remain aware of their changing needs.
Customers today are becoming more demanding, more aggressive, more impatient, and more astute than ever. They are increasingly harder to satisfy, continually raising the bar. They have more choices from competing vendors.
What is a company to do to get - and keep - business?
There are still those who believe business can be won by being the cheapest. But somebody can always charge less.
Price is rarely the sole reason for a buying decision. After you've been to a restaurant, you don't remember exactly what the meal cost. You remember whether or not you liked it and how the service was.
The most successful companies have found that a key to creating and keeping business is to get customers hooked. They do this by always “selling” from the customer's point of view. This enables them to continually meet, and often exceed, customer needs. It may even enable the creation of “needs” customers didn't know they have.
This provides value, which is more important than price. What's more, it inspires loyalty, motivating repeat business, higher margins, and more word-of-mouth referrals. This, in turn, results in more profitability and market share.
Successful companies also differentiate themselves through knowledge, experience, innovation, swiftness, and responsiveness to provide convenience. And it doesn't matter what size a business is.
Mike Fisher is a Baltimore Washington International Airport cab owner operator. I had the good fortune to take his cab home from the airport after a business trip.
After stowing my bags, he opened the door for me to get in. A most friendly fellow, he asked if I had a preferred route home, then offered me a choice of beverages, before turning on the meter and starting out.
We shared a delightful conversation on the long ride. Arriving at my house, he insisted on taking my suitcases inside. He handed me his card and said it would be his pleasure to serve me again.
A couple of weeks later, I called Mike and arranged to have him pick me up for a very early morning flight. When he arrived, he provided me with a hot cup of coffee, a selection of donuts, and a choice of newspapers.
When we got to the airport, he offered to hold onto my winter coat, since I wouldn't need it in Arizona. Upon my return, Mike was waiting for me at the baggage claim area, my coat in hand. On the ride home he again “spoiled” me with a soda and snack.
I now use Mike exclusively for all my taxi needs, and I regularly pass along his business card to others.
When was the last time you got into your prospects' and customers' shoes? Doing so provides you with keen understanding and sharp insight. This provides you with a valuable guide to delivering something extra to clearly differentiate you from the competition.
Staying close to prospects and customers also provides you with information to chart courses of action to be more responsive to them. Furthermore, it enables you to able develop services that anticipate customer needs, which, essentially, create demand.
Never forget the power of your customers. Constantly dazzle them. You will keep them, and continually gain new one.
I welcome your thoughts and comments.
