adminI feel like there is a deliberate attempt by some companies to take customers for granted. It is glaringly open that there are some industries that are the sole suppliers of a product.
Must we then function in such monopolist environments where a certain company commands 100 percent market share in digital satellite television?
There are some industries that are known for poor service.
There are some industries that have their top 10 customers (in terms of profitability) make up 120 percent of their total customer profitability.
It is wiser to keep that 10 percent happy and satisfied than trying to please the remaining 90 percent.
Establish a good relationship with your customers
The reason why much advice is spent on emphasising that repeats and referrals are integral is because a potential customer may be looking for you while you are dormant.
It’s actually not wise to cut your media advertising expenditure.
Believe it or not, if you contact a customer today, it might not turn into a purchase right away.
If you keep regular contact with them when they are ready to purchase, there is a good chance you will be the one they will call. Always maintain a relationship with your customer and make them believe that you care much about them just as much as they appreciate that product.
If you are in the travel agency business, you might try giving extra tips on planning for a trip, the weather, culture or what to expect.
Maintain visibility
If you are in the stationery business and you notice that there are several customers of yours that buy reams of bond paper, try other simple ways of getting them to purchase rubbers, cartridges or notepads. Once you think of other offerings, there are other new avenues you could open. Remember that the ordinary consumer is very busy. At each single day, choices are bombarded in their faces. The sooner you get your name on top of their priority lists, the better chances you have of being called.
Look to the future
It is not difficult to look ahead and envisage on what the consumer will appreciate 10 or 20 or 30 years down the line.
Create a brand that is sustainable for generations to come.
This will also assist you come up with issues that could prevent the sustenance of your product or brand.
The Milwaukee Business Journal presented a unique appreciation of the type of buyers that businesses are bound to associate with. There are buyers that could be placed under innovators, they read magazines and are always on the search for the latest gadgets and technology.
These are willing to experiment in new things. They can easily switch to your product; these, however, represent less than 5 percent of your market.
Then there are adopters that are also willing to try a new product if it will significantly improve their lifestyle or allow an improvement for themselves. They have a habit of seeking out references from other satisfied users before making a purchase. They typically represent about 15 percent of your market.
The next group is the early majority who enter the market if colleagues have embraced the product.
They care about the longevity and reputation of the company providing the product. They usually represent 39 percent of the market.
The next is the late majority. They wait until prices fall and the product has become the universally accepted solution. They are mostly concerned with low cost and customer support and rely on the mass media for purchasing information. They represent another 39 percent of the market.
Then there is the excessive traditionalists that wait until price has gone down and until the product has become an absolute need. They tend to purchase products the other groups would consider obsolete. If they, approve new products in a business, they will try to block the purchase of products the other groups might buy.
Luckily, they represent only 5 percent of any market.
For tech type of products, I must confess I fall in between the early and late majority. I am not easily convinced with tech gimmicks. Sometimes I am just as bad as an excessive traditionalist.
It is important to categorise your buyers. There are some that are probably not worth the effort of a specific marketing campaign. Vary your selling strategies accordingly, and you are on the way to achieving continued growth.
Till next week, may God richly bless you.
Shelter Chieza is an adviser in management issues. She can be contacted at [email protected]
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