Thank you for your patience. I am reposting the Accounting/Business Development Consulting once more for the simple fact that it was a rare diamond. Information that supports the positive business responsibility Customers must be shared at regular intervals. Hence, here we go.
The tip for today on Accounting and Business Development activity is know the product or service you as the entrepreneur want to bring to market.
First, you should know exactly what it is you want to sell and how well the individuals in your market would be served with such product of service. For instance, you would not sell an air conditioner to an Eskimo at the North Pole. Nor, would you sell a blazing furnace to a person in the Caribbean or, any other tropical location. That would be crazy in either scenario.
Secondly, while it is important to know your customer to gain market share, it is more important to know your customer in order to establish a rapport with the individual and hence, the collective customer base. Your understanding of the needs of your client is of utmost importance. Furthermore, your understanding the needs of your customer base equips you to know their buying habits: spending and saving patterns. This knowledge on a collective basis allows you to gain market share: a group of customers who purchase your product at regular intervals through being customer-centric versus product-centric.
In today’s marketplace, it is highly important for you, the Business Owner and your company to know your customer not only to keep your business thriving but, to keep your customer happy and returning to you and your establishment. Customer-centric business behavior to all your customers will keep them returning no matter the economic conditions. A customer who knows that their business is appreciated is less likely to retreat in tough economic conditions as opposed to a customer who feels that the establishment only cares about the bottom line, money.
Lastly, it is crucial to have a written, documented plan, a strategy to acquire customers through customer-centric business behavior. Having a Strategic plan allows you the Business Owner and your staff to measure, document, how well you are interacting with your customer base hence, growing your business through customer-centric behavior. The sentiment among most Business school educators is, “know your Customer grow your business.” The tool which allows this knowledge is the Strategic plan. A Customer-centric Strategic plan is the best business tool that a Business Owner can possess for business growth and development measurement.
In essence a Business Owner who operates from a Customer-centric Strategic plan will:
1. Gain responsive, loyal customers even in tough economic seasons and,
2. Possess a measurable method to retaining, maintaining, and growing their business.