A Quote by Ken Blanchard
Your business should be defined, not in terms of the product or service you offer, but in terms of what customer need your product or service fulfills. While products come and go, basic needs and customer groups stay around, i.e., the need for communication, the need for transportation, etc. What market need do you supply?
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If you are ready to put a product or service on the market, look at that product or service and see how you can test it inexpensively. Keep in mind, you'll only need one; you don't need 1,000 to get the answer.
The key to growing a business is that you need to be meeting some segment of the consumer's needs. If you've got a small business and a product or service that is not popular, you simply have to change your product or service to be more popular.
Business is all about the customer: what the customer wants and what they get. Generally, every customer wants a product or service that solves their problem, worth their money, and is delivered with amazing customer service.
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
All the businesses from the beginning of history have struggled with product development (assuming there is a market, doing the market testing and so on). But now they start with customer development. Get the customer who says, "Yes. I want that. I need it. I wanna use it. I'll pay for it." And then you go back and work with your engineers. It is changing the world!
The best customer service is if the customer doesn't need to call you, doesn't need to talk to you. It just works.
It's interesting - what are you willing to give up in terms of your privacy for access to other people? For access to things you think you desperately need. Ultimately, it's that old saying, isn't it? If the service is free, then the product is you. The thing being sold is you. There's a product for sale in you and your data.
Traditional sales and marketing involves increasing market shares, which means selling as much of your product as you can to as many customers as possible. One-to-one marketing involves driving for a share of customer, which means ensuring that each individual customer who buys your product buys more product, buys only your brand, and is happy using your product instead of another to solve his problem. The true, current value of any one customer is a function of the customer's future purchases, across all the product lines, brands, and services offered by you.
Your customers are the lifeblood of your business. Their needs and wants impact every aspect of your business, from product development to content marketing to sales to customer service.
Suppliers and especially manufacturers have market power because they have information about a product or a service that the customer does not and cannot have, and does not need if he can trust the brand. This explains the profitability of brands.
In terms of energy sectors, we need coal; we need oil; we need gas; we need uranium. And we need to have rules and regulations that allow those companies to stay in business.
What the customer buys and considers value is never a product. It is always utility, that is, what a product or a service does for the customer.
Firms need to ensure that their ability to provide effective customer service keeps pace with their growth. If you're marketing your firm to new customers, you better be able to provide them service when they do business with you.
We need to reengineer companies to focus on figuring out who the customer is, what's the market and what kind of product you should build.
A successful business must have a sound knowledge of its market and work on how its product or service will be different, stand out and improve people's lives. If you can ensure it responds to a real need in the market place, your business can punch well above its weight.
Setting customer expectations at a level that is aligned with consistently deliverable levels of customer service requires that your whole staff, from product development to marketing, works in harmony with your brand image.
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