Product should satisfy customers

09 Feb, 2024 - 00:02 0 Views
Product should satisfy customers Clemence Mutembo

eBusiness Weekly

Clemence Mutembo

One of key concepts I keep sharing with audiences is the marketing mix and the product is just one element of it.

You see, the product is a key part of the overall customer experience. In fact, it’s one of the most important elements.

The product is what the customer interacts with directly and it’s the primary way that the customer experiences the value that the company provides.

The product should be designed with the customer in mind and it should be easy to use and understand.

In addition, the product should be of high quality so that the customer is satisfied with their purchase.

Finally, the product should be supported by excellent customer service. All of these elements together create a positive customer experience.

When businesses give their customers bad products, it can have serious consequences.

First and foremost, it can damage the company’s reputation. Customers are likely to be unhappy with a bad product and they will be less likely to do business with the company again.

This can lead to a loss of repeat customers and a loss of potential revenue. In addition, bad products can lead to negative word-of-mouth which can further damage the company’s reputation.

Finally, bad products can also lead to a loss of trust from customers. All of these factors can have a major impact on a business.

In a nutshell, business is all about creating and delivering value to customers and also capturing value(profits) in the process.

This value can be in the form of goods, services or both. The ultimate goal of any business is to create enough value for its customers that they are willing to pay for it.

This creates revenue for the business which can then be used to cover costs and generate profits. Without customers, there would be no revenue and without revenue, there would be no business.

So at its core, business is all about serving customers and creating value for them then also benefiting from the sales.

In fact, without customers, it’s impossible to make money in business.

Customers are the principal source of revenue for a business and without them, there would be no way to generate income from the principal business activities.

This is why it’s so important for businesses to focus on creating value for their customers.

Without value, there would be no incentive for customers to purchase a product or service. In addition, creating value for customers is essential for creating loyal, repeat customers.

These are the customers who are more likely to continue to do business with a company and recommend it to others.

Everything boils down to branding. In third year, last semester at university, that’s when I did Brand Management.

By end of that semester, I had a total of 19 distinctions including Brand Management as follows:

Financial Accounting

Business Comm

Principles of Marketing

Sales Management

Customer Care & PR

Advertising

MIS

Business Law

Purchasing & Supply

Macro-economics

Industrial Marketing

Relationship marketing

Sponsorship Management

Statistics

Corporate governance

Brand Management

Direct Marketing

Internet Marketing

International Marketing

A business should take branding seriously because it’s one of the most important factors in its success.

A strong brand can be the difference between a business that thrives and one that fails.

A strong brand helps to create customer loyalty which leads to repeat business.

It also makes it easier to attract new customers as they will be more likely to trust a brand that they are familiar with.

In addition, a strong brand can help a business stand out from its competitors.

In today’s competitive marketplace, it’s more important than ever for businesses to invest in their branding.

I know of quite many businesses that were ignoring customers and ended up closing shop!

You see, businesses that ignore their customers are doomed to failure in the long run. Even if a business has plenty of capital, it won’t be able to sustain itself without customers.

The lack of customers will lead to a lack of revenue which will eventually lead to a lack of cash flow. This will make it impossible for the business to pay its bills let alone invest in new products or services.

In addition, a business that ignores its customers is missing out on valuable feedback that could help it improve. Ultimately, a business that does not listen to its customers is setting itself up for failure.

You cannot even talk about strategy without customers! It’s impossible to do strategic management without customers!

Customers are the very foundation of strategic management. Without customers, there would be no need for an organisation to even exist, let alone develop a strategy.

Customers are the principal source of an organisation’s revenue and without them, there would be no money to fund the organisation’s operations. In addition, customers are the ones who provide valuable feedback that can help an organisation improve its products, services and overall strategy.

Simply put, customers are essential to every aspect of strategic management.

You see, a company’s customer experience is one of the most important factors in determining whether customers will refer the company to others.

A positive customer experience can lead to a high level of customer satisfaction and satisfied customers are more likely to recommend a company to friends and family.

In fact, studies have shown that satisfied customers are four times more likely to refer a company than dissatisfied customers.

In order to create a positive customer experience, a company needs to focus on several key areas.

First, they need to provide excellent products or services. Second, they need to have a friendly and knowledgeable staff who can serve them to their satisfaction.

You see, customers want to feel that they are getting value and benefits from the businesses they patronise.

There are several ways that businesses can provide value and benefits to their customers.

First, businesses can offer high-quality products or services that meet or exceed customer expectations.

Second, they can offer competitive prices that make their products or services more affordable for consumers.

Third, they can offer convenient delivery options or customer service that makes the shopping experience easier and more enjoyable.

When customers do not feel like they are getting value from a business, it can have a negative impact on the business in a number of ways.

First, they may stop doing business with the company, taking their money elsewhere.

Second, they may tell others about their negative experience thus damaging the company’s reputation.

They may also initiate legal action against the company if they feel that they have been seriously wronged.

All of these consequences can have a significant impact on a company’s bottom line.

You see, satisfied customers are the lifeblood of any business. They not only generate repeat business but they also act as brand ambassadors generating referrals and spreading the word about your company.

In fact, research has shown that customers who are satisfied with their experience are more likely to recommend a business to their friends and family.

This word-of-mouth marketing can be far more effective than traditional advertising and it costs your business nothing!

There’s no doubt that referrals can also have a big impact on your brand equity.

When customers are satisfied with their experience, they are more likely to tell others about it. If they recommend a company that doesn’t live up to expectations, it will reflect poorly on them.

Employees should be competent enough to know what is required at a company.

You see, the cost of incompetent employees can be quite high both in terms of direct and indirect costs.
Direct costs can include things like the cost of lost sales, increased customer service expenses and even legal fees sometimes.

Indirect costs can be harder to quantify, but they can include things like damage to the company’s reputation, a decrease in employee morale and a loss of productivity.

Additionally, incompetent employees can be difficult to retain which means the company may need to spend more money on recruiting and training new employees.

In the end, the cost of incompetent employees can be significant and should not be underestimated.

This is where trainers and coaches then come in. The purpose of a customer service trainer is to ensure that all employees have the knowledge and skills necessary to provide excellent service.

A customer service trainer may be responsible for creating and delivering training programs, coaching and mentoring employees, developing standards and procedures and measuring and evaluating employee performance.

Essentially, a customer service trainer’s job is to ensure that every customer has a positive experience when they interact with the company.

By doing this, the trainer helps to build customer loyalty and improve the company’s reputation. In short, the trainer’s purpose is to equip employees with the tools they need to deliver outstanding customer service.

Clemence Mutembo is a high-impact customer experience and sales trainer who has done over 500 presentations to small medium and large organisations: He may be reached on 0778994994.

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