Your company holds a position in the mind of your customers by design or by default.
Successful firms create their position intentionally and then continuously refine it based on input from their clients in the form of sales, revenue, survey, and “likes” on social media to name the most obvious.
Once you identify them, find the ways they prefer to remain connected. It might be a range of methods including surveys, incentives, loyalty program, special offers, a thank you letter, phone call or social media. Find out what they want and give it to them the way they want it.
Three of the following four categories will enable you to potentially build a successful business; the fourth is a recipe for failure.
Your firm’s position, and its brand by association, must be proactively managed in the same manner as a marketing manager would constantly be monitoring, modifying, enhancing and refining their products or services. To maximize your market position, identify who your best clients are and connect with them to understand why they deal with you and remain loyal.
Nordstrom’s and Ritz Carlton are doing very well, thank you. They have defined the experience and quality their clients expect, and they deliver without exception. If you position yourself in this category, regardless of what you sell, provide an exclusive or elite experience that appeals to those who have money and are motivated by quality, service, ego and status. Don’t apologize for who you are – someone needs to be in that niche, why not you?
Value – Add
Strive to ensure that each encounter, conversation or purchase is positive for your client. Create a value-driven culture that does more than just provide good service. Foster an environment of innovation that delivers memorable experiences and connection. Ensure you provide regular employee training to inculcate a culture where value is delivered in a consistent and predictable manner during each client interaction. Remember, value is in the eye of the receiver, so it’s your responsibility to discover what inspires your clients from the moment they connect on your website; talk to your customer service representative or walk through your doors.
Give your customers what they expect and will pay for and nothing more. There’s a huge market for low price, inexpensive products and no-frills service. “Value” has a different meaning for low price customers. Discover what they want and deliver it in a way that satisfies them and makes money for you.
Not a good place to be. Work to define you should be based on your company’s values, culture and the skill and talents of your people. Make a dramatic shift if necessary to get into your niche or get out before you’re forced out.
Quality in a service or product is not what you put into it. It is what the client or customer gets out of it. ~ Peter Drucker