A common situation we often come across is the organisation that has got off to a flying start, only to come to an abrupt halt as their customers leave for a better offer. The sad thing is that they rarely, if ever, see it coming! So, it’s best to regularly check in and ask these three questions of your business to make sure that you don’t get caught out.
1. What do our customers actually value?
You may have once understood this very well, but are you certain things haven’t changed? Ironically it’s the businesses that nail it the first time around that miss the changes happening around them, as they get so busy stuck in the daily grind of servicing their customers!
Make sure you don’t become one of these and always stay abreast of your customer’s situation.
Go beyond the typical transaction that you have with them and try to gain a deeper level of understanding of their world. What is going on in their industry? What are some of the greatest challenges they’re facing? What are some of the opportunities that they can capitalise on? How can you help with any of these things?
No customer is the same as another, and no customer stays the same forever! What they valued once they may not value any more.
2. Are we still delivering that value effectively?
Once you’ve checked in to re-evaluate what it is your customers currently value, you can begin to identify whether or not you can actually still deliver what they need.
There’s always someone out there trying to steal your customers and the moment you get comfortable is the moment you’ve fallen behind.
Is your product up-to-date with the latest technological solutions? Does your product make your customer’s life as easy as possible, or just a little bit easier? Is your product meeting current market expectations, or are you trading on old assumptions with customers that are doing the same?
In such a globally connected marketplace, it won’t be long before your customers realise that there’s a better offer out there. So while it may be difficult to make a few changes now, it’s much easier than having to change everything when your old customers move on!
3. What can we do to improve?
Even if you do indeed have a great grasp on the value your customers are demanding and you’re delivering that value effectively, it’s important to continually push to improve.
To do so, set aside some time to step back and look at your business holistically. Do you have systems or procedures in place that could be more efficient? Could you utilise a new piece of technology that would enable you to pass on some cost savings? Can you take the time to share some knowledge that you know your customers would value?
Don’t forget, there’s always someone out there trying to steal your customers and the moment you get comfortable is the moment you’ve fallen behind!
While it is a cliché, it is very true: the only constant these days is change. By making the time to regularly ask these three questions of your organisation, you will give yourself the best chance to always be the best option for your customers: the only recipe to success!