A key driver for financial success and longevity of businesses
is the relationship with the customer; understanding their needs and what makes
them successful, has been a key for successful companies to thrive for periods in
excess of 100 years.

The article cites examples of some companies that survived
for 50+ years and some that fell behind and died, one such example is Kodak which was once a market leader
but later it fell behind in their market place; Kodak believed in a ‘coat by
the mile and sell by the inch strategy’ as making and developing film was a
profitable business. Even though a Kodak engineer invented the digital camera,
Kodak chose to focus on the film business as it suited their internal needs and
culture but did not focus on ‘why’ customers wanted to take pictures and what
they valued in the process. On the contrary, IBM is famous for its turnaround from a market leader of computer
hardware to a global leader in IT solution Services. IBM, in spite of deep
financial problems at the time, was able to make this transition because its
service relationships with their customers allowed them to learn more about
their customers markets and industries. The more they understood, the greater
the breadth of services they could offer.
The findings of this article suggest ‘relationship’ to be the most valuable attribute that company could
provide to its customers. Relationship in business is not about brand value,
brand awareness, linkages on social media or knowing the name of your
customer’s dog. Relationship in this context is knowing what makes your
customer successful in terms of positive outcomes when they engage your company
and how you contribute to the value outcome. Your customers evaluate your
performance everyday by how they choose to spend their money. They hold the
power and are your most valuable asset.
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Customers: Relationship Is Key to Surviving 100 Years in Business from Journal of Creating Value!
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