Why Customer is an undisputed king!

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.
An article in the Journal of creating Value elucidates that no company survives without the customers allowing them to survive. Since no company can exist without customers, embracing the customer as a valued asset should lead to longevity and market leadership. In other words, Companies are powered by customers whether they like it or not or they choose to embrace it or not. Companies must be able to anticipate needs and react to market changes more rapidly than their competitors.
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.

Click here to read Powered by Customers: Relationship Is Key to Surviving 100 Years in Business  from Journal of Creating Value!

Comments

  1. Great post mate, thank you for the valuable and useful information. Keep up the good work! FYI, please check these depression, stress and

    anxiety related articles:

    Depression Cure


    Depression Management Tips


    Dealing With Depression


    Ways To Get Rid of Depression


    Overcoming Depression





    you can also contact me at depressioncure.net@gmail.com for link exchange, article exchange or for advertisement.

    Thanks

    ReplyDelete
  2. You should do anything to satisfy your customer. That is why we started this https://gowritemyessay.com/blog/write-my-research-paper research paper writing service!

    ReplyDelete
  3. More appreciating blog and this is Great post for me. It looks extremely good and Maintain a good job. we also provide IT Solution Company in Singapore. for more information visit on our website.

    ReplyDelete
  4. Thankyou the sharing great information, We are one of the best call center outsourcing vendors in the United States. At Trupp Global, we are completely dedicated to your business growth. We provide top notch services that can enhance the sales along with customer satisfaction levels.
    Business Process Outsourcing Services

    ReplyDelete
  5. Really appreciate this wonderful post that you have provided for us. Great site and a great topic as well i really get amazed to read this.
    best paper writing service

    ReplyDelete
  6. Thanks for this paper. You can write more details. SOme of them may be interesting for my essays. I write them for https://dissertationmasters.com/buy-discussion-board-post.html

    ReplyDelete
  7. Wearing your favorite jacket from your favorite movie is no more a dream. Mens Jackets brings you a wide range of variety of attires from all your favorite shows and movies. Grab your favorites now!

    ReplyDelete
  8. We provide excellent quality jackets and coats at the cheapest prices ever! Manufactured under the supervision of best industry experts, Celebjacket brings the most awaited collection of the year, in every style, for everyone!

    ReplyDelete
  9. Great survey, I'm sure you're getting a great response.Residential Painting Sterling VA

    ReplyDelete
  10. I want to say that this article is amazing, nice written and come with almost all significant infos. I'd like to look more posts like this
    cinema v2

    ReplyDelete
  11. Hey there, You’ve done an excellent job. I will definitely digg it and personally suggest to my friends. I’m sure they will be benefited from this website. Best of luck for the next! Please visit my best paper writing service. Best best essay writing service service provider.

    ReplyDelete
  12. Thanks for the article, the information was very useful for me. I think I will write an essay about it and for this I need a management essay writing service. I think I will have a very interesting and high quality essay.

    ReplyDelete

Post a Comment