Early this year, I ordered an item from an online shop with a promise of next-day delivery. The following day, I got the item. Impressed by their service, I ordered another item in February, but it came after 4 days, with profound apologies. Last month, with reluctance, I ordered another item from the same shop. After 3 days, I was told the item was out of stock. Disappointed, but at least I got my money back. However, I’ll not buy again from that shop.
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No matter what product or service you provide, it is the customer who defines value. Hence, to succeed, it’s essential to see value from the customer’s perspective. If not, you will not understand the actual needs of the customer.
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“One size fits all” – using the same leadership style in every situation and for everyone in a team. This should be avoided because at any point in a team, individuals are at different developmental levels. Hence managers should vary their style of leadership based on each individual’s developmental level. This approach, developed by Paul Hersey and Ken Blanchard, is known as situational leadership.
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When you provide the right service at the right price, at the right time, and to the agreed-upon specifications, the customer is satisfied. This is the mission of most organizations because they assume that it is sufficient to satisfy customers. But studies conducted on the relationship between customer satisfaction and customer loyalty show that this assumption is deeply flawed.
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Employees have different learning styles. There will always be ones that understand a concept quicker and ones that need more time, ones that skim and ones that scan, ones that are night owls and those that are early birds. At the core of these styles is pace. Very important and so is its control.
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There are two major causes of business failure that result in closure or bankruptcy. The first is a company’s inability to sell its products or services, and the second is a company’s inability to get paid on time, which leads to it running out of money.
1. A company’s inability to sell its products or services: Nothing happens in a company until a sale takes place and the sales person brings in the money that everybody can live off. (more…)
If there is one strategy tool for building profitability in a service organization, it is the service-profit chain.
This ‘chain’ works based on the natural concept of chains which is that a chain is only as strong as its links. Hence, to make a chain strong, all the links must be made strong. Conversely, if any link of a chain is weak, the whole chain is as weak as that link. (more…)
Please look over the following questions:
If you find yourself feeling a twinge of guilt at any point while working through the questions listed above, then it’s recommended that you try Eisenhower Matrix (also known as the urgent-important matrix). (more…)
No one has control over the state of the economy. Today, due to the pandemic and its resultant impacts, the aggregate consumer demand is low. We are indeed in tough economic times.
However, this is not the time to focus less on marketing, but rather the opposite. In reality, reducing your marketing efforts in tough economic times is the last thing you should do. Instead, it is recommended that you change your approach by expanding your channels of marketing so as to increase reach without spending more. (more…)
Many organizations think that the only way to grow their business is to find new customers. But often, the best source for growth is sitting right in front of you – existing customers. (more…)