The continuously increasing international trade and
globalization is causing the business environment to be much more competitive
than ever before. Companies are continuously
expected and pressured to succeed and generate profits. They need to innovate, to reduce costs, to
introduce new quality products and services, or penetrate new markets with
existing products and services, and to attract or develop, and retain talent.
Companies need sales i.e. to generate revenue, as
revenue is the life blood of all companies, irrespective of their size, location
and nature of business. Even non-profit organizations
require some form of revenue or income, for e.g. donations, to continue to
operate. Profits from sales are used to grow
the business, for e.g. business expansion, acquiring new equipment, research
and development, and hiring and retaining talent. Companies also need to retain adequate profits
from past sales for sustaining through low-business periods caused by regional
or global economic or financial crisis.
Needless to say, sales is very important, and since
companies make sales from customers, customers are equally important. How well do you know your customers? Do you know why they buy from you? Do you know why they buy less from you and
more from your competitor, or buy more from you and less from your
competitor? Do you know how and what
customers think of when they decide to buy or not to buy?
The more you know about your customers, the better
positioned you are to increase your sales to them. We begin by learning more about your customer’s
business. Knowing more about your
customers’ business will reveal their needs and concerns, leading to the
factors that drive their buy decisions.
Ask yourself:
1) How well do you know your customer’s profile?
2) What is your customer’s buy process?
3) What are your customer’s key buying factors?
4) What business terms are most important to your
customer?
5) Identify the key customer benefits from your
customer’s buy factors
6) Are there any negative market factors that can
affect your customer’s buy decision?
7) Are there any emerging market factors that can
affect your customer’s buy decision?
8) What buy factors are your competitors using to
leverage their products and services?
9) Are you leveraging on technology to improve and
strengthen customer management and retention?
To
be continued.
