Catch Your Customer and Keep Him!
Target Right:
Never spread yourself too thinly on the ground. Often when companies start out they like to get as many customers as possible. Now this may be great for a supermarket, but not for a product-based organisation. The best plan here is to fix on a target group and work on it with focus. Once the business picks up let the ripple effect take over
Follow the Leader:
There are very few businesses that are brand new and totally unique. New entrants follow the first movers and set up shop nearby. The best bet here is to follow the leader and emulate their best practices. Because you are smaller, your costs would be modest and therein lies your advantage. Better still, act like the market leader in a fresh locale where their penetration is minimal. In virgin territory, you become the leader!
People People are the Best People:
Often stuffed-shirt companies shoot themselves in the foot by concentrating on top-school hires - often at incredible cost. Costs they can't afford to sustain. Be sensible; hire only people that have good people skills to boost their domain knowledge. And the best B-schools do not have the monopoly on ability; there are millions who are as good and get on well with others, customers and colleagues. Hire for attitude, not for window dressing.
Ears to the Ground:
Someone once said that Know you is know-how. He was talking about knowing enough about the customer. He was and is right. Be with him every step of the way and where he goes, you go. That way he won't go anywhere without expecting you to be there. You should become his friend, philosopher and guide in all his purchase decisions.
Keep Records:
Many companies waste a lot of time on high profile low-revenue customers. They hope that by having a high profile name on their client list many other companies will rush to them. They can't be more mistaken. When was the last time you went to a vendor because IBM patronised them? Keep records of the revenue generated by your clients and see which ones need to be given the `special' treatment and give it to them. You'll bind them to yourself with hoops of steel!
ABHIMANYU ACHARYA
aa@cnkonline.com
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