Started off a business and dreamed of achieving success? Well, that is very obvious and expected. But to reach that goal, these below-mentioned facets are very much required like honest and dedicated effort, raising capital, strong organizing skill, handling cash flow, staff management and last but not the least, most importantly- satisfying the customers with the provided service and product.
Customer satisfaction not only helps to measure the loyalty of customers, increase the profit margin and point out the disappointed ones but satisfying customers ascends the scope of gaining excellence and indulges healthy competition for the betterment of your business. Companies who pay heed to customer-driven innovation, get various fresh and new ideas for improving the sides where they are lagging behind, compared to others in the field.
If a company prioritizes and considers the views, opinions, and requirements of the customers and works on their (the company) services accordingly, then it becomes next to impossible to pull back or stop the company from leading to progress. Hearing out the customers’ voice, proper strategic decisions and implementations, creative and efficient staff are all that is needed for a successful business.
For instance, let’s assume, a potato chips brand X provides 20 gm of chips per packet at Rs-15. Now the buyers or consumers aren’t happy either with the quantity, price or quality of what brand X is offering. Taking this as an opportunity or advantage to get into and win the business competition, if brand Y conducts a market survey to figure out the requirements and expectations of the people and then according to that, after evaluating the survey result, decides to launch a packet of potato chips of 25 gm quantity at Rs-15 along with better quality; this is what customer-driven innovation all about.
This will help brand Y to get hold of the market business strategic proficiency that focuses and emphasizes on customers’ needs.