Written by: Vivek Jaiswal | Co-founder, Customer Guru
Customer Experience Management is emerging as a contemporary faculty, however, managing the customer’s experience has been a business practice since humans have been trading on this planet. The most successful businesses that have survived the test of time and are still thriving in a fast paced competitive market, are testimony to the fact that being customer focussed is the only sustainable way of growing a business. Iconic businessmen like Ceaser Ritz, J.N. Tata, Henry Ford, Kiichiro Toyoda and many others from around the world, all stood by the saying: ‘Customer is the King’! And that is why companies like Ritz-Carlton, Tata Group, Ford Motor, Toyota and the likes have outlived their founders.
I am sharing a modern day perspective on why the customer is the king, even today:
1. The Customer has a LOT of other options!
Internet didn’t just make it easy for people to communicate with each other, it has also opened a myriad of options for them to buy from. Almost everything is now available at the mere click of a button! A product will not work if it does not appeal to the customer because there are greater number of alternatives in the market than ever before.
2. Without the customer there is no company.
Companies cannot ignore the power of the customer. Without them, there will be no one to pay the salaries. No matter how huge an organisation, it needs customers to survive.
3. The customer can make or break a brand.
Companies spend millions of dollars in advertising and marketing their brand. It only helps to get those brands in front of the customers. If, despite the advertising, customers don’t love the brand it is bound to fail. Companies like Zappos and Dropbox are examples of how customers can make a brand, on the other hand a brand like AOL was killed because customers got frustrated by its bad service.
4. The customer determines what product/service runs.
Consider the case of Kodak, an iconic company that did not react in time to the changes in the market. Although a great organisation, Kodak had to shut the doors on many of its business units because it didn’t keep pace with its customers’ changing demands.
I am sure there are several other reasons to prove that customer is the king. I would love to hear more from the readers of this post. Please leave your feedback and comments below.