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"The customer is king” sings Mary Portas as she helps retail outlets recover or even discover their customer appeal.
Although we may not manage a retail outlet, the principle of running a market led business is sound and internationally endorsed. The best evidence of being market led is that your customers recommend you to others. This sort of customer loyalty is clearly a huge benefit.
‘Market led’ means identifying your customer, and focussing business activity around their requirements. It means the voice of your customer is at the centre of your business decisions. We recommend profiling your ideal customer by examining your client history in terms of size, location, industry sector, maintenance factor and financial resource.
Our generic principle is to see business as a conversation, a relationship and an engagement. The conversation is one we need to initiate, sustain and develop. Taking the initiative is a challenge, but good client profiling combined with a professional approach should reap good results. Timing is also key, so we recommend approaching your prospect when there is a new product, budget or award.
Social networking on line and business blogs are good ways of ‘taking the temperature’ of a business and discovering their needs. As one of my suppliers recently asked “Where is the pain?”. By diagnosing the ‘pain’ you can approach with an antidote and an understanding. You have also then illustrated another successful ingredient in any business conversation – listening.
A market led approach needs to be flexible. ‘Wrap’ and present your goods and services in a relevant and responsive way to the trends of the wider market place and the needs of the individual customer. Your proposition will be appropriate and well received as you talk in a recognisable language and a reasoning tone. Your first love and passion may be your product, but, like the BBC, your business needs to play the piper’s tune.
Litchfield Morris has approaching 25 years experience of helping our clients develop the presentation their clients deserve.
Article as published in 'The Experts' column of South West Business News February 2011
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