The rock-solid capability of understanding and meeting customer needs today and tomorrow will not only retain and build a loyal customer base but will provide the future direction of your business.
Active Knowledge Question:
What continuing actions do you take to build and deepen an intimate understanding of customer needs in your business?
Customers are today’s lifeblood and the compass for the future direction of your business. They provide you with the opportunity to meet their evolving needs and, therefore, the opportunity to continue to grow and sustain your business.
‘Understanding your customer needs is essential. A focus on the customer is a must and this is driven from the top,’ – Andrew Rogers, Roger David Clothing Stores.
A customer focus does not occur by itself and does not necessarily come naturally to a business motivated by profit. A focus on customers represents the direction in which the business is looking. It represents a focus in which the important ingredient is the customer – not the sales target, nor the cost saving or process issues. But rather the value which is delivered to the customer, how their needs are changing, and what they mean to the business.
As a new generation of leaders step forward, a renewal of customer focus is often required as, naturally, their view of the world, customer need and the impact of change will be different to the current generation of leaders.
‘Growth only [occurs] through allied activities – a strong focus on the customer [and] what is required to meet their needs,’ – Lindsay Fox, founder of Linfox Group.
In addition, in family businesses, strong relationships often exist between the current generation of owners and the current generation of key customers. Businesses can find themselves weakened if the transition of these customer relationships is not planned well ahead, with the new generation of leaders stepping into these relationships and building relationships with a new generation of customers.
Customers are the lifeblood of a business and must be at the centre of a leader’s attention.
A final quote to reflect on: ‘Successful businesses cannot innovate if they focus on [that] success and forget to “Look, Think, Quick, Act,’’’– Doug Shears, Uncle Tobys and Agribusiness Group.
Next week’s leadership theme: ‘Building The Competencies To Win.’
An entirely new level of performance.
Want to become a part of the Entrepreneurs+ Community and learn how to make your business competitively fit? Join now.
All the best in the success of your business,
Richard Shrapnel
