The ability of a business to develop a strong customer base will determine the value. The businesses that have more accessible, readily engaged customers were more likely to perform well in mergers and acquisitions. Now, this is considering those businesses that were bought by others, but the lessons can be transferred to others.
The brand recognition and brand value has been less important in the past few years than the ability of that business to have a strong customer base. The more these customers and potential customers can be converted into sales leads to the growth of the business.
In order to be a successful company, identify the customer you want to reach and determine what their needs/wants are. Then create a product that meets their needs, communicate with that customer and engage with them by demonstrating your desire to meet those needs. The customer will reward with the basics of business: sales. Business comes back to relationships. The better you establish and grow a relationship over time will result in a strong, stable customer base.
https://hbr.org/2015/04/why-strong-customer-relationships-trump-powerful-brands
No comments:
Post a Comment