We work in a technological environment, constantly in touch with news and updates through various modes of communication. More often we are glued to business networking websites attempting to gain insight on the market we operate within, hunt for potential clients and also keeping an eye on the competition. Well, technology is just one form of information but there are others such as word of mouth intelligence which can sometimes be forgotten. Whilst it is imperative to be updated with current market trends and competitor intelligence, what serves better, being obsessed by our customers or our competitors?
I like this quote written by Henry Ford, “The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time”.
Focusing on what we have will deliver better results compared to always trying to figure out what our competitors are up to. I am sure there are more, but I’ve been able to find at least nine reasons why it can be more beneficial to be customer obsessed:
- Exceed expectations: By focusing on your customers, it will not only help deliver the day-to-day KPIs, but it will also encourage you to go that extra mile and deliver beyond customer expectations
- Value add: Consistent focus and attention will help to deliver the desired results and should simultaneously trigger a value addition attribute; there will be constant desire to add more value
- Quality: Strengthen relationships with customer will result in quality feedback, supporting you to deliver quality services
- Growth: Strong relationships will open more opportunities; customers start with small orders or small functions with a small team and as the relationship progresses, they add more complex tasks resulting in an increase in overall work
- New avenues: Develop new capabilities once your customers trust you; they will also be flexible in working with you on projects where you have less or no expertise
- Develop reputation: Delivering solid quality results will mean more referrals and recommendations
- Market intelligence: Working closely with customers will also give insight to quality market intelligence
- Market condition: Developing a robust relationship in place increases the likelihood of customers remaining with the service provider even when times are tough
- Bottom line: Longevity in relationships will deliver intrinsic value to the organisation and achieve bottom line results.
While being customer obsessed will help in building a long lasting business, being obsessed about competition will help to a lesser extent and if it is to the extent of ignoring your customers, will definitely be detrimental to the overall growth of an organisation. Market situations are uncertain and focusing on your existing customers will yield better results.
The post "Are you Customer or Competitor Obsessed?" first appeared on LinkedIn. Ketan Gajjar is Director of QX Recruitment Services, where they provide consultative and highly scalable recruitment services for businesses in the UK.