The saying “the customer is always right” has been around for so long that we seldom give it much thought. The real question, however, is whether or not it’s true.
If you have a business, it’s crucial to satisfy your customers. It’s hard to deny that you must make your customers’ needs a priority. Let’s look at four facts that prove this assertion.
Customers Trust Other Customers
One of the biggest changes in business today is the growth of customer review sites. Studies indicate that 90 percent of customers are influenced by reviews when shopping. This proves that customers place a great deal of trust in the opinions and experiences of other customers. Business owners must keep in mind that reviews and ratings are one of the main criteria customers use to make purchases nowadays.
A Business Cannot Thrive Without Providing Great Service
The quality of customer service is a major factor in determining where people choose to shop. This includes issues such as answering questions, issuing refunds and explaining how products work. It is ultimately the customer who decides whether or not he or she receives good support from a business. It won’t do you any good to believe you provide great customer support if your customers don’t agree.
Successful Businesses Understand Their Customers
Nothing is more important than having a well-rounded knowledge of your customers. You need to understand trends in your industry, the demographics of your target audience and what your customers are willing to pay for your products. These are things you can learn through experience. However, it also helps to have a strong background in business theory and principles. Getting an online MBA in finance online is one way you can learn how to better understand customers and markets.
Customers Determine Prices
Businesses would like to be able to charge whatever they wanted for products. The truth is, however, that customers play a large role in setting prices. If you attempt to charge more than people can afford or think is reasonable, they will shop somewhere else. If it’s an item that’s not essential, they may choose to go without it. When it comes to the value of a product or service, there’s no point in arguing with the customer.
These are some of the reasons that you should never forget the adage that the customer is always right. A business can never win a conflict with a customer. Even if you think you’ve won the argument, you’ve lost a sale. You may also lose future sales based on word of mouth and reviews. The safest approach to take is to assume your customers are wise and all-knowing.