16 Jul Going Out for Business
There is a clear difference between being in business and being a business that generates a profit. Are you going out for business? More important though, then having profits, is existing as a company has a regular customer base and a good reputation among its demographic constituency.
Whether your company has one store or a chain of locations, your key requirement must be to have a steady following of customers who sing your praises. Some juggernauts department stores have majorly failed at maintaining a customer base. These businesses were going out of business while there competition was going out for business.
Newly emerging chain stores have come to realize that having a large selection of products is only one valuable resource. Great customer service should be coupled with low prices. Otherwise customers will choose to pay less every time.
Large department stores should invest in their staff, in terms of instilling morale; and in developing leadership skills among their management. Staff members who will regularly be in contact with customers should be thoroughly trained on how to smile, how to listen, how to sell, how to upsell and how to ensure superior customer satisfaction.
The right approach will lead to going out for business, while the wrong approach will likely result in a major chain going out of business. The choice is obvious. But will management choose correctly?