Service Experience

Thriving in a Cash Crunch Economy

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Credits: chinadaily.com

Credits: chinadaily.com

The word on the street is that “times are hard, people need to cut their coats according to the material and not size anymore” – a Nigerian version of the popular adage.

The reality is that as long as people live in a place, buying and selling would continue to enable people meet their needs. This means that in this season, every business that either offer goods or services will thrive in their rights.  One may wonder, “How?” when all seems difficult.

In a passing comment while discussing with a financial consultant, he said, “In the midst of the cash crunch, some companies still declare profits. ”

So, what are the secrets of the thriving business?

  1. Be the Customer’s heartbeat: Every buyer loves a good bargain.  Provide quality and affordable alternatives for pricey goods and services to meet the demand.
  2. Feel the Customer’s pulse: Engage your customers one on one to know their preferences and inclinations. One can’t satisfy everyone but you can easily know what most of your customers want. A business-tailored customer survey could provide all the answers that you need.
  3. See through your Customer’s eyes: When your Customer’s walk into your store, are they willing to spend more because of what they can see. This applies to household items especially. Most buyers buy more than they bargained for when there’s a wider range of goods and better alternatives available to see and buy.
  4. Act on Recurring but not available request: If there are repeated independent walk-in requests for an item/service you don’t sell or offer, it is an indication that there’s a lingering need in that location. Give it a trial. It maybe your business’ lifeline in these times.
  5. Get Involved: This is not a good time to stay on the sidelines. Be informed about your operational details, review processes to minimize waste and improve efficiency.

 

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