If Customer Ignorance is a Profit Centre, then you surely have Trouble in making?
If Customer Ignorance is a profit center , then you have trouble in making?
Revisit the strategy…. Review it for Good !
5 simple questions we all need to ponder upon while framing our “Strategies” around customers?
- How sustainable can be business dependent strategy that’s based on customer’s ignorance or stupidity?
- Do we wish to make most of our margins from your “satisfied” customers or from our “ignorant” ones?
- Do we wish to capture the most of our profitability from the customers who appreciate the value of what we do? Or because they are ignorant or poorly-informed and our product and price are positioned to exploit them?
- Can a business that’s needs to grow and sustain should be based on keeping customers consistently “ignorant” or be based on “genuinely telling them more” on the products, services and the value proposition?
- Do we believe that only when the customer knows more about “product and services” and the “value we offer”, the more likely they will be willing to pay a premium for excellence?
Most of the companies continue to pay a great deal of lip-service to their customers and customer information transparency strategies. However, many of them need to demonstrate this for long-term success in forming strong, sustainable, and profitable relationships with customers.
Ultimately “An educated consumer will be our best customer & value our excellence in a longer run.”
The views expressed are purely personal.