profit

E.O.W (End of the Week) Notable Tip: Redesigning Business Models

Happy Friday!

I hope you’ve had a great week.

Today, I want to discuss business models. As we all know, changes in trends and customer behavior affects profit. Therefore, it is important that leaders stay abreast of trends that could affect their bottom-line and have solutions at the ready. They should also include non-customers into their value chain spectrum for the purpose of realizing profitable opportunities.

“Companies should redesign their business model every 4 to 5 years.”

 

I hope you’ve enjoyed this short tip and as always, “Success is continuous improvement.”

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The Customers that HATE you bring in the most valuable insights

¬†When utilizing the Voice of the Customer to glean insights don’t just target the customers that love you. When you take the time to really listen to the customers that hate you and turn their pains into solutions that is when you actually drive growth for your company.

Why target customers that hate you, you may ask? They have valuable insights on how your product or service can improve and can inspire you to create solutions that are currently not offered in the industry (first to market opportunities).

cust-service1Companies that are customer focused stay on top of customer pains and actually listen to them. They take more meetings with customers and work to turn client requirements into products, services or solutions.

The questions are:

Why do you hate us and what can we do to change that?

What are we doing wrong?

What are your pains?

When you acquire the answers to these questions then you can brainstorm ideas for products, services or solutions that will solve these pains. As a customer focused company you can’t be afraid to ask the hard questions. By turning customers who hate you into customers that love you will not only increase your client base and revenue but also make your competitors run for their money.