There is competition everywhere. It should be there as the customer can take the advantages of it. But it has to be in a fair and ethical manner. There should not be the unnecessary and unethical practices in any field. There are similar types of businesses and the services and the customers have their right to choose anyone of them. Each business and organization has their own way to deal with the customer. Even the same services and same prices, people chose different organization. There are several factors to choose the products even though the products and fees same. I think there are few things which I can mention in the following paragraphs;
1) Customer Care
This is the first and for most reason that people chose your business if you care your customer honestly, promptly, and ethically. You always need to put your customer first. Be honest to them. Try to help them for each and every service that they require. Your business and your job are there because of them. So keep in mind that no customers; no business and jobs. So your prime goal all the time has to be your service to your customer. You have to be ready all the time to support them.
2) Your Employee
There is a saying that No train No gain. So you have to train your employee to perform the world class customer care. At the same time, you have to keep your employee to very happy to you. If he/she is happy with you and your organization, they will work hard for you. Respect them. Reward them and give them the chance to upgrade their performance. Trust them. If you cannot make them happy, they may not work hard for you and for your organization. You need to share the benefits of the organization. You need to allocate the budget for the employee development as well.
3) Your Quality of Service
This is very important factor in the business. The information, services or products that you are going to sell should have the best quality. For this you need to be updated. It means you need to research and find the right information that is important for your customer. Good services do not mean the poor and expired knowledge that you share. Up to date and firsthand information has to be there with you. You need to look at what is happening in the market and you need to make strategies to tackle the present needs of the market.
4) Your Price
It also matters a lot. I already mentioned in the above beginning paragraph that people are very much conscious about money. It of course gives value. So you need to look at the price of your competitor in the market. And you need to set it accordingly to retain your customer and your business.
5) Take your business Seriously
We know that the big companies shout down in the very short span of time. There is a recent example of the Nokia Company. As per the report, in 2010-11 Nokia has the 40 percent market share in the mobile phone. But at the end of the 2014, company closed down and no longer exists in the market. How did this happen? This is because of the plan, strategy, and polity that management takes. Other companies came in the market with new applications and new trend and Nokia remained stay the same. So they started to lose their business and at the end they decided to close down the company. (I read the article at Project Syndicate about a month ago and I acquired this information).
So we have to take our business seriously and need to follow the new trends of the market to sustain our business. If we keep on doing our business in the same manner that we do in the last year, we may not retain our customer which are interdependent to our business. So we need to be very careful in our business.
We should not sleep by saying that we are big in the market. We are the brand in the market. We need to strive and keep on doing our hard word. That will only keep our name in the market.
This is my personal experience based on the work that I do. This is my understanding and people have their own way of doing business. However what I assume is, those components which I mentioned above are the necessary in the business. I know there are brilliant ideas in the world. There are big companies and they have supper performance.
As usual if you have your own ideas, please share it to the public so that we can all benefits from your ideas as well.
Thank you very much as usual.