An Unintended Positive: The Increased Value of the Customer
We here at PipelineDeals have a unique vantage point of the world economy. We don’t claim to have a statistically relevant sample size, however we do talk with about a hundred different businesses each week of different sizes, in different industries and from all over the world.
We try to help them develop a little process, maybe a little discipline and hopefully establish better control of their future revenue pipeline. Yes, we also work to see that they choose PipelineDeals as the tool to facilitate it all. The one silver lining we see out there is the renewed importance of the Customer. Each current, or potential Customer, is more valuable this year than last year. Yes, this maybe unfortunate as it should always have been this way, but we see this phenomenon playing out daily.
During economic times that are uncertain, the customers who buy your product/service today are not easily replaced. New customers are harder to find and in some cases may be non-existent in the near term. During “go go” periods like the previous five years, say 2003 through early 2008, companies found new customers relatively easily. Simply put money was loose. No more. As a result, existing customers were often held captive due to perceived “switching costs” or other “pain” thresholds. No longer is this the case and yes, this is good news.
Smart companies today are doing what real smart companies have been doing for a long time – taking care of those that take care of you. Specifically Customers, but don’t forget about Employees too. Taking care of Customers includes follow through, follow up, forethought, planning and going above and beyond the norm including just doing something thoughtful. Whether winning customers for the first time, or for a subsequent time, actions will definitely speak louder than words.
Honestly, it is good to see the pendulum swinging back to a true and honest valuing of the customer. It is overdue.
Photo Credit ImUnicke