Building a sustainable business depends upon more than just attracting customers—it’s about winning them over and creating a loyal relationship. In her book “Ultimate Guide to Platform Building,” Wendy Keller emphasizes the importance of customer satisfaction and shares valuable insights on how entrepreneurs can elevate their businesses to new heights.
The Customer Economy: A Paradigm Shift
In her book, Keller talks about Michael Glauser, executive director of the Jeffrey D. Clark Center for Entrepreneurship, who aptly describes the current business landscape as the “customer economy.” Customers are smart and know they have options. Glauser emphasizes the need for businesses to build communities of loyal customers by helping them develop an appreciation of and connection with the brand.
Beyond Satisfaction: The Key to Sustainability
Attracting customers might be the easy part, but the true sustainability factor lies in transforming them into loyal patrons. For example, a 15-year relationship with a credit card company not only hinges on practical benefits like no foreign transaction fees but, surprisingly, on positive and efficient customer service experiences. The lesson is clear—satisfaction is good, but going the extra mile to make customers genuinely happy pays off in the long run.
Michael Glauser’s 4 Levels of Customer Service
Keller shares Glauser’s insights that provide a roadmap for businesses to navigate the levels of customer service:
Level One: Tolerate Customers
Provide the basics with minimal effort and expense.
Level Two: Meet Expectations
Deliver what customers expect, leading to satisfaction but not loyalty.
Level Three: Exceed Expectations
Go above and beyond, surprising customers and creating a positive lasting impression.
Level Four: Treat Customers as Partners
Engage customers in the business, involving them in product or service development, and building a community that ensures immediate sales upon product launch.
The Business Power of Purpose
Entrepreneurs often start their businesses with a personal purpose, driven by the desire for freedom and creativity. However, the day-to-day reality might be different. Mitch Russo, author of “The Invisible Organization,” underscores the importance of increasing qualified prospects and treating them well to alleviate the challenges of running and growing a business.
Harnessing the Community Power
Glauser also emphasizes the power of purpose in business. Building a community of engaged customers who feel like partners in the business not only reduces risks but also leads to lower-cost prototypes and quicker market launches. Platforms like Kickstarter and Indiegogo showcase this model, allowing entrepreneurs to test the market and gather support before a product is fully developed.
The tips shared by Wendy Keller and insights from industry experts underscore the importance of prioritizing customer satisfaction, exceeding expectations, and building communities of loyal patrons. Sustaining a business in the customer economy requires not just meeting but surpassing expectations, turning customers into partners, and, ultimately, transforming the business landscape one satisfied customer at a time.
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