In today’s global world, companies are striving to earn profit by increasing market share. Market share depends on how attracting a product is to customers. The age of mass customization is over now. Companies have to make products according to the wants of customers in order to gain market share. Moreover it is not just about making people to buy product for the first time, for the long term survival of the firm, customer retention is equally important.
Retention means making customers loyal to the product, making sure that they will buy the product again and again. Now this retention is not very simple. Nowadays, thousands of companies register everyday with little competitive difference in products, all of them targeting the same scarce group of people. So in this cut throat competition, continuously guaranteeing that customer will buy your product is a tough ask. Following are the three most important elements, which make sure that the customer will return and ask for the same product.
More Customization through Feedback
Nature evolves through ages to make sure its sustainability. Same is true for a product. Till the time product is not modified with time, it will become obsolete after some time, making its market segment to decline. So the primary element to retain customers is by modifying/altering product according to the desires of the customers. The best way of doing this is through feedback, information provided by customers after using a product. So if company has to retain customer, react according to the desires of customers, advancing changes in product with an eye on customer desires.
Product with Long Term Usage and Versatility
Companies should make products with long term usage and for multipurpose. If company’s want to retain their customers, make high quality products focusing on more than on need of customer. In todays’ competition, products are offered with many features fulfilling more than one desire of customer. So in this age of forced association and free association, customer retention is dependent on agility in product.
Marketing is without any doubt is the earning child of the organization. Effective marketing does not only increase market share but also will make sure that customer will come again for the product. From advertising to word of mouth and in house sales, effectual marketing is main force that drives customers’ need into desire for particular product. So whether you are targeting any new group or making sure that the loyal customers proof their loyalty, marketing product commendably is the key to success.
So whatever is the status of the customer, the above mentioned three elements will make sure the long term sustainability of the company. But above all, CUSTOMER IS THE KING.