ChrisBanescu.com | Chris Banescu | June 14, 2009
From my years of experience working for different companies and teaching various graduate business courses, I developed three rules that management must practice in order to achieve long-term profitability and success. Follow these rules and a business can remain healthy and prosper. Ignore them and failure is virtually guaranteed in the long term.
Rule #1 – Always Meet and Exceed Customer Expectations.
Meeting and exceeding customer expectations is the most important but often overlooked rule of business. The only way a company stays in business is if the customer is satisfied with its product or service. This generates profit, builds long-term stability, and meets the challenge of competitors. Meeting expectations should be considered the baseline for company performance. Exceeding expectations should be the ultimate goal.
The best way for a business to exceed their customers’ expectations is by providing real value for the price asked in exchange. When clients purchase a product or service and feel that they have received something worthwhile in return, baseline expectations have been met. When they maintain that perspective weeks, months, or even years later, the company is well on its way towards exceeding expectations. A sure-fire way to determine if expectations are exceeded is when customers are willing to pay extra for your products or services despite lower prices or extra features offered by competitors.
. . . more
(Comments open for discussion on the Chris Banescu Blog site.)