Do you focus on profit or customers?

avatar

Many factors determine the success of entrepreneurs and companies. I started handling business as a salesperson and I had to deal with many retailers and end users. I got to see the difference between these sets of people which define the profit for me. Business management and human management are interdependent. I had retail customers that buy the stocks that 1000 consumers will buy in a day, but I try to manage all of them the same way despite the differences in the profit they bring to the company.

Many books teach about business management and every entrepreneur should always improve on this every time because the competition in your business will determine how you need to manage the people and your business.

In the search to become better, I read books by Fred Reichheld and all went down in studying Net promoter scores.

Net promoter score (NPS) is a widely used market research metric that typically takes the form of a single survey question asking respondents to rate the likelihood that they would recommend a company, product, or a service to a friend or colleague. The NPS is a proprietary instrument developed by Fred Reichheld. Its popularity and broad use have been attributed to its simplicity and transparent methodology of use.

The NPS assumes a subdivision of respondents into “promoters” who provide ratings of 9 or 10, “passives” who provide ratings of 7 or 8, and “detractors” who provide ratings of 6 or lower. Usually, users of the NPS perform a calculation that involves subtracting the percentage of detractors from the percentage of promoters collected by the survey item, and the result of the calculation is typically expressed as an integer rather than a percentage. The core How likely would you be to recommend... question is sometimes accompanied by additional open-ended or so-called “driver” questions.

The concept is that the more your customers rate your company, the better your company is, and this is all about customer satisfaction.

Many companies do not really care about customers that much again and they are pushing automated services to the customer and when these services fail, the customer’s life will be useless. Have you ever patronised a company and their service failed and you need to wait all your life to get what you wanted?

That is just what is happening. Your money is already with the company and your life doesn’t matter again until they have the time for you. Then they ask for your high rating. Sometimes, I’ll be like wtf! Can I get something like -10 here because 0 is better?

However, the structure of every company matters. There are profit-oriented companies and some are focused on customer satisfaction. Also, happy staff will make customers happy, and happy customers will make a happy company.

When you have a large company with happy staff, you will need little marketing because your customers will be your marketers. I heard that Tesla focused on quality products and services and this serves as the “marketing” for the company. A happy customer will refer people to the company, and the company will continue to grow.

I started running my business in 2021 and I realized that there are so many factors that make a business succeed irrespective of the industry or service.

Do you focus on customers or profit?

Pixabay

Posted Using LeoFinance Beta



0
0
0.000
6 comments
avatar

I see, like when all those ebayers send me messeges asking me to give them the best review.. very cool!

😎👍

0
0
0.000
avatar

We focus on profit and customers....
By way of crypto staking and defi farming we can fund our projects while providing free services (such as some news and opinion writing) to our readers. Our writers can be paid per job or when posting on the blockchain, there are profit-sharing opportunities.

So, on technicality, It allows us to remain profitable when the "system" wants to ban our message or silence our voices. Likewise, we wouldn't be beholden to the opinions of our readers as well. We'd be likely to hold true to our convictions, thus having a more consistent message and a consistent quality for our readers.

Profit is just as important as customers; Yet, Profit is the lifeline of a business or organization. A business doesn't always need traditional customers, but instead it can focus solely on playing around with finances (debt, stocks, crypto, options, etc) to earn profits.

0
0
0.000
avatar

Congratulations @tykee! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):

You received more than 15000 HP as payout for your posts, comments and curation.
Your next payout target is 16000 HP.
The unit is Hive Power equivalent because post and comment rewards can be split into HP and HBD

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

0
0
0.000
avatar

Hi bro, what's up. Been trying to reach you on whatsapp but it seems you are inactive there.

0
0
0.000
avatar

Oh, sorry, I have issues with my first line. Try this 08105197239

0
0
0.000