I readily admit I am a copycat and a groupie. I love sitting back and soaking in the stories, insights and energy of business owners. It may be a quick discussion at a local café, or a longer roundtable exchange on a new technology or business challenge. At times I leave with a quick tip, at others with an entirely new direction, but I always feel that I am moved forward.
So over the years I have learned to shamelessly “copy” the best ideas of other business owners. In this blog I will pass them on to you (and hope you’ll do the same with your comments below). Here I share some of the “big ideas” I have learned from successful business owners:
What does it mean to have a customer-centric business? It means much more than the old adage about how the customer is always right. That may or may not be true, but in many cases, it’s only lip service at best.
What I’m talking about is building your entire business “from the customer in.” You have to understand your customers’ needs and know how your customers want to be served. You need to know what’s important to them on a daily basis. You need to know how they work and what kind of information they’ll need before making any type of purchase decision. And, you need to understand how your people, practices, and processes feel to your customers. You’ll then have to turn the microscope around and take a hard look at your businesses model and decide whether you are doing everything you can to fit into your customers’ world.
Of course, matching the business to the customer sounds good. And it feels good to care about your customers and give them good service. But it’s so much more than feel-good customer care.
The three keys to building a successful, sustainable, and highly profitable business are what I like to call “The Three Rs”.
1. Rave reviews
2. Repeat business
Creating rave reviews is the key to getting your customers to come back into your businesses, repeatedly. To me, a “rave” is several steps up from merely “satisfied.” A customer who gives your business a rave review in a customer feedback survey, on a social media site, or any other place he or she has the opportunity, will, in most cases, become a repeat customer. And repeat customers are usually inclined to tell their friends, family, and coworkers about their tremendous experience with your business.
For example, one of my company’s customers, Boloco, sells fantastic wraps in the New England area. Customers like me who love Boloco’s food like to spread the word and tell our friends in person, on social media sites, and elsewhere that they simply must try a Yucatan Habanero Burrito, or some other tasty treat. These referrals bring new customers into the stores, people who are already pre-sold on the quality of the product. Chances are good that these new customers will then tell their friends about their positive experience, thus renewing the cycle.
This process creates a steady and sustainable stream of referrals. And referrals bring new, qualified customers into your business. It’s like creating the perpetual motion machine of small business — by taking the Three Rs to heart and properly cultivating a culture that is all about building and maintaining them, the Three Rs create their own energy and keep the wheels of your business turning through good times and bad.