Keep a tag on your customers

The first quarter for 2010 has come and gone. Many businesses are still suffering or recovering from the effects of the Global financial recession experienced in 2009. Financial institutions are still skeptical about lending money. Borrowing is still very expensive and other sources of cash flow injection are still beyond reach.

For some companies 2010 promises to be a good year, but for some the misery continues. Consumer spending is still low. Global consumer confidence is picking up, but this has not yet directly impacted on consumer spending habits.

Consumers are still skeptical and spending is still limited to important family needs. This scenario has created a tough environment for businesses in general.

This means businesses have to fight for a share of  the consumer purse. As the market space becomes a battlefield, marketers come up with different marketing strategies in order to get a share of the purse.  Customer oriented companies will survive this temporary setback. Global conglomerates such as Starbucks, Wal-Mart and GE continue to experience phenomenal growth despite the harsh economic environment. Their secret is centered on understanding their customers.

These companies continually gather insights and take action on any feedback they get from the market which directly affects their customers. In order to keep a tag on the ever-changing consumer needs, companies need to invest in regular market insight gathering exercises. This ensures they keep a tag on issues that affect their customers and take timely action.

Keeping a tag on customers involves conducting regular or periodic customer satisfaction and mystery shopper surveys.

I will talk about the difference between Customer Satisfaction Surveys and Mystery Shopping in my next post.

To your success!!!