Being a leader can be an exceptional affair. There is the pressure of meeting the bottom line and the well-being of the good days. With the prevailing customer market a scary one, due to the ongoing virus outbreak, it is important that you take the additional steps to make sure your company comes out on the other side of what is going to be an unpleasant year or two.
The Coronavirus outbreak has screwed the world’s economy. We are living in a strange new world with politicians having no clue what to do next, and how to balance the situation. We still have no cure to Covid-19 and this is depressing for the business world. A housing market that has crashed causing the banking industry to crash which will soon cause unemployment rates to shoot up. Oh, the big three in the auto industry are all about to fail which could be another two to four million people out of work. Welcome to the virus hit!
I like to be an optimist, but there is little doubt the 2020 year is going to be a tough one. Just looking at the early trends in holiday shopping for 2008 is enough to drive you to the bottle. Hopefully, things will turn around a lot faster, but you need to prepare for the worst. This means doing something radical like listening to your customers.
When you are a leader, it can be natural to lose the forest for the trees. What I mean by this is you begin associating your personal views and feelings with those of your customers. The fact that you think the new pink leggings are going to be hot with women this year is pointless. The specific question is whether your customers think.
There is an effortless way to do a swift analysis of whether you have gotten off the hook with your product lines. Ask yourself a pure question. What is the name of the product? If your response is full of industry jargon, then you are sinking the boat. You must always think of things from your customer’s prospects, not your own.
Another excellent example of sinking the boat can be found with the decisions you make and do not make with product lines. Do your customers ask for any distinct brand or product that you do not carry? You think not, but run some polls to find out. Remember, give the consumer what they want. Make it as simple as feasible for them to give you their money. Give them a 10 percent discount on a planned purpose if they take a survey and you will be astounded at the answer and what you learn.
Now, a prompt and meaningful note. If customers recognize something they want that you do not carry, you must respond. I’ve had business owners tell me that the polls did not help them because they don’t carry the product line recognized. After withstanding the urge to slap them upside the head, I’ve quietly advised that perhaps it would be in their best business investment to pick up the product or brand in question. Some have even told me this was the key bit of information I provided that turned their business around!
Times are difficult. There is uncertainty. The growth of your business niche is on hand. Only the powerful will survive. Will you? If you find out what your customers want, you have a great chance. If you look away, so may your business.