CUSTOMER IS KING 2

Continuing from CUSTOMER IS KING 1

In the first part of this topic, we discussed some reasons why you need profitable customers and ways to build their trust. Plus, Revenue generation, Customer loyalty, Cost-effectiveness, and Innovation as some advantages of customers’ indispensability.

An additional benefit of customers in business growth and development is Competitive advantage. So, let’s see why competitive advantage really is, an “advantage.”

Competitive advantage:

Competitive advantage refers to the factors that allow a business to outperform its competitors in the market. In other words, it's what makes a company more attractive to customers than its competitors, leading to increased sales and profitability.

There are several types of competitive advantages a business can have. Some of which are:

Cost advantage: This means that a business is able to produce its products or services at a lower cost than its competitors.

Differentiation advantage: This means that a business offers unique features or benefits that are valued by customers and not offered by its competitors.

Focus advantage: This means that a business focuses on a specific niche or market segment, allowing it to become a specialist in that area and offer better products or services to that segment.

Network advantage: This means that a business has a strong network of suppliers, distributors, and partners that allow it to operate more efficiently and effectively than its competitors.

Now, with the points mentioned, you will agree with me that having a sustainable competitive advantage is important for a business because it helps it to maintain its market position and profitability over time.

And with that being said, focusing on profitable customers will give you that competitive edge or advantage over competitors who may be targeting less profitable customers. Thus, making it possible for you to stand out in the industry.

Overall, while it is important to treat all customers with respect and provide them with a high level of service, focusing on profitable customers can help you achieve your business goals and ensure the long-term success of your enterprise.

Now please listen to this. A good business owner or entrepreneur should learn the marketing strategies needed to generate leads, convert them, and also try as much as possible to retain them. This will help you to build tons of loyal customers. And as we already know, customers are the key to business growth, development, and sustainability.