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Well Managed Companies Always Follow Three Strategies. The following article was published in "Business Wire." To achieve long-term success today, and to maintain that success, the most well-managed companies today get beyond the "one trick pony" stage and develop products or services that expand their ability to satisfy their customers and thus compete and grow. According to Bradley E. Hosmer, President of Beta Consulting Group, a marketing management consulting firm in Concord New Hampshire, three strategies in particular have been known to foster significant results: 1. Allocate substantial assets to new business development (especially human resources) 2. Stay constantly aware of both consumer wants and needs (via surveys and other market research) 3. Optimize business offerings in order to directly influence customer satisfaction Hosmer explains: "One of my clients tries to always accommodate its customers by organizing to meet special requests. If a customer wants, for example, a special shipping arrangement or special modification of my client's product, or an unusual sized quantity, my client goes out of its way to make this happen. As a result, customer satisfaction consistently runs at the highest levels." It's not just KNOWING about customer needs and wants, Hosmer explains, but continually asking the question "whose needs do my company's practices satisfy?" Often it's more the logistical or bureaucratic preferences of the seller as opposed to the buyer. "A company asks itself, 'How can we get our customers to stock more of our product?'" Hosmer says. "But a better question, after listening to customers' preferences, might be 'How can we help our customers find a way to NOT stock our product?' Maybe there's a better way to distribute product to them, a way that would suit THEIR needs (not yours) and thus entice them to keep doing business with you." Examples of well-known companies who consistently do this well include United Parcel Service (always developing new ways to meet customer needs), Waterhouse Securities (continually researching unmet customer needs) and Sharp Electronics (has created many products to fit the fast-changing workstyles of its customers on the go). Bradley E. Hosmer, CMC, heads The Beta Consulting Group in Concord, NH, specializing in improved sales, marketing and new business development for generating profitable growth. For further information please contact Mr. Hosmer at Beta Consulting. |
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