The business is the provision of specific and qualitative products and/or services for the purposes of making a profit. In simple terms, business is selling and buying of products and/or services to customers. In business, the word ‘business’ can be used to define any type of selling and buying activity taking place in the retail sector, extended sales network, non-commerce business activities etc. A business does not make a profit by just selling a product or service directly to an end user. Rather, the sale of products and services by an organization is usually termed as business-to-client (B2C) or business-to-customer (B2B) activities. Let’s take a detailed look at some typical business scenarios and the associated processes:
A small business starts off with a few customers who order a particular product or avail of a certain service. These customers, on the basis of personal requirements, choose a particular store or channel, which proves to be a perfect platform for the business to grow. The small business uses the customer relationship management software (CRM) to identify the clients and the needs of these customers. The CRM also helps in segmenting the clients into different groups; based on such criteria, it conducts customized promotional campaigns accordingly. Promotional activities can be in the form of print advertising, telemarketing, face-to-face interaction etc.
As the business grows, more customers are added and the existing ones are given different treatment according to their profile. At times, the business experiences a bad customer relationship wherein customers tend to harass the staff of the store, create inconvenience for the customers and even sometimes damage the merchandise. To improve customer loyalty, the business uses various strategies including the customer loyalty programs and the reward systems among others. For instance, if someone buys a particular product at a particular store for a particular price, he or she might be given a discount in the future; the same might happen if he or she places an order for another product.
In order to increase brand consciousness, businesses offer discounts to clients who refer other clients. This not only increases the number of new clients but also makes the brand famous. People start to realize that the company they are associating with is ideal for their requirements; hence, they are willing to purchase products offered by that brand.
A business that lacks a clear idea of its target customers or a clear strategy on customer engagement cannot fulfill its goals. To improve brand loyalty and customer engagement, the business needs to conduct surveys or focus group discussions with a set of customers. It should seek to understand what the customers want and how they think. It should use the information provided for strategic planning and development. Through customer surveys, a business can also find out which services or products the customers are not using or are dissatisfied with. This will enable the business to develop products or services according to the interests and needs of the customers.
Another important aspect of small business is maintenance of good relationships with existing customers. In order to retain existing customers, the business must give priority to keeping them happy. The more loyal the customer, the more likely he or she will purchase from the business again. To make sure that your existing customers feel valued, make sure to offer excellent quality products and service.