Things Craved by Consumers that give a Competitive Advantage to Businesses



Businesses always try to find a competitive advantage to beat competition. Top strategies and ideas are developed to constantly focus on fulfilling the needs and desires of customers. Business Schools in Kochi and Kerala focus on moulding their students to come up with creative and effective thoughts that help bring in and retain customers. But what is it that they really crave for?
Take a look at the most craved things by customers:
  1. Customer service
A business that hires best, to take in and train employees to be their best during services will definitely delight their customers. The high-quality support offered by employees is what customers look up to. One or repeated poor service could bring down the public image of the company.
  1. Customer experience
Apart from customer service, the experience that they gain while they interact with your business also marks an impression about the company. Taking too much time to execute a task? Unable to solve your customer’s problems? Not able to provide a smooth and user-friendly experience for your customers?
Begin looking into such factors that determine the experience for customers while interacting with your business as these can influence your competitive advantage in the industry.
  1. Product simplicity

Customers always wish to own and use products and services that are simple and low in complexity and confusions. Create a smoother experience for them and train your employees to serve your customers in the best way possible.
More Info: B Schools in Kochi

Comments

Post a Comment

Popular posts from this blog

Drop Shipping

Image
A supply chain management method where the retailer does not keep stock of goods but transfers orders received from customers and its shipment details to the manufacturer, wholesaler or retailer, and then they ship it directly to the customer is called as drop shipping. Retail businesses make profit with the difference in wholesale and retail price but there are retailers who earn an agreed percentage of sales as commission which is paid to the retailer by the wholesaler. Drop shipping gained popularity as the seller need not keep goods in stock and they don’t have to take the stress of packing and dispatching them. The drop shipping retailer keeps goods on display in his physical brick and mortar store or even provides online product catalogue or hard copy to its customers for reviewing and purchasing.  This occurs when small retailers receive single large order for a product. Here, he arranges for the goods to be shipped directly from the manufacturer or distributor ...
Read more

Bid-Ask Spread

Image
The amount by which the ask price is exceeded by the bid price for an asset in the market is called as a bid-ask spread. It is essentially the difference between the highest price a buyer is willing to pay for an asset and probably the lowest one at which the seller would be willing to accept. An individual who is looking forward to sell will receive the bid price at which he is looking to buy, will end up paying the ask price. In short, bid-ask spread is the difference between the highest price which a buyer is willing to pay for an asset and the lowest price a seller would be willing to accept. The transaction cost involved here is referred to as spread and the price takers buy at the ask price to sell them at bid price whereas market maker buys at bid price and sells them at the ask price. The bid represents demand, and ask is used to represent the supply for an asset. The bid-ask spread is used as the de facto measure for understanding market liquidity. More Info : ...
Read more

Bailment

Image
In common law, bailment refers to a contractual transfer of assets or property from a bailor to a bailee where the bailor temporarily relinquishes possession and not ownership of the property. It describes a legal relationship where a personal property’s physical possession is transferred from one person to another who later takes possession but not total ownership as such. Bailment, in finance, means legitimate transfer of securities like shares of stock from one individual (owner) to another for short selling. Here, short selling means an investment or trading strategy where people bet on a decline in the price of securities. An example of bailment is a leased apartment where a tenant possesses and uses the apartment but in reality he does not own it. There are three types of bailments: a.        A bailment which benefits both the bailor and bailee b.        A bailment that benefits only the bailor c. ...
Read more