Updating Your Business Model
Anyone else notice how much times are changing? Now that we have unfathomable amounts of information just a click away, the power in business has shifted significantly to the consumer.
Consumers have access to billions of vendors, why should they choose you? The answer lies in the relationship. Your customers have to trust you. They have to know that you are willing work with them, and that you have their best interest at heart.
J.P. Rangaswami encourages businesses to develop new business models for the 21st Century.
- Take a stance on values and ethics. Make these known and stand behind them.
- Rather than controlling relationships, allow your relationships to grow through collaboration.
- Channeling your prospect towards lock-in feels too forced. Instead, intermediate to enable trust and fulfillment.
- Understand that customers want to be involved in the creation of value rather than just to receive it.
Rangaswami writes “Use what you stand for to attract the customer. Use what you do to retain the customer’s trust. Ensure that the customer is always free to leave, and paradoxically he or she will stay.” Hold them loosely and allow for the free exchange of ideas. Your relationship will develop, and a stronger customer alliance will form.