To think that a business is simply a profit-making entity and using only that notion to measure success risks the business losing out to competition that provides more than just a product or service.
In my own experience as a customer, I prioritize a business that shows it cares about my need and delivers on the promise they are trying to sell to me, in many cases I have paid much more for a product reason I believe the business is acting in good faith.
A good example is when you go to purchase a phone charging unit from a shop, the shop attendant who only cares about the sale will ask how much you have and hand you a charger based on your budget. However, a business that cares about how you will think about them if you buy a charger that works for two days and it breaks down will go ahead and advise you on the best charging unit to buy. When you go back home and the charger you purchased works for three years without getting spoilt, what would your perception of such a business be?
I bet you will trust that business to make the right product recommendation based on what you want and you will be willing to pay more for their products since you are guaranteed a return on investment.
We all prioritize people who don’t just come for our money but care about us and fulfill what they promise to do for us. They may not be perfect but we know they try very hard to provide us with what we want. We tend to want to be with such people, and spend more time and money on them, these can be our mums, friends, partners, etc. In a business, it’s still the same just a different kind of relationship.
In an era of data analytics, and automated communication with customers, businesses tend to forget what drives people, the data won’t show you these emotions only the results that come from them.
The features, pricing, etc. may not be enough to differentiate you from the competition however the emotion you evoke in the minds of your customers when they interact with your brand will do.
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