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Business Practices to compete in a global economy

Businesses today must compete differently than in the past if they want to have a global presence.  In the past businesses competed locally or nationally but not on a global scale.  The advancement of technology and the Internet changed all the perspectives of having a business.  Many things need to be in place for businesses to succeed and they are even more important to do so on a scale to reach outside the borders of their individual country.  Businesses must decide what they need to do differently today to draw customers from all over the world.  These decisions may be different dependent upon the circumstances involved and the product or service they want to sell but there is some commonality.

One of the common factors a business must have in place is a product or products which are high in quality and exceeds the expectations of customers who buy them.  Quality is an important factor for any business regardless of where they compete for their market share.  Too often these days products do not last as long as they did in the past and customers get dissatisfied not only with the product but the company.  The quality culture in an organization or business must be engrained in all employees from the top down.  Management must convey the importance of quality over profit not only in their words but in their actions.  Businesses that do not back their words with action will impact their customer base.

A second factor which is critical to business success is instilling the practice of excellent customer service/experience.  The experience a customer receives translates into a satisfied customer who will return to buy more products or translates into a customer who will not return to buy more products if they are unsatisfied.  Customer experience or customer service aspect of a business requires it to be a priority of every employee in a company or organization.  Too often businesses think customer service is a department within their organization not realizing that every employee can impact the customer service function.

The operations of a company or organization can also impact the reputation a company earns.  The perspective a company projects involves not only the quality of their products/services but how customers are treated.  Problems sometimes occur with a product from a company and when this occurs customers want to feel their issues are properly addressed when they talk to any employee.  Customers are the lifeblood of a business and their importance to the company needs to be projected in how a company is structured to please every customer who enters their business.  One phrase is well-known in the business world and to customers.  It is that customers are number 1.

The three aspects of quality, customer service and reputation are factors on which companies will be compared to their competitors.  Most companies have competitors in these times and if they do not the needs of the customers will be met with competition.  When companies fail to satisfy the needs and expectations of their customers there is always someone who will step in to satisfy that need.  The needs and wants of customers around the world may be different dependent upon their situation in their respective country and businesses need to address these differences if they are to succeed.

Companies may not necessarily have the intention of competing in a global environment but it is difficult to ignore the potential especially if a product or service is of high quality.  Sometimes the reputation of a company creates demand not anticipated and businesses must be ready to meet that demand.  Granted successful businesses in the world economy as it is today is not easy.  Establishing a customer base that is happy not only with the products but how they are treated will display that satisfaction when they talk about a company.  Individuals travel more on a global scale today than in the past and conversations take place all the time in travel situations.  There are no limits to what may be discussed and a face to face conversation carries more weight than information carried through the Internet.

When we as individuals have conversations with others we tend to talk about many things.  The best advertisement a company can receive is a satisfied customer transmitting that satisfaction to others who may be interested in a product which is being discussed.  This can open up markets and opportunities for more sales that sometimes are hard to achieve through normal marketing methods.

 

 

 

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Dennis AuBuchon

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