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Is the customer always the king?

We have all heard this old saying from the 19th century and several companies have even made it the guiding principle of their activities.

But is it still relevant today? Are we required, as business owners, to comply with all of our customer's wishes?

The answer is as complex as the question: yes and no.

  • Yes, because your business wouldn't be viable without your customers.

Whether for profit or not, a business simply cannot survive without its customers, more precisely without their satisfaction and loyalty.

As your products or services are made to meet the needs of a target audience, your marketing campaigns and entire approach are built around your customers.

In the age of social networks, competition is at your fingertips and the customer can, with a single click, decide to give their dollars to one of your competitors rather than to you.

Thus, you must know how to meet their expectations, resolve specific situations or retain clients while maintaining your integrity and remaining realistic.

  • No, because you have to stay consistent with your business plan

Pricing... a real headache!

You evaluated labor (direct and indirect), administrative costs, costs related to the rental of premises or other fixed charges, the purchase of raw materials, delivery costs, customs, transport and any other incidental expenses that go into the production or distribution of a unit of a good that you sell or of a service you offer.

To these, you add your profit margin in order to ultimately set your unit or package selling prices.

After all this hard work, you are all too aware of the limitations that arise when the task of satisfying your kinng-customer translates into decreased revenues, which it often does.

A proactive entrepreneur will anticipate these situations and include them in their monthly forecasts. For example, they will budget 10 discounts of 10% for non-satisfaction or 5 discounts of $ 10 per month. This will promote both customer relations management and finance management.

As mentionned earlier. there is no right or wrong answer.

For entrepreneurs and small and medium-sized business owners in particular, who pour their heart and soul, any situation must be studied in detail, because if the customer is the king of a battle, the company remains King, or Queen, of the war.

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