“The secret of successful retailing is to give your customers what they want.”
Not only is this the secret of successful retailing, but it is the secret of any business success.
If this is the case (and it is), why do so many businesses struggle with this area? Is it because they aren't giving customers what they want? I think it is.
What this means is there has to be a communication or understanding gap between business leaders, their workers and the customers. Our people deal with customers every day and know what they're saying and talking about. So why isn't that being tapped into? It's our key source of customer desires and wants.
Another problem from the beginning of a business is it seems that many times businesses aren't started with the customer in mind, but rather are started with how things will work good for them. If a business is started that way, it's really hard to move it off it's moorings.
Now how can we measure if what we're doing is right? How is success determined? It's very objective and easy to measure: are customers still coming and spending money with you? There is no other question that needs to be asked as far as business success goes.
If we are giving customers what they want, they will continually vote with their dollars, telling us we're on the right course. When it comes right down to it, there's no other reason to be in business than to give customers something they're looking for.
Wal-Mart (WMT) continues to give customers what they want, as they've decided that's where they want to go. There's nothing more important than that in any business.
Other Walton Sources:
The Most Underrated CEO Ever The legendary Sam Walton
Sam Walton: The Power of Persistence
Sam Walton Business Quotes for Ya
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