iPhone | iPad
Android
Huawei
The acquisition represents a significant milestone for NEOPAY as it aims to expand its presence in the rapidly growing digital payments sector in the Middle East
KT APPDOWNLOAD
Keep your customers satisfied
Business is an art, and those who play this game strategically surely succeed in it. In business management, customer satisfaction is a proven technique for consistent growth. Big companies are keen to understand the satisfaction level of their customers. They analyse customer feedback through online surveys, phone calls, e-mails, social media etc. Small businesses needn’t do all this. My simple advice to them is to keep their customers happy by giving something more,which is value addition.
I spent my early childhood in a village in India. I remember farmers had the tradition of giving more commodities for the same rate. If a buyer bought 10kg of grain, the farmer would voluntarily and happily gave half a kg more. In the case of mangoes or other fruits, a dozen meant fourteen and a hundred meant 115. It was a win-win situation for both the seller and the buyer. Thus they retained the satisfied customer.
To this very day many comapnies like Al Adil Group utilise the same technique to draw customers. It is often mentioned on the pack that the commodity inside is 20 or 30 per cent extra. Sometimes the offer includes buying one get one free. Besides, there are several sales and purchase festivals from time to time. Every business aims to retain its existing customers and attract new ones.
When the customers get something more for the same price, they become happy and satisfied. Once I read an interesting and insightful anecdote. In 1930, there was a company named Detroit-Michigan Stove Company in the USA. Fred Kaiser was its manager. He learnt a valuable lesson about customer mentality and intelligent selling from his little daughter. Fred’s daughter would insist on purchasing loose candies from a particular shop owned by a person named Nick. Even other children in the vicinity would prefer Nick’s shop over others. Once, Fred suggested to his daughter visit a big superstore nearby to buy the candies of her choice. The girl refused to go there and remarked, “None of us goes to the superstore. The salesgirl from the store takes some of our candies back, but Nick gives us more candies. He is so kind.”
Fred was surprised and decided to enquire about it. When he visited the store, he observed that the salesgirl first poured the entire jar of candies into the weighing pan and then started removing them to balance the weight. Then he went to Nick’s shop and observed Nick’s style, which was opposite of the store. Nick would first pour a few candies into the pan and then add more to balance the weight. In both places, the number of candies received by the children was the same, but the children would feel that the salesgirl took their candy away and Nick was giving more. Fred realised then how customers like to get more.
I have always preferred to satisfy my customers in my business, and it paid me the greatest reward — loyal and satisfied customers.
Dr Dhananjay (Jay) Datar is the chairman and managing director of Al Adil Trading.
More news from
The disease has been a public health issue in parts of Africa for many years but resurfaced as a global concern in 2022
Britain's finance minister Rachel Reeves reiterated the need for 'iron discipline' on the economy amid ballooning state debt
While Egypt sees no political will on the Israeli side, Biden pledges to press hard to keep a wider war from breaking out
Countries have been asked to focus on setting more ambitious near-term emissions targets for 2030 and for 2035
UniCredit requested European Central Bank permission to raise its stake to 29.9%
Iran's foreign minister will not meet with his US counterpart, says such dialogue would not be 'expedient'
Concerned about Israeli infiltration, IRGC inspects all communication devices while nuclear and missile sites tighten security, say officials