A successful business can be defined in so many ways, and one of the most important is their true “customer loyalty”. Previously, companies abided by a simple code: Do one thing and do it right. Today, that’s a luxury that businesses don’t have as most vendors increase product lines. For example, to make the most out of every customer transaction and keep them in the store, the greeting card shop is now the clothing, accessories, paper goods and nick-nacks store.
With the spreading mentality for one-stop-shopping, people today are too busy to go to specialized stores. As a result, businesses need to diversify, meet new customer needs, and expand into new markets to remain at the top of their markets.
Distributors and manufacturers that become established within a niche market are likely to gain return customers, especially those in the same field or geographical location. But location isn’t enough to support today’s growing industry needs.
For companies today, specializations and the ability to cater to specific industries has proven to be a draw for return customers. However, a broad range of specializations has its benefits. As the needs of clients expand into new, potentially unrelated markets, distribution companies that have the ability to fulfill new, related needs are less likely to lose existing customers.
Companies that wish to be seen as suppliers of choice for a specific market need to be able to flexibly provide for that market to maintain loyal customers. Overall, distribution center and warehouse management decisions need to be made with future growth in mind.
Planning for potential growth means investing in and integrating systems that can expand, adapt, and have lasting value. Warehousing and distribution solutions designed for cross-product automation will handle expanding product lines and the resulting shipping services required. In addition to high-powered systems for development, analytics and visibility into these systems is also key. Understanding the data will lead to opportunities for greater growth and efficiency.
The universal secret of business growth remains the consistent, reproducible business process, which requires:
• Identifying every task in a business process
• Refining that process for maximum efficiency
• Replicating that process as widely as possible
Until now, most business software gave short shrift to the most variable, error-prone parts of that process—the parts performed by people. When you have strong technology to help you ensure that routine human tasks are always completed consistently and reliably, you can make a good business great.
Learn how to make the best decisions for your future – contact an Acumen expert today to discuss how preparing now will lead to growth in the future.