From time to time, big companies try to outrun their competitors by enticing customers through one of the most effective ways they know customers respond to – pricing.
Did you know that Nike almost went out of business in 2001?
Well… almost. But they survived. This debacle resulted from a flawed understanding of demand and supply. However, they were able to turn this situation around before it got too bad (although they lost about 100 million in sales).
The anonymity, breadth and speed of the internet means one bad customer experience can have a snowball effect on your business’ brand and finance. Putting the consumer at the core of all business operations has never been so critical. Customer centricty is far broader than simply providing great customer service.
The giant Amazon arrived in Australia and has been generating a variety of opinions about what the future holds for online and physical retailers
“Experts believe that proaction doesn’t necessarily mean absolute price and service competitiveness with Amazon but rather developing an effective total marketing package and a flexibility geared to fast decision-making”, says Roger Pugh from The Big Smoke Australia.