CandleFocus Glossary Editor
Customer - The Lifeblood of any Business
Customers are the lifeblood of any business. They are the individuals and businesses who purchase goods and services from another business, providing the influx of money necessary to sustain a business. Without customers, a business cannot survive. This is why businesses strive to identify, understand and meet the needs of their customers.
By understanding and satisfying customers’ needs, businesses can give themselves an edge in a competitive market. This understanding is acquired through customer relationship management. Closely monitoring customer relationships allows a business to identify opportunities for service and product improvement.
Understanding customers is not enough, however. Businesses must strive to meet the needs of their customers. This can include ensuring customers have access to helpful customer service agents or have access to a range of quality goods and services. Businesses must be willing to provide discounts, special offers and extra benefits that are attractive to customers. Without customers, businesses will struggle to stay afloat.
Consumers are those individuals and businesses who consume or use the market goods and services of a company. This is distinct from customers, who are those individuals and businesses who buy such goods and services. Consumers, of course, eventually become customers when they make a purchase. Consumer feedback is also important to businesses, as it allows them to track consumer trends and adjust their products or services accordingly.
In summary, customers are essential to a business. To stay competitive, businesses must identify and understand the needs of their customers and strive to meet them. This can include providing helpful customer service agents or a range of quality goods and services. Similarly, consumer feedback is invaluable to businesses as it helps them better understand consumer trends and make necessary changes. Without customers, businesses can not survive.
Customers are the lifeblood of any business. They are the individuals and businesses who purchase goods and services from another business, providing the influx of money necessary to sustain a business. Without customers, a business cannot survive. This is why businesses strive to identify, understand and meet the needs of their customers.
By understanding and satisfying customers’ needs, businesses can give themselves an edge in a competitive market. This understanding is acquired through customer relationship management. Closely monitoring customer relationships allows a business to identify opportunities for service and product improvement.
Understanding customers is not enough, however. Businesses must strive to meet the needs of their customers. This can include ensuring customers have access to helpful customer service agents or have access to a range of quality goods and services. Businesses must be willing to provide discounts, special offers and extra benefits that are attractive to customers. Without customers, businesses will struggle to stay afloat.
Consumers are those individuals and businesses who consume or use the market goods and services of a company. This is distinct from customers, who are those individuals and businesses who buy such goods and services. Consumers, of course, eventually become customers when they make a purchase. Consumer feedback is also important to businesses, as it allows them to track consumer trends and adjust their products or services accordingly.
In summary, customers are essential to a business. To stay competitive, businesses must identify and understand the needs of their customers and strive to meet them. This can include providing helpful customer service agents or a range of quality goods and services. Similarly, consumer feedback is invaluable to businesses as it helps them better understand consumer trends and make necessary changes. Without customers, businesses can not survive.