It’s a fact that may be gaining attention again, but has always been true. Customers are your currency. They are the life of your business.
Smart professionals, business owners, investors and executives are once again talking about how customers are your real currency. Although a long neglected fact, perhaps we’ll see this trend come back in a good way.
“The Money is in the List”
For years we’ve been hearing things like “the money is in the list,” “data is the new gold,” and so on. Many have tried to value businesses by the number of social media connections they have.
While these may be symptoms of some success in some cases, they don’t tell the whole story. Certainly not the most important part of the story.
So many businesses and investors have become completely lost in the wrong metrics that they have sabotaged their own success. Throwing everything on building a bigger Facebook following is like buying a Rolls Royce because you think it will make you successful. It’s a chicken and the egg dilemma that most have failed at. They ate the egg and cooked the chicken. Now, what?
What success and a valuable venture is really built on is people. It’s customers.
This is true for the small store to largest institutions and even the government. When they stop buying or buying into the brand, there is no more business. This can equally apply to nonprofits, real estate and investment portfolios.
They all require customers. The more engaged those customers are and the stronger the connections, the more likely they are to stay and return the best lifetime value. In turn the company or assets are far more sustainable and resilient.
The Wake Up Call
For a long time companies have just been churning customers and losing money, while those at the top are taking big bonuses and playing roulette with investor money. They haven’t cared about customers. It’s been a mantra of how little can we give, and how much can we take? Or even how much can we take away, and increase prices, while delivering the worst possible service. It’s not sustainable. Watch companies like Zillow and Wells Fargo, and see how it is biting them back.
Customers are currency. They are what make a business or investment. They always have been. Many are only now realizing it when they are broke and broke on customer trust and loyalty.
If you have the customers – you have a business. Keep giving them value and keep sustaining and growing your business. If you have their trust and loyalty, they’ll stick with you, even if changing tactics, strategies and pivoting with the times.
Your customers are the value of your business. Plenty of companies have even sold for millions and billions because of their customer base and relationship with them.
Who are your Customers
If you are a money manager, investor, landlord, lender or real estate or finance business owner, your customers actually probably include:
- Other investors
- Your workers
- Family members
Treat them well – like they are valued and appreciated. Don’t say it – do it. Everything won't always go perfectly, but that’s when it actually matters. Engage with them, seek to give them value first, instead of just selling and taking. It will pay great dividends, and you’ll feel a lot better about the business you are doing.
Find out more about investing in secured debt and real estate, go to NNG Capital Fund
Photo by Naassom Azevedo on Unsplash