Saratoga.com logo
Saratoga.com logo
  • Places to Stay
  • Things To Do
  • Food & Drink
  • Events
  • Businesses
  • Travel Guides
Saratoga Business Journal
  • Home
  • New Businesses
  • Business News
  • Business Reports
  • Business Briefs
  • Business Registrations
  • Personnel Briefs
  • Contact Us
Home  »  Business Reports  »  Business Report: Customers Are Key To Success
Business Reports

Business Report: Customers Are Key To Success

Posted onMay 5, 2016November 8, 2017
michael cruz c.jpg
Michael Cruz is president of Lighthouse Advisors LLC in Queensbury.

Courtesy Lighthouse Advisors LLC

By Michael Cruz

Whenever I speak with new business owners, I ask a simple question: “What do you think the number one key to your success will be?”

All too often the answers are money or having the right people on board. The real answer–the only answer–is customers.

Most entrepreneurs tend to be product centric. They know a lot about specific products in their industry. They “know” what their customers need. Often they are right. But that’s not enough.

Knowing what customers need, and knowing what they value are not the same thing. Sales is all about establishing value. It requires us to focus on the economic proposition. What will customers trade their hard-earned cash to get from us? Sales is the ultimate form of customer feedback. We ignore building a customer base at our own peril.

The same is true if you are launching a new product or a new product line. The Harvard Business Review recently did a study of 120 entrepreneurs. In it, they asked these entrepreneurs if their initial rollout had been successful. Less than half of those interviewed said yes. The biggest mistake cited in the survey was that these companies had fully developed their product or the value proposition prior to engaging customers.

Most innovators need constant customer feedback. It needs to begin prior to bringing new product to market. Good visionaries know that they need customer input if they’re going to be successful quickly. Feedback helps in positioning and designing of products. And most importantly, it ensures that we have an early revenue stream. It’s hard work, but it is absolutely necessary.

We overestimate our ability to deliver new products successfully. We underestimate the difficulty in customers switching to our product or service. New products and services need to offer a greatly superior value before customers will undertake the risk of changing their business or their supplier model. Often we don’t listen to them. Instead, we extol the virtues of our new offering.

And then, after our sales have disappointed us we go back and redesign our offering. It is an unnecessary step.

We need to start by listening to customer feedback early in the cycle. We need to identify a few key ‘anchor customers’ and do what it takes to win their business. In this way, we will help ourselves by delivering greater value to our customers and greater revenue for our business.

Cruz is president of Lighthouse Advisors LLC in Queensbury.

Previous Article Work On New Bridge Crossing Mohawk River Into Rexford, Part Of Route 146, In Underway
Next Article M&M Consulting Provides Coaching, Training For Job Seekers, Employees And Businesses
Subscribe to Our Newsletter
View the Latest Virtual Edition

Categories

  • 50-Plus
  • Banking
  • Banking / Asset Managment
  • Building Trades
  • Business Briefs
  • Business News
  • Business Registrations
  • Business Reports
  • Commercial / Residential Real Estate
  • Community Services
  • Construction
  • Construction Planning
  • Corporate Tax / Business Planning
  • Cyber / Tech
  • Dining Guide
  • Economic Development
  • Economic Outlook 2016
  • Economic Outlook 2017
  • Economic Outlook 2018
  • Economic Outlook 2019
  • Economic Outlook 2020
  • Education/ Training/ Personal Development
  • Entrepreneurial Women
  • Entrepreneurship
  • Environment / Development
  • Financial Planning / Investments
  • Fitness / Nutrition
  • Health / Community Services
  • Health & Fitness
  • Health & Wellness
  • Healthcare
  • Holiday Guide
  • Holiday Shopping
  • Home / Energy
  • Home / Insurance
  • Home & Real Esate
  • Insurance / Employee Benefits
  • Insurance / Medical Services
  • Legal / Accounting
  • Meet The Chef
  • New Businesses
  • Non-Profit
  • Office / Computer / New Media
  • Office / HR / Employment
  • Office/ Technology/ E-Commerce
  • Outlook 2021
  • Personnel Briefs
  • Retirement Planning
  • Senior Living / Retirement
  • Summer Construction
  • Uncategorized
  • Wellness
  • Women In Business
  • Workplace / Security / Legal
  • Year-End Tax Planning

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
Connect With Us

Follow, like and subscribe to Saratoga.com on social media

Account Sign In Submit An Event
Saratoga.com logo
  • Home
  • Places To Stay
  • Things To Do
  • Food & Drink
  • Events
  • Real Estate
  • Businesses
  • Guides
  • Contact Us
  • Blogs
  • Sweepstakes
  • Advertising
Visit Saratoga.com For Everything Saratoga
Full-Service Internet Marketing: Search Engine Optimization, Website Design and Development by Mannix Marketing, Inc.
Mannix Marketing, Inc. is headquartered near Saratoga Springs in Glens Falls, New York
Saratoga.com All Rights Reserved © 2021
Disclaimer & Privacy Policy / Terms of Use / Copyright Policies

We strive to insure accuracy on Saratoga.com however accuracy cannot be guaranteed. Information is subject to change.
Please alert us if there is any inaccurate information here.

Having trouble using this site? Accessibility is our goal, please contact or email us with site improvements.