These days when the world economic situation looks like gathering cumuli over the mountains, shouldn’t a shrewd businessman take an off-the-beaten track and give back to their custom what you owe them?
The thought is not new for if you hark back to the 1930s when the Great Depression set in the whole of Europe and America those who made the the fastest buck out of the gloomy situation were the “exchange and seconds sale” people. They thought ahead and saw what was coming. People sold and bought things cheap, cheaper, cheapest. And, they gained.
Though it’s no Depression with a capital D today, the situation has many features of it with general decline in business activity the world over. Perceptive traders will cultivate a fear of god in them and try to give back their customers what was due to them.
Some online malls have done this. They call it reverse option when a shop or producer of goods chases the consumer and bid for his demand rather than the other way round in boom times. The lowest bidden gets the business. Higher the number of customers for a particular good, greater the benefits they derive because the law of economy works in such instances.
These biz people give up a larger share of the profit cake to enlist the goodwill of the new customer. A good businessman knows for sure that larger volume of business bring greater profits than smaller volume bearing a high price tag.
that plays this role of “custodian of customer’s wallet” establishes itself as
the benefactor of the customer and well wisher of the business. When the deal
is concluded there is smile around. Only, this works well in the case of
branded goods. Two young managers who began such a bulk bargaining method or
reverse option in
Experiences managers say the overused tricks like reduction sale, rebate and such other deemed bonanza are no longer working. The middle and upper echelons of the society shop smart and they know the value of the goods they pursue. Today’s customer is obviously well informed and with internet empowering them it is in his power to verify things. No fooling around will do.
Let the biz take a cue from those at the top of the food chain. They do not kill anything or anyone for mere vengeance, but only to kill the hunger. Do biz to survive and let others in these hard times.
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