Three Important Rules of Business

Source: http://web.b.ebscohost.com/ehost/detail/detail?vid=5&sid=850728f9-690d-48ef-ae14-d0533ee531c9%40pdc-v-sessmgr01&bdata=JkF1dGhUeXBlPWNvb2tpZSxpcCxjcGlkJmN1c3RpZD1zNzMyNDk2NCZzaXRlPWVob3N0LWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#AN=124263838&db=f5h

The three most important rules of business include bringing customers to the door, making sure customers leave happy, and being in the business of marketing. Bringing customers to the door, entails being creative and different from the competition. A business owner wants to stand out from the competition in order for customers to visit and spend money at their store or website versus their competitors. A business owner wants to create a visually appealing store and/ or website that differs from that of their competitors. They may also want to create promotional advertisements and network to create clientele.

While a business owner always wants to bring new customers to their store, they also want to keep customers coming back to their store. The goal is to create loyal customers that keep coming back again and again. A loyal customer will not spend money at the competitors business, and they are more likely to spread the word about said business and bring others there as well. Loyal customers help to market the business, without the business having to spend any money on the marketing the customers are doing. This is because loyal customers will tell their friends and family about the business, and ideally help to create a network of customers who will spend money at the business time and time again.

Lastly, the business owner wants to be in the business of marketing. For example, if a person owns a restaurant, they may know everything there is to know about owning a restaurant. They may be able to host, serve, and cook all at the same time. However, if they are not able to market, their business will not be successful, and all of their restaurant skills will essentially be useless. The reason being, if a business owner does not market their products and services, they will never have any customers buying those products and services. Marketing is different from advertising, in that, marketing is anything a business owner does to promote their business. It’s essential that a business owner knows how to market effectively to create loyal customers that will generate revenue, and bring in new customers, who will become loyal customers.

I will use this source in order to help me remember the essential parts of owning/ running a business. I think that no matter what type of business you work for, you need to know how to market that business and how to create loyal customers. This source says that it’s better to have loyal customers that will come back again, than it is to have only satisfied customers who may only use a business’s products and services once. This source provides insight to creating a loyal clientele and how to market a business, without spending money. 

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3 Comments Add yours

  1. shaneskaarfor3 says:

    This looks like an excellent source. I remember learning something similar to this in a few of Holter’s classes. Very true how it’s better to have a few customers that will keep coming back rather than a large group that may only come in once!

    Like

  2. koltan18 says:

    Is it possible to please every consumer? What if the group of people spread the word that the company does not provide good services? What harms a company the most?

    Liked by 1 person

  3. emilysteele1 says:

    This reminds me of DECA! I like the 3 goals or “rules” for businesses. Is the customer always right? I remember hearing in DECA about marketing strategies, that may be beneficial to your research! You chose a great first source, nice job cuz!

    Like

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