One such lesson comes from the FMCG guru Harsh Mariwala, who has created profitable manufacturers like Saffola and Parachute which might be frequent in a majority of Indian households.
One factor that the Marico Chairman calls his “golden tip” to make a profitable enterprise is treating the shopper with worth.
Taking to Twitter, the businessman shared ideas along with his 936K followers that may come in useful for entrepreneurs who’re beginning a brand new enterprise.
“There are numerous ideas that may very well be useful when beginning a brand new enterprise, but when I needed to give one golden tip, it might be to give attention to offering worth to your clients,” Mariwala wrote in his seven-part tweet on Friday.
According to the 73-year-old, every entrepreneur, who’s hoping to make it large within the business, should preserve clients on the centre of each problem-solving train. The corporate’s skill to create worth for the purchasers will make or break a model. “When beginning a brand new enterprise, it is necessary to keep in mind that your success will depend upon whether or not your services or products solves an actual drawback or meets an actual want on your clients,” his caption learn.
Mariwala stressed that entrepreneurs must take some time to brainstorm about the needs and preferences of their customers when starting their businesses. “To be successful, you need to focus on delivering value to your customers that they cannot easily get from other businesses. This means taking the time to understand your customers’ needs and preferences, and designing your product or service to meet those needs in the most effective way possible. It also means prioritising customer satisfaction and feedback, and being willing to make changes to your business model or product offering based on that feedback,” he added.
The business tycoon, who wrote a book on his business lesson during the pandemic, said that this simple practice will ensure a loyal customer base, differentiating them from their competitors.
“By focusing on providing value to your customers, you will create loyal customers who will return to your business time and again, you will also differentiate yourself from competitors and build a strong reputation for quality and customer service. This can help your business grow and succeed over the long term,” he concluded his post.
What’s your idea of building a successful company? Let us know in the comments section.
Source: India Times