It’s been said by many “experts” in retail marketing that today’s shopping experience is firmly entrenched in the habits of Googling (yes, I hate to use it as a verb) a product in order to find the route to the best price and how to purchase it. When JC Penney introduced their new pricing plan, scores of pundits had reservations about the company’s long-term success. Since unveiling their new pricing strategy, the retail giant has taken a few whacks in the legs–and it’s stumbling badly. Now gearing up to revise the game plan, many are waiting to see how that will pan out.

I think it’s sad that this strategy did not work. I’m not their customer, but this path seemed fair, honest and straightforward–and I thought it would be a winner. However, that’s not what the majority of shoppers want; they want to know they got a deal, whether that’s by discounting, coupons, etc. I’m not an in-store shopper, but the times I’ve been dragged into Kohl’s I’ve been amazed at the sales volume taking place. Did JC Penney have the right idea but just the wrong approach?

Bottom line in this, it’s all about what the customers want, isn’t it? What do your accounting customers really want? When you ask them if they are happy with your service, is a “fine” or “all’s good” actually equating to a rating of exceeding expectations?
Business 101 teaches to listen to the customer; I suppose it’s those graduate-level courses, i.e., experience and hard knocks, that teach how to listen and what questions to ask.

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