Management Tip of the Day: Know what your customers do best

BOSTON (Reuters) - Many firms assume that customers can do just one thing of real significance: buy their products and services. It's time to seriously challenge that assumption, says Harvard Business Review.

The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:\\www.hbr.org). Any opinions expressed are not endorsed by Reuters.

"Customers are more valuable than the money they spend. They can help grow your company, whether they buy more or not. Here are three things your customers can give you:

1. Ideas. It's a great misconception that customers don't know what they want. Research and experience has shown the opposite. Tap your lead customers for innovative ideas.

2. Credibility. Customers are more credible than you are. This means they make better marketers than agencies or internal employees. Identify your biggest fans and incent them to act as 'champions' for your company.

3. Getting others to buy. Customers are often more interested in a fellow consumer's sales pitch than yours. Find ways to put them in touch with your prospects and let them close the deal for you."

- Today's management tip was adapted from "The Things Customers Can Do Better Than You" by Bill Lee.

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