Sam Walton, the founder of Walmart, is widely considered one of the most successful retailers of all time. He is known for his focus on providing low prices and great customer service, but he also placed a great deal of importance on creating a great product. In this article, we'll explore the importance of creating a great product according to Sam Walton, using quotes and references from his books and interviews.
- Listen to your customers
One of Sam Walton's key beliefs is that listening to your customers is crucial for creating a great product. In his book "Made in America," he writes, "The key to success is to get out into the store and listen to what the associates have to say. It's terribly important for everyone to get involved." By listening to customers and taking their feedback into account, businesses can create products that better meet the needs and wants of their customers.
- Keep costs low
Another important aspect of creating a great product, according to Walton, is keeping costs low. In an interview with Forbes, he stated, "I pay very close attention to costs. If you can keep your overhead low, you can pass on the savings to the consumer." By keeping costs low, businesses can offer their products at lower prices, making them more accessible to a wider range of customers.
- Continuously improve your product
Walton also emphasizes the importance of continuously improving your product. In his book "Made in America," he writes, "We're always trying to find new ways to improve our merchandise, our stores, our systems, our people." By continuously improving their products, businesses can stay ahead of the competition and attract more customers.
- Continuously work on the customer service
Another key aspect of creating a great product according to Walton is to continuously work on the customer service. In his book "Made in America," he writes, "The goal as a company is to have customer service that is not just the best but legendary." By providing excellent customer service, businesses can build a loyal customer base that will be more likely to return for repeat business.
- Be passionate about your product
Finally, Walton advises businesses to be passionate about their product. In an interview with Forbes, he stated, "If you love what you're doing, you'll be successful." By being passionate about their product, businesses can create products that they truly believe in and that they know customers will love.
Conclusion
Sam Walton, one of the most successful retailers of all time, has valuable advice for those looking to create a great product. By listening to customers, keeping costs low, continuously improving their products, continuously working on customer service, and being passionate about their product, businesses can create products that customers will love and that will be successful. Remember to always focus on providing value to your customers, as Sam Walton would have done.
