I had been using Samsung Galaxy Note series for some time and owned a Note 7 before exchanging it for another Samsung phone. To be honest, Note 7 is really a good phone but unfortunately, the battery is not well-made. For the past few months, Samsung, the largest business conglomerate in Korea has been making headlines for the wrong reasons. However, there is much to learn from this episode that can be applied to our online business.
1) Branding and reputation
Samsung is the only other brand that can “fight” with Apple currently but with these 2 exploding products, it hurts Samsung branding very bad. The good news is that over the years, Samsung had built up a credible electronics brand and it is still the number 1 smartphone producer despite Note 7 woes (accordingly to a cnet.com report on 17 November 2016). Hence, your branding and reputation is very important whether you are doing an online or offline business. Always be ethical and make the right decision for your business even thought it might hurt your revenue.
2) Diversify your market once your first business is profitable
Samsung itself does not just concentrate only on electronics sales. It has diversified its portfolio into shipping, medical service, financial service and many more. However, without any doubt, the aim of venturing into these markets is to make money for Samsung. It is the same for your online business, once you are successful in your first market, you need to replicate your blueprint and develop other markets. If you have a successful digital product, you can launch another product for sale. Rinse and repeat. Do not rely on just one source of revenue.
3) Good Customer Service
Samsung offers exchange and refund to Note 7 users and also recalled all the affected washing machine. This is a bold and necessary step to minimize any potential harm to users. Samsung tries to offer exchanges and cash top up in order to keep their customers. Samsung even offer trade in for the unreleased Galaxy Note 8 in an attempt to retain Note 7 customers. So in your online business, how do you provide good customer service to your users and prospects? Listen to them and reply them. If there is anything that you can improve your service, go ahead and do it. Good customer service will retain your customers and also make them buy from you again.
However, please do not promote any products that will explode or harm your customers. 😛