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Winning and Retaining Customers:

Competitive Strategy

Customer Value Proposition

Giving Your Customer More Benefits

by Vadim Kotelnikov, Founder, The first-ever BUSINESS e-COACH for Innovative Leaders, 1000ventures.com

"Customers grow ever more demanding, and suppliers must change just to keep up"  - Fred Wiersema

 

The Best Technique to Win the Customer Over

Skillful integration of the following three considerations can prove irresistible:

  1. Good idea

  2. Fair price

  3. Emotional considerations

Three Stages of the Quest for Value3

  1. Quality. In the 1970s and early 1980s many companies had to admit that they didn't know how to make durable goods or deliver reliable services. The buzz of Total Quality and all its variants filled the air. Companies learned to operate in a continuous-improvement mode, turning state-of-the-art into standard operating procedure. Gradually, good functioning became the norm. But rather than satisfy customer hunger, it only increased value-whetted appetites for more convenience, lower prices, and an endless stream of innovative products and services.

  2. Single Value Discipline. Successful organization where those who excelled at delivering one type of value - best total cost, best product, or best total solution - to their chosen customers. Managers focused on a single value discipline and build their organizations around it. Choosing one discipline does not mean abandoning the others. It means that a company directs its energy and emphasis. It narrows its focus to become a market leader - it is going for the gold in their chosen discipline and settling for a silver or bronze in the other.

  3. Customer Intimacy. Customers refuse to be anonymous. They continue to raise the level of their requirements, but their range extends beyond best price and best product. Today's customers want exactly the right selection of products or services that will help them get exactly the total solution they have in mind. Now, more than ever, customers hunger for superior results from the products or services they use. And customer intimacy gives it to them.

Related Chapters of the Business e-Coach

Differentiation Strategy

Customer Satisfaction

Why Customer Value Proposition?

Your company should deliver a particular customer value proposition to a definable market in order to exist. Competition is all about value: creating it and capturing it.

Perceived Value to the Customer

You can charge the customer the value provided, regardless of its cost. "If the price charged for an item is commensurate with the benefits provided, then it will be considered a good value in the mind of the buyer. But remember, there are limits even in a monopolistic situation."1

Customer Value Proposition and Business Designs

The delivery of the customer value proposition relies on a business design, which uses key business processes to harness the distinctive capabilities, competences and resources of your firm to deliver superior value to relevant markets. Customer value propositions and business designs compete and collaborate for customers, resources, infrastructures and skills on strategic landscapes.4

Making Your Customers Laugh

Why would people want buy from you if they don't enjoy doing so? Making what you have to sell fun to buy is simply taking the whole process one step further. "If you can make your customers laugh, and excite them with your vision of what life can be, they are not going to walk into your outlets, but run into them. Running a successful business should be fun for you, and there's every reason why you should be able to communicate that sense of fun to your customers. Certainly, if you aren't having fun, you probably aren't running a successful business."2

 

 

Bibliography:

  1. "The 10-Day MBA", Steven Silbiger, 1999

  2. "The Seven Deadly Skills of Competing", James Essinger & Helen Wylie, 1999

  3. "Customer Intimacy", Fred Wiersema, 1996

Founder - Vadim Kotelnikov. © Copyright by Ten3 East-West.  | Copyright | Glossary | Links | Site Map |

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