Six Successful Ways A Business Can Enhance Customer Value
Six Successful Ways A Business Can Enhance Business And Customer Value
By Team Acumentica
Company’s today need to develop a high performance culture to ensure it’s value is market-driven, compelling to customers, differentiated and sustainable and effectively enabled for sales, resulting in revenue growth. By implementing a value-add Market Planning process, one can become more knowledgeable about the marketplace, customers requirements, competitors and the competitiveness of your capabilities. This will allow a company to invest in the offerings/solutions and programs customers value most, and the marketing, development, alliance and sales activities necessary to bring those offerings/solutions and programs to the market. In turn, the company will benefit from improved management of those offerings/solutions and programs over their life cycle in order to meet performance goals.
How fluid are you in moving from strategy to execution?
This is dependent upon a seamless, well-choreographed performance of Marketing and Sales. A company marketing organization needs to flow from strategic to tactical — to produce a strategy with aligned offerings/solutions and program plans, and to enable execution.
Marketing Management’s contribution to High Performance Marketing is about defining value for a Company;
• Value perceived by customers, conveyed by and provided through the Company brand
• Value received by Company, in return, through execution of competitive business designs
Below are 6 ways to enhance your company or business unit business value.
a) Understand and Choose Value
Understanding and anticipating the customer’s changing definition of value in a dynamic marketplace, with shifting customers, competitors, capabilities and company strategies. Choosing the opportunity, market segment(s), and/or customers, and the scope of value to be delivered by a company at a profit to these segments, with or without partners.
Phase 1. Understand the Marketplace to Select Markets and Business Segments
Phase 2. Develop Value Proposition(s) to Articulate Relevancy and Differentiation
b) Create and Return Value
Developing customer-driven offerings/solutions and programs to deliver maximum value. The strategic and tactical approaches for returning value including profit models, branding and pricing structures.
Phase 3. Develop Business Design to Ensure a Sustainable Business
Phase 4. Design Marketing Mix Elements to Embody Value Proposition
c) Communicate and Deliver Value
The five “Ws” of customer communication: Who says what to whom in which channel, when and with what effect? Deploying and enabling routes-to-market to deliver value to customers, down to the named customer.
Phase 5. Assign, Allocate and Optimize Resources to Ensure Efficient Execution
Phase 6. Measure Customer Conversion to Validate Business Value
The take away is for companies to realize that proficiency in understanding markets and creating customer value is a primary determinant of its long-term performance. In addition, instilling key marketing processes and methodologies that are not only strategic but both strategic and tactical in nature. By implementing the above process, a company can increase their mind share, market share and revenue in today pervasive global economy when executed efficiently.
