Episode 55: Are You Building A Business Your Customers Value?
Show Notes — Are you building a business that your customer’s value?
If beauty is in the eye of the beholder, then value results from the perceptions of your customers.
Put another way – if you are selling something that you think offers value, but your customers aren’t convinced, how long do you think your business will last?
Are you then building a business that your customers value?
Several years ago now the once mighty RIM (makers of the BlackBerry) lost considerable market share because they lost focus on what their customers truly valued – which at the time was a shift away from a keyboard towards touch screens and swiping.
General Motors failed to keep the Hummer alive because, well no one wants to deal with the fuel economy (or lack thereof) of a cement block on wheels. Had GM realized that customers demanded updates and changes in style, functionality and aesthetics, as well as the ability to drive past a fuel pump once in a while – the brand might still be alive today.
Circuit City clearly lost site of providing value to their customers when it let go of nearly 3400 of their full-time in store staff in order to cut costs. Customers retaliated against being served by less educated employees by deserting the chain, which closed in 2009.
There is a hundreds of examples of failed businesses, many of which are longstanding and once highly profitable brands.
When you pull back the covers however it becomes increasingly clear that in virtually every circumstance the business, it’s executives and shareholders lost touch with what their customers value.
- Shifting customer demands
- Increasing global competition
- A growing desire for customization and the need to feel special
You’ve heard these before I’m sure, but what have you done in the meantime to connect with your customers and understand what it is they value?
I am not talking about sending out blind surveys here – we all know survey’s are dead!
- What do your customers want from your products or services today?
- How do they see this changing in the next 6 months, 2 years or decade?
- What other value might you offer that would make their investment decision easier and your value proposition stronger?
So my question stands – What do your customers value and how are you improving your business to offer perpetual value that will ensure both longevity and profitability?
Remember just as perceptions change so too does perceived value.
Are you interested in learning more about Building a Business Your Customers Value? Visit shawncasemore.com/resources/e-book.
This has been another edition of Ideas with Impact – for show notes visit shawncasemore.com/55
© Shawn Casemore 2015. All rights reserved.
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