Customer value drives profitability. The more value you provide the greater the demand for your product service and as a result, the greater the profit you can collect. Increasing profitability requires we rethink how to increase profitability; it requires we think beyond simply increasing sales. Curious as to why? View our previous post on Rethink Sales here.
Who defines value? The customer.
Who assesses what the customer values? No it’s not sales; it’s not marketing; it’s not business development. The customer defines what they truly value and the only way to assess what they value is to ask them. This requires a multifaceted interaction approach within the customer account – from the CEO to the Operations Manager to the Shipper.
Defining value goes beyond a simple survey, requiring a genuine conversation consisting of strategically positioned questions to fully assess what the customer values – both perceived and inherent.
[Tweet “Once you fully understand what your customers value, you are best positioned to maximize value and… maximize profitability.”]
If you want to differentiate in a crowded marketplace, try asking your customer what they value. The answer and resulting satisfaction to the value and price you provide just might surprise you.
© Shawn Casemore 2014. All rights reserved.