Our mission is to help you innovate, scale and transform – people, products and processes. A critical factor to innovation and transformation as a customer-centric organization is an understanding of what’s really important to your clients. If you don’t know what they want, all of the innovation in the world won’t bring them or keep them with your organization.
Earlier this month, Bain Consulting published this article in Harvard Business Review: The 30 Elements of Consumer Value: A Hierarchy? If you are serious about creating a customer-centric organization this is a must read. [bctt tweet=”If you don’t know what your customers want, all of the innovation in the world won’t attract them.” username=”markatrisepg”]
As you know, the business environment today is more competitive that at any other point in our history. The internet, review sites and smart phones have completely transformed the competitive landscape, the way people buy, and the way individuals research options. A provider of goods and services is no longer protected by geography, nor can poor customer service or dissatisfaction be hidden from the marketplace. At the same time, new and emerging organizations are able to educate their marketplace and attract new users at breakneck speed.
Look at this data from Bernd Leger that shows the time each platform took to reach 50 million users. The speed is staggering – the Angry Birds game did in 35 days what it took radio 38 years to accomplish. Perhaps the more realistic and more relevant statistic is that the Angry Birds game did in 35 days what it took Facebook 3.5 years to accomplish. Business is truly moving at a startling speed.
High performing organizations recognize that they need to continuously innovate or risk being made irrelevant by a competitor. And they need to continuously add more value to their clients than anyone would expect. How can you stay ahead of the curve? [bctt tweet=”High performing organizations recognize the need to continuously innovate or risk being made irrelevant.” username=”markatrisepg”]
I believe you must start with the question: What do clients truly value? What is most important to your clients? In our eBook, Loyalty Isn’t Luck, Intentional Plans Create Die Hard Fans, we suggest that you take a hard look at your clients’ functional needs, emotional needs and altruistic needs. These three areas can give you a much clearer picture of what your clients value.
This week’s Bain and Company article builds on this concept and really takes it to another level. In the article, Bain identifies 30 unique elements and organizes them by functional, emotional and altruistic needs (they use the terms “life changing” and “social impact”).
The more needs you meet the better. Additionally, altruistic needs, if effectively met, drive more loyalty than functional needs.
I recommend the following:
- Work with your executive team to identify how many of these elements you are currently meeting. Where is your value proposition strong and where is your value proposition weak? How can you leverage the strengths? What immediate steps can you take to move the weaknesses?
- Take your findings and use them to create a brand promise (If you need guidance on this one, we expand on Brand Promise in our Loyalty Isn’t Luck eBook).
- Implement a closed loop client feedback process such as Net Promoter Score. Track it consistently on one of two points that are key indicators of your success. Keep the score in front of your team on a regular basis – knowing the score is a powerful motivator.
What are you doing to innovate and add value to your clients? What will you do this week that can make an immediate and positive impact on delivering to your brand promise? Please comment and let us know what’s working for you and which of the three steps above you are tackling this week.
Interested in learning more about creating die-hard fans – those fans who are fiercely loyal to your product, brand and organization? Join Mark next week at the Dallas Business Journal for his Loyalty Isn’t Luck workshop series.