Redefine customer value

While last week, we sought to increase customer value, lets look at ways in which we can redefine customer value. What are the ways we can grow by rethinking the jobs customers are trying to accomplish and use this to create new value, then enhancing their current value, or increasing their ability to derive value from your offerings.

An important frontier in B2B sales is redefining what we consider to be customer value itself.… Read more

What a CEO needs to know about customers- from touch points to journeys

As a practitioner, manager, and board director, and as a widely read observer, i can say clearly that Companies which create exceptional customer experiences can set themselves apart from their competitors and produce significantly better business results.

The practice of mapping the journey of our customers, is well established, but typically these elements have been treated distinctly- a piece of point of sale, a price, a sponsorship, and while there is typically oversight from a brand perspective to ensure there is fit with the brand, there is often little co-ordination from a customers perspective to ensure these touch points align to create a co-ordinated and self-reinforcing customer journey,

thats why I’d like to discuss moving from discussing elements of a marketing plan to the overall perception of the plan from a customers perspective.… Read more

Should I believe my Customers?

Is market research accurate?

I’ve been spending a little time dispelling some myths about marketing from the work of Prof. Byron Sharp, et al, and as a sideline, I’d like to talk about marketers and market research.

Is market research accurate- well it depends. As business leaders and marketers we spend a large part of our lives listening to customers, and typically the most effective means of doing this is through market research.  … Read more

New pricing research…

Phew, we’ve had a couple of months on pricing, and now this is the last of those posts.

Since researching how you can influence pricing, new research has come to hand, so I’ll summarize it here.

TACTIC 32: Sort Prices From High to Low

You can influence customers to choose a more expensive option if you sort products by descending price (i.e., from high to low).… Read more

Price to avoid harmful practices

One of the key messages I’m trying to inform General Managers about is that when it comes to consumers, we have to be expert psychologists. Nothing is ever as simple as it seems. And when it comes to consumers price is as much a perception as in any other area of consumer engagement. 

And that’s good news. There are no universal standards that dictate whether a price is high or low — it all depends on the consumers perception of that price and how consumers learn about how pricing works.Read more