Gautam Mahajan: Customer Value Creation
Marketers: Reduce Customer Value Deprivation, Grow Your Markets
Customer Value is all about Value creation. This is what we tend to concentrate on: the positive experience, delight, positive Customer Value. We forget that we must pay as much emphasis on value destruction also. Value destruction happens when a product does not work;...
Why is CX Not Impacting Trust?
CustomerThink has conducted a study on CX and its relevance. They find that the CX index and the CSat index has not gone up in the last few years, but the CX spend has. The question is if CX is so important, and if so...
Are Firms Becoming More Human?
I am writing this article because of potential Value Creation for companies and possible reduction of Customer Value in the future. All of you need to think about this as you plan for the future. First one must accept that firms are really human, though...
Are You a Value Maker or a Value Taker?
I am writing this in CustomerThink because I want readers to think about the future. And not be like me, when I was in middle and senior management to think only about the well-being of the company rather than the well-being of those we...
Is Value Co-Creation Always Necessary?
Much has been written by experts on value co-creation. Some believe that without co-creation value cannot be provided. I have a view which is similar to my view on other items. For example, experience is not always necessary for value. A journey is not always...
Why McKinsey Says Link the Customer Experience to Value
CX is one aspect of creating value. But in the case of a CVA (Customer Value Added) measurement, the questions are asked of the decision maker, not the user who has been in the transaction.
Use Customer Value to Fill In the Cracks in Customer Experience
There have been cracks in the CX story. And now there is another article by a CX proponent, Charles Bennett of the Next Ten Years, Great Customer Experience does not always mean great business performance. He goes on to say: “The theory says customer experience…
Attractology and Business
"The law of attraction is: You don't attract what you want, you attract what you are," according to American philosopher and author Dr Wayne Dyer. Attractology isn't just the science of looking good, but having personality traits that make you magnetic. Apart from attracting people…
Customer Value Economics: The High Cost of Poor Service
This doesn’t make sense, you think. Doing less cannot cost more. You have to look at the net cost. Many actions that add value do not cost much. Smiling, being courteous, listening to customers, keeping promises, going the extra mile, wanting to help, being on...
Value Creation: CEOs Must Tip the Balance Towards Retention
Curt Fowler wrote in the Moultrie Observer on Driving Growth through Customer Excellence. He quoted HBR in Zero Defections stating that a 5% increase in Customer retention can increase profits up to 75%. In...
5 Steps to Becoming an Outstanding Customer Expert
Many of you are good at being Customer focussed, and are Customer Experts. How can you become an outstanding Customer expert? You just need to follow a few steps given below. ...
Become a Customer Expert! Start by Clearing 9 Misconceptions About Customer Value
Many of you are Customer experts, or close to being one. It is a matter of using what you have learnt, and what you keep on learning. If you are open to new ideas and learn better techniques, you will be a better Customer...
How Customer Value Can Improve Your Price
If you create the value that the Customer is looking for, and if he perceives that you are creating value, what does he do? Does he choose your product first (show a preference for...
Using a Customer’s Bill of Rights to Build a Customer Culture
In my last few column articles, we discussed how to measure Customer Value and have examined the softer side of Customer Value Management. ...
Are You Adding Value to Employees, So They Can Add Value to Customers?
From my recent posts in my column, you know about Total Customer Value Management, how we add value to Customers, and how we help employees manage Customer-Centric Circles, and bring...
Customer-Centric Circles: The Bottom-Led Customer Focus
We studied Customer Strategy in the last article. The Customer Strategy starts a Customer alignment and culture at all functions and levels as part of our Customer-centric objectives. This establishes what we call ‘Customer ...
How Customer Strategy Relates to Business Strategy and Customer Culture
So far we have focused on the tools of Total Customer Value Management, what Customer Value is, how it is measured and how it relates to business ...
Total Customer Value Management and Customer Culture
So far we have focused on the tools of Customer Value Management, what Customer Value is, how it is measured and how it relates to business results such as loyalty, market share, profits and stock price. We...
Loyalty Curves and Value Maps
In my last post, we learnt how Customer Value data correlates to business results. We saw how much of a connection the CVA (Customer Value Added score) has with market share, retention, profits etc. This time, we...
Customer Value Data and Business Results
In previous posts, we learnt how to use data for improvement of the Customer Value we create and for communicating our Value. We also discussed how to put together a Customer Value Improvement plan. We looked at...