I own an SUV which proudly carries the pock marks of having driven me through the streets of Chicago for the past ten years. Recently I was at my brother’s house in Princeton, NJ and he insisted that I test drive his brand new Porsche Cayman S. I really was not that excited because I did not want him to tell me how my gear shifting abilities are inferior to his gear shifting abilities, but nonetheless I agreed to a test drive. His advice: once the car is in 2nd gear, step on the gas pedal, stay in 2nd gear, and feel the car take off….WOW, WOW, WOW! Now, I secretly wonder all the time if I too “need more speed”.
I bring this up because it made me think about my own job… helping companies with Customer Value. A common sentiment I often hear when talking to companies about Customer Value is, “we already do customer value, we know our value proposition, we listen to our customers and we integrate their point of view into our business”, but then they often add, “Anyway, what power do I have as a (fill in the blank) to get my organization to change?” It may be a bit odd that my brain connected a Porsche story to getting started with Customer Value, but follow me on this:
- Find, do not build, a machine for speed: All B2B companies are in a race: Those who improve their customer’s profitability first, are those who win. It is that simple. And yet, it is that hard. In fact, it has become so hard that many companies are building their own Customer Value tools, systems and processes. The race out there is being fueled by information technology and increased accessibility to data, and the winners know how to harness it, how act upon it, and how make the best choices for their business. If you are driving incremental value for your customers, you do not win. So, the first thing I try to help companies understand is that they need to get on a path to speed: Find a Porsche, do not try to build one. Time matters in a race.
- Find a race: This is about finding a race that matters. No one cares that I beat my brother in our backyard footraces, but far more people cared about my ability to be a winner in the high school 400 meter hurdles. The same is true in business, find a race that matters so that people will pay attention when you win. Maybe this is as simple as focusing on those few accounts that have great upside potential but have been underperforming, or it is that emerging market where your organization just cannot seem to penetrate and grow. Or maybe it is figuring out how to profitability grow that elusive “Services” offering. Find a race that matters.
- Take it for a test drive: So you’re sitting in a speedy car in a race that matters. Even though my new metaphorical Porsche might be capable of going really fast, the reality is that I am not yet ready to drive it very fast. The same holds true for most companies when getting serious about Customer Value. Take the time to find the right customer listening approaches, learn how to capture that data and turn it into insights, then ensure you follow the thread all the way from Customer Data to Action to Results. Once you’ve gone around the Data to Action to Results track a few times you will be ready to start pushing harder on the accelerator
- Give your boss a ride: Now that you have learned how to drive fast (safely), take the boss for a spin. Just like my experience with the Porsche, there is a huge difference between thinking about driving the car versus actually driving the car. The actual experience is exhilarating. In the case of Customer Value, what I often find is that organizations spend much of their time asking their boss if she would like to buy a Porsche, rather than just pulling up and asking if she would like to go for a test drive! A recent email from a General Manager who just experienced a test drive: “I am enjoying our Customer Value discussions and they are certainly taking us to a different place with our customers! We have their attention. Thank you!”
I realize that having access to a Porsche, building the muscle memory to know how to drive it fast, and then, finally, offering to take your boss for a test drive is not that easy. Which brings me to this…I have a Porsche you can use. It is called Render®, the first Customer Value Software.
What are you doing to understand Customer Value and create more value for your customers faster than your competitors?
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