10 innovative ways to optimize customer value.

It’s time to think differently about customer value. Customer value is mutual—of value to you and of value to the customer. Do you take both points of view with everything you do? Do you seriously question all company activities to make sure they are delivering value to the customer? Are you ready to stop doing what doesn’t? It is in your interest.

  1. Balance the value provided to your customers and the value received for the cost expended by your company and the price paid by your customers.
  2. Map the Customer Experience. Identify which of your customer-facing processes are adding value to the customer and which are eroding value in the customer’s eyes.
  3. Compete on relationships. Products and services are just commodities—until combined with profitable relationships. Focus on profitable customers.
  4. Start with Retention. Work backwards. What kind of relationships do you have with profitable customers? What did you do to get them? What do you do to keep them?
  5. Elevate Retention to its own function and establish a C-Level in charge of it and the entire Customer Experience.
  6. Use tactics that not only promote the company and its offering, but that deliberately develop the relationship—in Acquisition, Closing, and Retention.
  7. Align behind a common relationship development strategy so that everyone knows what to do, and why. Everyone knows how their strategy is working in real time. Everyone—from Executives to Managers to Frontline Staff. This customer relationship strategy is how directional strategy is executed.
  8. Measure and manage the development of relationships across the customer lifecycle…track the total Customer Experience. So that you’ll retain the customers you want.
  9. Recognize and reward the unsung heroes in marketing, sales, services, and community who create value every day by developing deep, lasting relationships with profitable customers. The ultimate collaboration.
  10. Repeat success. You’ll know why you are successful and how you did it. You can stop relying on just anecdotal information…assuming you could get it in the first place!

Customer Experience Wisdom: Ask for what you want and you’ll be more likely to get it.

Question: Do you know where you can cut costs without negatively impacting what customers value? Where you can improve profit while at the same time improving the Customer Experience? Intrigued?

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