Amazon has an amazing name for great service and being customeric. So much so that ShepHyken lauded them. And I have been an admirer, till recently. Amazon India had many slipups in fulfilling my orders.
Human Connectionan uncharted territory for Value Creation!
Company executives believe they know the value of their product or service they provide, but the real truth lies in the customers perspective, which is ever changing with every interaction she may have, directly or indirectly, with your company. It is used in determining a companys brand and the values the company believes it stands for. It is the collective delivery of many people in their work that a company is referring to when they speak of their company values.
An article from the Journal of Creating Value explicates that, The number one reason for customers leaving a business is a feeling of indifference from a company representative; this is an area that holds a great opportunity for companies to really stand out from their competition.
When companies controlled the marketplace, all a company had to do was tell the customers how great they were and why they should buy their products/ services. How easy is that! But companies are no longer in charge of the marketplace. The consumer is. It simply does not matter how much value the company executives and employees think they are providing to the customer. The only thing that matters is how much value the customer thinks the company is providing vis-à-vis the competition!
In every transaction between the customer and a company representative, value is always being created or destroyed! Positive value leaves the customer feeling better than before they interacted with a company and employee. Negative value leaves the customer feeling worse than when he started out. Understanding customer perceptions is fundamental to customer value creation thinking and is deserving of our attention!
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About the Journal
The Journal of Creating Value is a biannual, refereed, professional journal focused on creating value for customers, thereby creating value for the company and all stakeholders. This journal recognizes the importance of customer value creation. It also goes beyond what we conventionally call customers.
Founder Editor: Gautam Mahajan Customer Value Foundation, India
Editor: Moshe Davidow Carmel Academic Center, Haifa, Israel
Founding Editor, Journal of Creating Value
President - Customer Value Foundation
M: +91 9810060368
Tel: 11-26831226, Fax: 11-26929055
Customer Value Foundation (CVF) helps companies to Create Value and profit by Creating Value for the Customers, employee and for each person working with the companies. Total Customer Value Management (Total CVM) transforms the entire company to focus on Creating Value for the Customer by aligning each person's role in Creating Customer Value and getting shareholder wealth and Value.
The Quality Revolution was meant to be customer focused, instead became process centric and one of record keeping. Nonetheless, Total Customer Value Management can learn from the Quality movement. There is much to learn.
I notice more and more that the Customer is taken for granted or allotted a by the way mention in new business strategies. Forbes and many others have written about this and bemoaned the fact, and warned companies not to ignore the customer.
Here is an excellent review on Gautam Mahajan's book on Value Creation written by Colin Shaw, founder and CEO of Beyond Philosophy. Colin is an international author of five bestselling books and an engaging keynote speaker..
In my book, Value Creation: The Definitive Guide for Business Leaders, I added a 4th A (Ability) to what Management gurus talk about in the 3 A’s to ready ourselves for the future