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.
No Customers? No loyal Customers?
Introducing The Customer Value Foundation and Total Customer Value Management (The Total CVM).
Imagine your business without Customers and without loyal Customers! The first makes business an impossibility. The other makes your business difficult. Yet most companies do not focus on their most important assets: Customers. And those that do, simply do not know all that they can do for their customers.
Total Customer Value Management helps companies learn and understand what else they can do for their customers and how to do it.
Practicing Total Customer Value Management makes your customers happy and loyal. Total CVM is a platform for your success by aligning every business function to your customer. It also builds a bottom up customer focus, with customer delight being driven by front line people, supported by a customer driven management.
Total CVM also tells you what drives customers to buy from you and what makes them go to your competitors, and what is important to them in the creation of value. Total CVM is proven to increase market share, share of wallet, profitability, and yes, Shareholder Value!
So, what is Value Creation?
Value Creation is a distinctive mind-set. It is a mentality driven by enhanced self-esteem, awareness and pro-activeness. It goes beyond just doing your job, it is doing something extra.
Value Creation is executing proactive, imaginative or inspired actions that increase the net worth of products, services or an entire business to create better gains or value for customers, stakeholders and shareholders.
Value Creation stimulates executives and business leaders to generate improved value for their customers, driving success for the company and its stakeholders. Value Creation creates customer conscious companies.
Customer and Employee Value Creation energises business leaders to drive stakeholder and company success.
What are the steps to Total CVM (Total Customer Value Management)
- Aligning every function to your customer; discussions with key officers and assigning customer roles
- Incorporating Customer Circles and propagating them. These will align the front line people and make them customer focused rather than product focused
- Assessing unnecessary and irrelevant tasks from your customers viewpoint
- Training and certification of front line people and across your company - all customer and employee touch points
- Listening to Voice of Employee, Voice of Customer, and Voice of Competitor. Voice of Employee will be captured through your Customer Circles and Employee Value Add, and the Voice of Customer and Voice of Competitor will be captured by Customer Value Added (CVA).
- Customers reward you with loyalty, increased business and thus market share, enhanced profitability
- Your business becomes more efficient because
a. Employees become more proactive and motivated
b. There is better teamwork and communications between all entities
c. You understand customers better and make fewer mistakes
d. Your market share and share of wallet increases including your market image (brand building)
- Causes customers to be happier and more loyal and they want to do more business with you, more often for more money
- It improves your profitability and builds shareholder and stakeholder value
- Makes you understand why customers buy from you and from your competitors, and what are the important actions to create value for them
- Get better price perception in the chain and negates price dissatisfaction. More importantly it makes price less of a selling issue
- It makes your customers more forgiving and understanding
- Achieve fewer chain customer complaints, leading to reduced costs and higher efficiency and increased productivity
- Get your customers and employees to interact more with each other, and achieve increased feedback and build relationship, loyalty and profitability
- Better idea of segmentation and future strategy building with improved brand image and trust
- Measure customer assets and life time value. And treat your customers as an investment rather than an expense
- Enable new product and service introductions and initiative.
About - Gautam Mahajan, President Customer Value Foundation, India
Gautam Mahajan, President of Customer Value Foundation is the leading global thought leader in Total Customer Value Management.
He worked for a Fortune 50 company in the USA for 17 years and has hand-on experience in consulting, training of leaders, professionals, managers and CEOs from numerous MNCs and local conglomerates like Tata, Birla and Godrej groups.
He is also the author of widely acclaimed books Customer Value Investment: Formula for Sustained Business Success and Total Customer Value Management: Transforming Business Thinking.
He was President, of the Indo-American Chamber of Commerce, and Chairman, PlastIndia Committee, Vice President of All India Plastics Manufacturers Association, Trustee Plastics Institute of America, and a member of the US India think tank. He was Chairman of the US India Economics Relations Forum.
Among his honours is a Fellowship from Harvard Business School and Illinois Institute of Technology. He also has 18 US patents. He was honoured by the Illinois Institute of Technology with its Distinguished Alumni award in 2001.
Recently, he spoke at the Center for American and International Law in Dallas to an audience of 35 countries on India, and at Berlin in 2006 at the European Fine Chemicals Conference, and in 2011 in New York, Akron, Columbus, Denver, Chicago and California. He spoke to CEOs from 26 European companies in 2008.
He was written up in the Wall Street Journal and also gave the first Distinguished Engineering lecture at Illinois followed by a Distinguished Management lecture. In September 2011, he spent time in the US talking about Indo-US relations and how to improve them.
Guam Mahajan is a graduate of IIT Madras, where he was an Institute Merit Scholar, has a Masters degree in Mechanics and has completed his PhD coursework from the Illinois Institute of Technology, and an MBA from Suffolk University.
Additional offering from The Customer Value Foundation
Training/ Conferences Services on:
- Customer Value Management
- Measuring Customer Value
- Customer Strategy
- Establishing Customer Circles
- Value creation and Enhanced Pricing: Increase Profits through Right Customer Value Pricing"
- Advanced Pricing Strategies
- Customer Value Creation - The Concept and Practices in India
- Going beyond: Leveraging Customer Value Creation for greater loyalty" at DMAi 2014 Convention, Radisson Blu, Delhi.
- Clicklabs Conference on "Returning to fundamentals for innovation" in Indian Institute of Technology (IIT), Delhi
- Speech on "Value Creation", "Technology and Innovation" at Indian Institute of Technology Madras.
- Total Customer Value Management (TCVM)
- Value Creation and Management
- Value and Pricing
- Measuring Customer Value Added (CVA)
- Value and Finance/HRD/IT, De-Commoditization
- Customer Value Mapping
- Customer Strategy
- Employee Value Creation
- Customer Loyalty
- Value Creation and Competition
Voice of Customer and Voice of Competitor / Customer Value Added (CVA) Study
If you are not looking for and not getting market share and loyalty of your customers, we can help you with a Customer Value Added (CVA) Study.
Total Customer Value Management (CVM) Program
If you want help in gaining and retaining customers, we can assist you with a Total Customer Value Management program, building a strategy to make the entire company focus on and be driven by the Customers inputs and increasing the value they receive from you.
Total CVM contributes to value creation for customers and the company and emphasised by everyone in the company.
When you want the front-line to act customerically for you, we help you set up Customer Circles. Members of Customer Circles are touch-points, backend managers and other employees who can influence processes, systems and policies. Customer Circles initiate ideas on how to improve the customer experience and how to implement those ideas. This is a bottom led customer initiative, based on building the self-esteem, awareness and pro-activeness of employees.
Customers Bill of Rights and the Circle of Promises
You want your Customers rights respected and adhered to. We help set up the Customers Bill of Rights and the Circle of Promises made by the employees and departments that have to deliver on the promises.
People Value Added/Employee Value Added
When you want to make your employees feel valued so as to deliver Customer Value, we can help you make your employees more enthusiastic, productive and engaged. We can assist you in measuring employee value added.
Using Customer Value for Increased Pricing and Profits
If you wish to get optimum prices, Customer Value techniques can help you establish the right price of your products and services and to decide on the various features to put into your offering.
Books by Customer Value Foundation Gautam Mahajan
- Total Customer Value Management (Transforming Business Thinking)
- Customer Value Investment (Formula for Sustained Business Success)
- Customer Value for Better Pricing, Profits and Zero Complaints
Our Mission is to Enable Customer Value and to make the customer the center of a company's focus through alignment of strategy and culture designed to create customer value.
CVCI is a non-profit devoted to the advancement of companies and organizations to transform their organizations and have a customer centric management practices by creating value for their customers.
Meanwhile, independently providing CVCI events and activities will help to share ideas for business management and professionals around the world. The Journal of Value Creation is proud to be a part of CVCI, and are dedicated to work together and complement each other to create awareness through CVCI events, activities and member services.
Watch out for more Customer Value Creation happenings
Call for papers for the Journal of Creating Value
Interested in submitting a paper for the journal?
Contact Gautam Mahajan, Founding Director
Download our Author Guidelines here
Subscribe today to know how we can Create Value for you through consulting, coaching, and training
Why Subscribe to Customer Value Foundation
- Get deep insights and knowledge about what customer value is, how to create and how to use this value in retaining existing customers and increasing loyalty and getting new customers and for better pricing and profits
- Our mailers will keep you up to date about Value Creation and changing mind set of companies, and why Value Creation is important and what roles of everyone are. We will help you make customers own the relationship. Building a partnership with the customer. Giving the customer a worthwhile experience. Co-creating the customer experience. Developing customer DNA (do not annoy) into design of processes and touching.
- Know views and comments of market leaders, their prediction about companies of the future
Phone : +91 - 11 - 26831226 / 26922006
Mobile : +91 98100 60368, +91 7838333300
Customer Value Foundation (CVF) helps companies to Create Value for the employees, business partners, customers and society and thereby for shareholders. Contact us to know how we can help your company to Create 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 Aís to ready ourselves for the future