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How to differentiate and add distinct value in today’s economy?

Companies are struggling to find ways to differentiate their offerings and incorporate higher-value associations into their products. Hence the current intense price competition and low customer loyalty.

The key for the new economy, I believe, will be in customer experiences as opposed to customer services. Moreover, in personalized experiences designed to contribute to the self-esteem of consumers (see more at: http://www.viewfromconsumers.com/ideas.html )

What do you think?

11 Responses

  • Nov 17, 2009

    CEO & Chief Advisor

    David,

    Thank you for your post. I completely agree with your thoughts on the customer. I think that in the past and too many times in general that business gets complacent and thinks about themselves.

    Regardless of our business, or what we do or provide, the focus must always be in the value and impact to the customer. This is the reason we are in business - all the rest is secondary.

    The ability to meet customer value and impact should be the primary focus for all of us. Keeping the simplicity of communication at the forefront - listen, ask, listen and above all listen! Respond to a customer needs with what we can do, not with what we think we can. We cannot be all things to all people, and customers appreciate it when we are up front and honest about what we can do and what we cannot!

    There is an expression about complexity handicapping us, and then there is the expresssion about bringing back the simplicity into business. This should be all of our mantra's!

  • Nov 17, 2009

    Brand Marketing Consultant

    No matter where the economy or even technology leads, providing consistent, relevant experiences matched with a quality product and extreme customer service is something that will always sell. Focus less on price (be willing to negotiate) and trying to impress and work on filling a need and genuinely personalizing that exchange. It helps to always be on the lookout for reasonably priced suppliers who help maintain both quality and experience. Even though customers are less loyal now, when the dust settles, they’ll revert back to the experiences they liked/loved and will be willing to pay for repeat performances. - Isha Edwards, Brand Mktg. Mgr.

  • Dec 02, 2009

    Consultant and Trainer

    Hi Isha,

    In the emerging economy good quality and good service, while essential, are no longer enough to satisfy customers to the point of assuring loyalty. Surely, if quality and good service is not given you are immediately out of business. Whereas conversely, it is taken for granted. Think for a moment if you will about the restaurant sector - in markets where there are plenty of restaurant choices, the likelihood of you returning to a restaurant that served you well and good food decreases significantly if there was something troublesome about the dinning experience (e.g. the host was rude while the waitress was great; the temperature was rather cold; the music too loud; the restaurant was too crowded,...). Of course, all these matters less if the restaurant is priced below the average :-)

    Experiences are becoming more relevant than ever before.

    David Krzypow | www.viewfromconsumers.com

  • Dec 02, 2009

    Brand Marketing Consultant

    Hi David!

    To your point, I see a customer who does not return to a restaurant for the reasons (examples of course) you mentioned as someone whose need has not been met. For the most part, people don’t just “up and do.” Loyalty wanes over a period of time; after a series of attempts to resolve a problem or to obtain what was promised.

    I define extreme customer service as being able to genuinely, accurately, and practically fill a need while personalizing each exchange. All of this backs into value proposition and a company’s ability to synch their VP with the ever-changing needs of a defined target audience. Given that service and experience are synonymous or at least codependent, those in service industries have a greater charge to keep in terms of consistency than those in packaged goods.

    Lexus comes to mind when I think of extreme customer service. By way of repeat performances and ongoing improvements, Lexus relentlessly pursues perfection (dated motto).

  • Dec 27, 2009

    President

    In IT Consulting, we are often specialists in a particular discipline or technology, but rather unfocused or agnostic with respect to industry or vertical market. When developing a Marketing Plan, it's critical to identify who your target market is. To that end, I've been examining my list of current and past projects here [http://www.markrichman.com/clients]. As far as I can tell, they have absolutely nothing in common, aside from the fact that I was involved. They span industries, sizes, geographic locations, business models, and technologies used. Many of them are no longer in business. Is examining past successes a poor approach in determining your target market for future growth? How can you focus on a target market narrowly enough to effectively reach your audience, but not at the expense of other opportunities?

What do you think?

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