CUSTOMER STRATEGY: Bankers are from Mars, Customers are from VenusFor a long time, I have been advocating that the starting point of a good business strategy is a customer strategy. Thecustomer strategy and the shareholder strategy should then be used to build a business strategy/business tactics.VN Bhattacharya a strategy consultant articulates "Why a business strategy should have compelling customer value"He states that "Generic objectives are useless, like Maximizing shareholder value, achieving"Leadership: Objective should be specific, measurable, and time bound. Scope should focus on customers, services andmarketsBut even more interestingly, he says:"Strategy must build competitive advantage for the firm by creating compelling value for customers. Articulating whycustomers will buy requires managers to examine strategy from the customers point of view. It encourages them to askhow the firms activities deliver superior value to chosen customers. The firm must choose the set of activities that servetarget customers better then competitors, and shun other segments that demand incompatible activities."He thus makes the case for a customer strategy without saying so in so many words as I have been preaching for along time.Then we have people like Greg Holzwarth and Don Ryan are sayingBankers Are From Mars, Consumers Are From VenusHow to Meet in the Middle on Earth______________________________________________________________________________Customers are changing. The recent financial crisis left many consumers soured on the state of the banking industry.They are now more empowered to demand better experiences and wont hesitate to switch banks if they arent happy.In response, many banks are working to rebuild relationships by learning to speak their customers language, to act inthe customers interests and improve their reputation and financial well-being in the process.Customer strategy, specifically data intelligence, is at the forefront of one banks effort to figure. How can I stand out from competitors in a crowded and volatile industry? What do my customers value so I can speak their language? Should I concentrate on customer acquisition or focus on share of wallet? How do I find actionable insights from internal and external data?
If you need help on Value Creation do contact Customer Value Foundation For Free CVF Membership Click HereContact Customer Value Foundation for helpGautam MahajanPresidentCustomer Value FoundationK-185, Sarai JullenaNew Delhi 110025Mob: +91 9810060368Tel: +91 11 26831226email: firstname.lastname@example.org: http://customervaluefoundation.com