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Over the last few weeks, my colleagues and I presented value propositions to separate audiences in Europe, Africa and the Middle East. Clients in each of these markets face unique challenges and opportunities to be sure. Our offerings addressed their different needs, but our approach is fundamentally the same everywhere.
Our work consists of three steps:
1) Develop a better understanding of customer needs by getting closer to customers and engaging them wherever possible,
2) Use customer insights to continually improve offerings,
3) Deliver a customer experience that’s better than the rest.
The good news is that these steps apply to clients everywhere, despite cultural variations. The not-so-good news is that succeeding with these steps is almost impossible unless there is substantial buy-in at the highest level in an organization.
We’ve learned that it doesn’t pay to work with companies that aren’t “customer-centric,” no matter how attractive the opportunity appears on paper.
Let me restate the lesson. If the person or team that sets the tone for the organization doesn’t see the inherent value of improving the customer experience, there is little that our interventions can do to move the performance needle.
Putting it another way: the organization’s “champions” must know, at the time that we’re presenting our value proposition, that it pays to improve their customer experience.
This is our “smell test”. And, it’s crucial to run this test early in the conversation with a client—the earlier, the better. When we encounter a prospect who doesn’t pass the test, the smartest move is to politely step away from the table.
The opportunity costs of choosing inappropriate assignments can sink a company. Our organization thrives when we concentrate on assignments that improve the way our clients relate to their customers.
Let me be clear. We’re not looking to avoid tackling difficult problems. Working though vexing challenges keep us sharp; they give us the confidence to set our sights higher. Looking back, partnering with the “right clients” to solve daunting challenges have been our most satisfying and beneficial assignments.
Who are the “right clients”?
For us, the “right clients” – whether they’re in Baltimore, Brisbane or Berlin – know they’re in the business of serving people. Whether they’re airlines or retailers, they know that winning the hearts and minds of their customers is the true test of a market leader.
Once we recognize that a client accepts this principle, our mission is clear: help them out-perform the competition.
That’s what we do.
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As always, I’d love know what you think. How does your company choose which opportunities to pursue and which ones to avoid? Have you made exceptions to your selection criteria? If so, how did that work?
Related:
Want to know more about Opportunity Costs? www.investorwords.com offers this definition:
“The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for.
Opportunity cost analysis is an important part of a company’s decision-making processes, but is not treated as an actual cost in any financial statement.”
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Tags: customer experience management, opportunity cost, opportunity smell test, right client