using employees to build market place foresight and value creation
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I talk to many companies about Customer Value, and Value Creation. And many say this is important. And many are ready to engage me. What I find strange, is that these clients expect a magic wand...............TRANSCRIPT
Value Creation by Customer Value Foundation
Using Employees to Build Market Place
Foresight and Value Creation
I talk to many companies about Customer Value, and Value Creation. And many say this is important. And many are ready to engage me.
What I find strange, is that these clients expect a magic wand. There
is a wealth of data from front line people that they have. Is this data
really sought out and collated in a systematic fashion? Is there a pro-
active procedure to analyse this data and act on it?
Data is now being collected in a larger fashion and often analysis
shows clues to future trends, or changes in the market place. If
management is not willing to listen to expressed opinions, specific
impending issues, the changing comments from the market place and
customers, pending problems of customers and staff, will they really
get to collecting data and even analysing it to predict future trends,
problems and opportunities as seen from the eyes of the customer or
channel partners in the market place? Will you be quick enough to
respond, or will you be followers? Serious questions you have to
ponder on.
The global trend is that more and more future thinking leaders are
looking at collecting data and analysing it. And they realise the front-
line people are a great source for such data. They have often an
entirely different and actionable insight on customers. Often the front
line people know why there is a problem whereas what the problem
perception in the back-end of the company might be different. For
example, bills may need to be corrected is the what of the problem,
but the why of the problem may be the billing process itself, which
Value Creation by Customer Value Foundation
front line people could educe. So correcting the bills is not really the
long term solution.
This is what we call Value Creation: the smarts inside or inside
intelligence, which we can use effectively. So set into motion such
insight to build foresight by first recognising you have a pool of data
collectors. Second, you should recognise that they may be reluctant to
come forward, particularly when in the past they have been ignored.
Then you have to find a process to get this information in house and
analyse it and use it.
After you act on the data you got from them, you have to go back to
the front line people and tell them how the data was used, and how
problems were solved or forestalled. Reward them for their insight.
Lastly, this has to be on going because the culture of talking to each
other, of capturing data has to be worked on. The customer successes
have to be repeated over time through such analyses and prognosis,
and actions. Reward employees and recognise them. Recognise you
are at the start of a winning teamwork and spirit that can keep you
ahead of the competition and have engaged employees. You will then
also create value for your employees and your customers.
Zappos gives us some ideas on how to create value for employees.
Zappos has a Vow! Employees program based around:
Understand What Your Employees Think And Want Build A Trust Culture Practice Open Communication Provide Clear Career Paths Demonstrate Appreciation For Contributions Inspire Employees Beyond Turnover Communicate Your Employee Focus
Value Creation by Customer Value Foundation
They also have special programs such as apprenticeships; new
employee scavenger hunt; shadow programs where new employees
shadow experienced one; Zappos $$$, where employees earn Zollars
that are given to them by bosses and co employees, which they can
use on internal programs; Grant a wish program, where co employees
and the company can help out an employee; Co-worker bonus, where
employees can give bonuses to co-worker through the company. All
great ways to Create Value and engagement. Then employees are
willing to openly talk about what the customer is saying and defend
the customer, because there is a sense of belonging and trust, and
customer data gets captured and used!
Your comments are welcome.
Call at (+91) 9971288580
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Gautam Mahajan, President-Customer Value Foundation
M: +91 9810060368
Tel: 11-26831226, Fax: 11-26929055
email: [email protected]
website: http://www.customervaluefoundation.com
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) focuses the entire company and its employees on Creating Value for the
customer, thereby increasing Customer Value and Shareholder Wealth.