valuespace – where customers and marketers meet 11/13/2015 copyright: 2001-14, dr. banwari mittal,...
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Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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www.myvaluespace.com
Ban Mittal, Ph.D.Business Consultant, Professor, Author
ValueSpace, USA
Valuespace– A New Executive Guide to Creating Business Growth
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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VALUEThe Basic Currency of all human exchange.
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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.
PRICE
PER
SON
ALI
ZATI
ON
3 P’s Customer Valuespace
.P
ER
FO
RM
AN
CE
CUSTOMER
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer ValueSpace
CUSTOMER
PE
RS
ON
AL
IZA
TIO
N
PERFORMANCE
PRICE
Quality
Innovation
Cus
tom
izat
ion
Fair Price
Value Price
Easy REACH
Rapid
RESPONSE
RELATIONSHIP
Nurture
3R
’s o
f P
ers
on
ali
zati
on
3P’s
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Performance Value - Quality
Effectively does the job it is supposed to do, even implicit.(e.g., medical diagnosis is as accurate and complete as current knowledge will permit.)
Performance>Promise Roach Killer
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Roach Killer Ad
Omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Performance Value--Performance Value-- Innovations
a. Big Breakthru’s
b. TinkeringLong shoe
horns
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Tinkering-long shoehorns
• The Plastic Shoehorn
• Length is 16 1/4".
• Assorted colors.
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Valuespace -- Performance Value
Customization
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace
Price Price ValueValue
1. Fair Price
2. Value Price
Gouging Tricky price
----------------------------------------
Benefits > Costs
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace Personalization ValuePersonalization Value
1. Easy Access
2. Rapid Response
3. Relational Nurture
Anytime, anywhere Quick connect First contact is right--------------------------------------------- Understand my concerns Resolution is quick Resolution is just Keep me informed-------------------------------------------- Recognition Remember history Trustworthy Enjoyable interaction
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer ValueSpace
CUSTOMER
PE
RS
ON
AL
IZA
TIO
N
PERFORMANCE
PRICE
Quality
Innovation
Cus
tom
izat
ion
Fair Price
Value Price
Easy REACH
Rapid
RESPONSE
RELATIONSHIP
Nurture
3R
’s o
f P
ers
on
ali
zati
on
3P’s
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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CPS
PM
PC
QI
C
FPVPRC
RS
RLCustomer Valuespace
•Performance
–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
UPS
O
O
O
O
Rosenbluth
O
O
O
O
O
O
SYSCO
O
O
O
O
O
O
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace
Innovation
Customer (Sender) UPS Recipient
$
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
UPS
O
O
O
O
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace
Customization
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
UPS
O
O
O
O
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace
Price Value
To Be or Not To Be?
3 Days From NY to LA
Ground or Air ?
That is the Question.
(5 days – 2 days)
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
UPS
O
O
O
O
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace
Reach
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
UPS
O
O
O
O
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Innovations
Give Customer New Capabilities
Te
lesu
ite
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
Rosenbluth
OO
O
OOO
Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
20
Innovations Te
lesu
ite Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Valuespace for Rosenbluth
Customized Suite of Services
Reduce Total Spend
Call within Europe
Enroute Help
Got to Try
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
Rosenbluth
OO
O
OOO
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Valuespace for Rosenbluth
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
Sysco
OO
O
O
OO
The Spinach Salad story
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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New Value Proposition: SYSCO
Higher Price That Offers Even More Value
“A” “B”
Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Valuespace for Rosenbluth
•Performance–Quality–Innovation–Customization
•Price–Fair Price–Value Price
•Personalization
–Reach
–Response
–Relationship
Sysco
OO
O
O
OO
Response.
Personal Delivery
Relationship –
Ann’s Restaurant Story
The Spinach Salad story
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace
• ComprehensiveComprehensive• Non-redundant.Non-redundant.• Hierarchical Hierarchical • SimpleSimple• Practical Practical
thereforetherefore
3P’s of Customer Valuespace• Performance• Price• Personalization
•Memorize Memorize 3P’s and 8 Values3P’s and 8 Values
C
PS
PM
PC
Q
I
C
FPVPRC
RS
RL
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace DRIVERS
VALUE- CREATINGORGANIZATION
Organizational Processes
C
PS
PM
PC
Q
I
C
FPVPRC
RS
RL
Customer ValueCustomer Value Drivers
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace : Drivers
QUALITYQUALITY DriversDrivers
Defining Quality in Customer Terms. Brand Standards (Best-in-class) Deploying Technology, Systems, & Processes
for Quality ……. ……….
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Drivers of INNOVATIONS. INNOVATIONS.
Reward Intrepreneuring …. …. A Strong Futuristic Orientation
Customer Valuespace- Drivers
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Drivers of Customization Customization Mass Customization
Production Processes … Collaboration DNA Deep Customer Knowledge
Customer Valuespace- Drivers
Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Deep Customer Knowledge
*
Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Price Value Drivers Performance upgrade
(Non-commoditization) Task versus Results indexed ….
Pricing ethics Price Value EDUCATION.
Customer Valuespace Drivers
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Drivers of Personalization Drivers of Personalization ValueValue
Easy AccessEasy Access Rapid ResponseRapid Response Relational NurtureRelational Nurture
Customer Retention as Business Model Digitized Customer Database Capability 360 Customer Visibility …. Social Bonding Habits
Customer Valuespace Drivers
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Customer Valuespace and Firm Performance
VALUE- CREATINGORGANIZATION
------------------------
Value-Drivers
C
PS
PM
PC
Q
I
C
FPVPRC
RS
RL
Q. Can we measure these value components and drivers?
Outcomes----------
FirmLevel
CustomerLevel
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
34
Customer Valuespace
Customer ViewCustomer ViewValue ComponentsValue Components
2.2. Self AuditSelf AuditValue Driver ProcessesValue Driver Processes
A New Measurement Agenda
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
35
Customer Valuespace
Customer View-- Value ComponentsCustomer View-- Value Components
1. The product does everything I 1. The product does everything I could wish for.could wish for.
2. Sometimes I think the product was 2. Sometimes I think the product was designed just for me.designed just for me.
3. No other product is as good a 3. No other product is as good a value for money as this one.value for money as this one.
A New Measurement Agenda
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
36
Customer Valuespace
Customer View-- Value Components4. I wouldn’t know where to go or whom to call if
I needed help on this product.5. They resolve all my problems as soon as they
arise.6. I enjoy dealing with people at this company.
7. We – our company and theirs-- work in total harmony, caring for our joint interests.
A New Measurement Agenda
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
37
Customer Valuespace – A New Measurement Agenda
Company View (Self-Audit) – Value Drivers.
• Our brand standards are best-in-class.• We are deemed an innovation leader in
our industry• We have customer specific applications
aplenty• Our performance/price ratio has an
uptrend.
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
38
Customer Valuespace – A New Measurement Agenda
Company View (Self-Audit) – Value Drivers.
• Our product development is driven by customer cost targets.
• We have strong ethics of open and honest dealings.
• Collaboration with customers in planning common future has a vivid presence.
• Tales of customer “WOW” abound.
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
39
Value Measurement
CustomerCenteredness
PE
RS
ON
AL
IZA
TIO
N
PERFORMANCE
PRICE
Quality
Innovation
Cus
tom
izat
ion
Fair Pric
e
Value Price
Easy Access
Rap
id R
esp
on
seRel
atio
nal
Nurtu
re Company ‘A’
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
40
Valuespace Measurement
CustomerCenteredness
PE
RS
ON
AL
IZA
TIO
N
PERFORMANCE
PRICE
Quality
Innovation
Cus
tom
izat
ion
Fair Price:
Target Costing
Value Price:Lean Operations
Easy Access
Rapid Response
Relat
iona
l
Nurtu
re
CustomerCenteredness
PE
RS
ON
AL
IZA
TIO
N
PERFORMANCE
PRICE
Quality
InnovationC
usto
miz
atio
n
Fair Pric
e
Value Price
Easy Access
Rap
id R
esp
on
seRel
atio
nal
Nurtu
re
Company ‘A’ Company ‘B’
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Mother Driver
A Culture ofCustomerCenterednes
s
Customer Valuespace
Customer
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
42
Customer Valuespace
Valuespace Master StrategyValuespace Master Strategy NEW VALUE
PROPOSITION• Kodak
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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Selling Camera
and films
Helping Customers store, edit, and share memories.
Kodak digital services:
Print;
Store on Web site
Photo-edit
Quantum Leap in Customer Valuespace
Kodak: What business is it in?
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
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1. Memorize 3P’s and 8 VS Components.1. Memorize 3P’s and 8 VS Components.
2. This 3-8 VS becomes the Touchstone for all Projects (TQM, Reengineering, Technology deployment, program redesign, staffing, new accounting procedures, etc.)
3. Contemplation of Client’s VS and your role in it.-- Cultivate as “Second Nature.”
You and Valuespace --- or
How Can You Practice ValuespaceC
PS
PM
PC
QI
C
FPR
RS
RL
VP
A. Read the Book!
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
45
4. A Program of Valuespace Assessment.
You and Valuespace --- or
How Can You Practice ValuespaceC
PS
PM
PC
QI
C
FPR
RS
RL
VP
Value Components
Value Drivers
Self-Audit
Customer Survey
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
46
You and Valuespace --- or
How Can You Practice ValuespaceC
PS
PM
PC
QI
C
FPR
RS
RL
VPValue Components
Value Drivers
Self-Audit
What percent of my customers would agree:
“No other product meets my needs as well as this one (customer)”
“I enjoy dealing with my account manager from this company.”
Be Ruthlessly Honest
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
47
You and Valuespace -- or
How Can You Practice ValuespaceC
PS
PM
PC
QI
C
FPR
RS
RL
VPValue Components
Value Drivers
Self-Audit
SELF-AUDIT.
On a 0-10 scale rate your company:
“Our performance/price ratio has an uptrend.”
“We have strong ethics of open and honest dealings.”
Ruthlessly Honest
Planning
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
48
You and Valuespace
How Can You Practice ValuespaceC
PS
PM
PC
QI
C
FPR
RS
RL
VP
5. Contemplating Client’s Valuespace and Planning Concrete Action Steps;
a. Annual Goals. In What Ways, will we contribute to client’s Valuespace over the next one year?
b. Client Visit Goal. What Value am I bringing to client during my next visit?
“I look forward to a visit from this salesperson/account executive.”
On a Scale of 0-10, current score =6, move to 8.
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
49
Valuespace-- Mother driver – Becoming Customer-Centered
Hangout
with the
Customer
Customer
Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
50
You and Valuespace C
PS
PM
PC
QI
C
FPR
RS
RL
VP
Goal:
Over next three months:
On a scale of 0-10, I am going to move myself from 5 to 7 in
how well I understand this customer’s Valuespace—
concerns and hopes in relation to using my product.
Hangout with the Customer
Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
51
You and Valuespace CPS
PM
PC
QI
C
FPR
RS
RL
VP
Make your customer your partner in helping you gain “deep customer knowledge.”
Hanging out with the Customer has one problem:
Why should the customer let you hang out?
Hangout with the Customer
Mutual Trust
Image omitted
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
52
You and Valuespace
Executioner of “Client-
projects” or a Sales Account
Management
Resource for Bringing “Deep
Customer Valuespace Knowledge”
Internally to the Organization
Planning
CPS
PM
PC
QI
C
FPR
RS
RL
VP
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
53
Customer Value
It is the be-all And the end-all Of all business activity.
The only purpose Of all organizations. It is the only justifiable goal Of all reengineering, Organizational renewal. Entrepreneurship, And corporate innovation.
And it is the only path For sustained growth, And for winning the battle For market leadership.
-- ValueSpace 2001
www.myValueSpace.com
Customer Loyalty
How do you win it? Business gifts, frequency rewards, Corporate hospitality events— These are mere icing. Customer retention As business model, An unwavering ethic of Non-opportunistic behavior, A human face on customer Interactions, And, most important, A myopic obsession With customer value innovation – On these four pillars Are lasting Customer relationships founded.
-- ValueSpace 2001
www.myValueSpace.com
Valuespace – Where Customers and Marketers Meet
04/20/23 Copyright: 2001-14, Dr. Banwari Mittal, ValueSpace, Inc., Cincinnati, USA. www.Myvaluespace.com
54
Thank you very much.
Your ValueSpace
&
I (ban mittal)