Selden, Larry and Geoffrey Colvin. What Customers Want (FORTUNE, 23 June 2003), Ideas + Innovations.
While the six steps covered are presented to increase stock value, they can improve your overall company profitability. Original article excerpted from Angel Customers & Demon Customers, published by Portfolio, a division of Penguin Group.
Step 1: Figure out the needs of your most profitable customers
Step 2: Get creative
Step 3: Test and verify your hypotheses
Step 4: Tell customers how great your value propositions are
Step 5: Apply the best value propositions on a large scale
Step 6: Begin anew
The original article mentions "customer-segment chiefs", while the concept makes sense, it is more important to have experts who understand and study each market segment. They don't necessarily have to be the same people in charge of producing results with that segment.
Consultant Michael J Lanning is also recommended (mentioned in step one of original article), he is the author of "Delivering Profitable Value" and teaches methods very similar to my own.
See Also: 101 Strategies for more Profitable Customers, Classifying Customers and Identify Profit Centers for your Business, How to Cultivate your 'Top Ten Percent' Customers for Greater Profits
By Justin Hitt at July 9, 2003 1:16 PM Subscribe in a reader
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