Introspection key to finding your value

Hey there, time traveller!
This article was published 10/02/2024 (617 days ago), so information in it may no longer be current.

What would happen if you closed your doors tomorrow?

A few years ago, I was working for a large company and presenting some findings regarding the company’s positioning in the marketplace. We began the meeting by viewing the company’s mission statement, without the name included. I then showed them their major competitors’ mission statements, without their names included. While the president recognized the company’s mission statement right away, all meeting participants were confused that every example sounded the same.

Next, I asked, “what would our customers do if we closed our doors that day?” The president responded, “they would go across the street to the competitors.” Then I asked, “what is stopping them from doing that today?”

Walking through this process of introspection will help you uncover what your customers truly value about what you provide for them. This approach is important and works regardless of whether you sell a product or a service, or if you sell directly to end consumers or in a business-to-business environment.

I use this approach frequently with clients and their initial response is always a bit startling. Sometimes, people are taken aback at the directness of the question about what is stopping their customers from leaving today. Sometimes, the answer is an honest, “I don’t really know why.” Other times, there is a protective response such as “our customers love us” or “they depend on us.” Leading companies know they must drill down on these statements to learn the foundational driver of why they are being chosen over their competition. Using generalized comments like “we have great quality or great customer service” is not specific enough to provide the real reason your customers buy from you and not your competitors.

The good news is there are steps to help future proof your organization by providing the value your customers seek. While the following steps are basic and obvious, leading companies embrace the fact that hard work, diligence and a riveting focus is needed to ensure the success of their winning game plan.

First, leading companies conduct a careful review of how and why their customers buy from them. Your team has a lot of information that has never been completely unearthed. What factors are truly and specifically important to your customers? Review the frequency and size of purchases plus anecdotal evidence and customer comments to create a holistic understanding of why your customers buy. You need to know the strengths and deficiencies of your overall customer experience.

Second, you must refocus on what you do well and fix any debilitating weaknesses noted in the review. This refocus is often a challenge because implementing change while continuing business operations is a challenge. There are sound approaches to facilitating effective change and the two elements I have seen to be most effective are leading from the top of the organization and being persistent and consistent in changing what is necessary. For several years, I have been a judge for the Customer Centricity World Series Awards, a worldwide program that recognizes the top customer-centric companies in a variety of categories. In the nearly one hundred submissions I have reviewed, these two points are consistently noted as being key drivers of success.

Third, once you have created your refocus plan, it is important to shout it from the rooftops within your organization. Everyone needs to be on board and know how their role contributes to delivering value to your customers. This recharge step includes a kickoff to the plan and ongoing communication to emphasize success results. In my experience working in and with organizations that have completed this assessment, as well as judging the successful CCWSA entries, it’s clear that you have to keep your team well-informed and involved. Employee buy-in of the ideas and the importance of consistently delivering an exceptional experience can help you lock in your customers because you are providing exactly what they want and value.

Leading companies also know this effort is ongoing — it is not one and done. Building this type of mindset creates many champions of customer centricity within your organization. This customer-centric culture provides an important reason for your customers to stay with you and not leave for your competitors.

Your winning game plan is about what you can control. This is because you cannot control your competition. Your focus needs to be on what you do and how your company can deliver superior value for your customers. And this is how you make sure your customers come back through your door and don’t walk across the street.

Tim’s bits: Every leading company has an intimate understanding of the value they provide to their customers. They also do not take any past success as a given for future success. Your winning game plan provides the approach you must take regularly to ensure you perform to the level your customers expect and that your competitors cannot duplicate.

Tim Kist is a Certified Management Consultant, authorized by law, and a Fellow of the Institute of Certified Management Consultants of Manitoba.

tim@tk3consulting.ca