5 ways to multiply the value you create
Experience shows that businesses in highly competitive markets often resort to deep price discounts to build or maintain market share. While this may work in the short-term, it can be difficult to sustain, and often leads to brand value destruction.
But, how do you break the cycle of discounting?
The following five recommendations provide an alternative to a lowest-price strategy, and an antidote to commoditisation. Each step provides incremental benefit on its own, but together they create a multiplier effect that drives greater value growth and profit potential.
1. Be customer obsessed
Start with an outside-in approach, and ensure your business is obsessed with understanding what matters deeply to your most profitable customers. Leverage research with AI and NLP-enabled analytics to quickly identify value gaps, and growth opportunities. Ensure you align your entire team with customer realities, avoiding internal assumptions, to generate deeper insights and smarter decision-making. After all, the facts show that customer centred businesses are 60% more profitable.
2. Build your competitive advantage
Use a strategic framework that helps build competitive advantage by mapping the value your customers desire, their perception of your brand, and how they view your competitor’s proposition. This approach lays the foundation for your team to craft a clear, actionable growth strategy and unlock premium growth potential.
3. Rapid Implementation
When your strategy and competitive advantage are clear, success is dependent on rapid implementation and effective change management. Collaborate to develop a 90-Day Execution Plan that addresses required resources, potential barriers to success, budget commitments, and key metrics. Build momentum with a continuous 90-Day cycle that drives readiness, capability and belief - factors that are key to effective change.
4. Exceptional Experience at every touchpoint
Utilise a Customer Value Journey framework to create meaningful value exchanges as customers move from brand awareness, to positive evaluation and initial purchase. Focus on delivering an exceptional customer experience at every touchpoint to encourage repeat purchase, cross-sell, upsell and customer advocacy. Establish metrics for each step in the journey and implement a 90 Day plan to maximise team alignment and drive higher rates of conversion and retention.
5. Whole of business - all the time, every time
Align your entire team to focus all resources on creating value that is distinct, differentiated, and more compelling than your competitors. Foster collaboration to drive continuous innovation, creativity, and high performance. An authentically engaged and aligned employee base will become your greatest asset for growth.
Start by asking your team to complete a quick business diagnostic that will identify your current strengths, areas for improvement, and where misalignment could undermine your potential and pricing power.