Value Creation Implementation Ideas. Avoid Value Destruction
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The document discusses strategies executives can employ to create value for their organizations, emphasizing the importance of reliability, accessibility, and expertise in meeting customer needs. It outlines specific actions executives can take to enhance customer relationships and improve company processes, while also highlighting behaviors that lead to value destruction. Overall, the Customer Value Foundation focuses on enhancing customer value to ultimately increase shareholder wealth.
Value Creation Implementation Ideas. Avoid Value Destruction
- 1. Value Creation Implementation Ideas Avoid Value Destruction We have talked about many ways of Value Creation, and why Value creation is important. How do executives create value for themselves and their organisations? By differentiating themselves, Being on time, reliable, timely, Become knowledgeable about the company and the customers so that others seek them for help, or for government rules and regulations. In short become the acknowledged resident expert in something the customers want. Be accessible to your colleagues and to your customers. Do things right Keep promises The above may sound like motherhood statements, but they are made because executives do not always follow these. They are often casual, lackadaisical, not willing to take the extra step, not willing to keep customers informes. Examples of extra steps executives can take (of course, this depends on your role in the organization) Value Creation by Customer Value Foundation
- 2. 1. Get to know your customer and his needs better. Become the preferred source of contact in your company for the customer. Have you noticed how you often want to deal with a particular sales person in a store, or retailer, or a customer service person. This is generally because you have more faith in them, believe them a little bit more, find them reliable, think they will give you good and genuine information and advice 2. If you do something special for a customer, ask yourself if this problem is genuine or germane to other customers. How can you flag it for systemic changes? For example if a customer calls and says your website does not give proper information on your branches, don’t just give the customer the information, but see how you can initiate the program for making a permanent change. Or if you find a customer cannot get options available in the company on the net, let the right people know. Or if you are told by a customer he cannot input his passport number because it does not fit in the required field 3. Your boss asks you set a meeting for 10 days from now. You do it. On the day of the meeting confirm with the person your boss is to meet that the meeting is on at the right location. This adds value to your boss 4. If you are taking an address take it carefully. And if you are sending someone for a service call make sure he gets the address and directions Examples of Value destruction that can be avoided 1. A major company advertises their addresses on the net. Some of the offices have moved location, but the net information is not updated. Value is destroyed for the customer who goes there. If you are told about this, do not just apologise, get the information updated. Even more, make a check on other locations 2. If you are a car dealer, and your customer wants a test drive, and the information has been taken (like customer name and address, type of car he wants to test drive, and at what time), do not re-ask these questions when you call to check if the test drive had been done and you are told No. Value Creation by Customer Value Foundation
- 3. 3. A customer calls and wants to know your CEO’s name. Do not ask why, who are you? Etc. His name is public information, and you will just get the customer to do extra work to get the name, and also get him irked 4. Do not answer a question by a question 5. I get so irked when a courier company calls to say am I sure my address is right. Where is your office? Don’t courier services have means to find address information? 6. The car dealer service people call you for an appointment two days after you got the car serviced Notice many value creation ideas are doing things right. Notice when people add value to you and when they destroy value Try answering these: 1. Someone calls your extension asking for someone a) Should you hang up b) Tell him this is the wrong number c) Or tell him it is the wrong number and I will transfer it 2. You walk into your coffee room and see it is messy a) Walk out b) Get your coffee and leave c) Either get the responsible person to clean up or do it yourself 3. You send an email and it bounces a) Do nothing b) Call the party and say the email is bouncing c) If you cannot call do you send this by mail You can be a Value creator today! Value Creation by Customer Value Foundation
- 4. Your comments are welcome. Call at (+91) 9971288580 Please share it too Gautam Mahajan, President-Customer Value Foundation M: +91 9810060368 Tel: 11-26831226, Fax: 11-26929055 email: mahajan@customervaluefoundation.com 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. Value Creation by Customer Value Foundation