The Golden Triangle- Cheat Sheet
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The document discusses the importance of understanding and exceeding customer expectations in a competitive market, emphasizing that organizations must address both tangible and intangible customer needs. It highlights the necessity of data rationalization and personalization to create value-added products and services, along with the significance of a clear organizational vision and understanding of the target market. Additionally, it stresses customer loyalty as a valuable asset for businesses.
The Golden Triangle- Cheat Sheet
- 1. The Golden Triangle- Cheat Sheet Corner Pillars Key Building Blocks Comments Customer Need The very basic problem customer wants to overcome or certain benefit customer wants to achieve. Most cases basic needs are tangible, but for organizations the challenge is fulfilling customer’s intangible needs. Expectation Mostly customers set their expectation higher than their need. Customer’s expectation also depends on market options, brand loyalty, etc. For organizations in this high competitive, easy entry and force exit market, it is very essential to exceed customer’s expectations. Market Options In this global market, there are plenty of options available for customers to select from. Every now and then a new competitor appears in market and some current business goes out of market, customer always looks for products/services which can exceed their expectation yet reachable, and with increased used of social media, customers need something which they feel proud/happy to talk or share information about it, after all customers don’t hesitate to criticize or recommend products and services. Data Rationalization To understand customers it is critical to understand data, data can be from external or internal source. It is important to rationalize data from all sources to create appropriate value out of it. Integrated data creates tremendous value and opportunities for organizations. Realization Once rationalized, understand how you can create meaning from the data to bring new product, solution, service for your target market or to extend/enhance target market. Personalization After realizing value from your data, you need to personalize data to bring value added products, solutions, services to your target market. You/ Organization Vision Your or organizational vision is very critical for any business. It is very necessary for all your employees to understand organizations vision and stay dedicated and focused on it. Target Market To stay focused it is necessary to understand target market and the economic environment. Also, do proper evaluation on what market options the target market/customer have, and how your business differentiating itself from other competitors for customers to come to you and keep coming to you. Customer loyalty is something each organization looks for, after all loyal customers means organizations free advocates and constant revenue source. Value Creation This is important, you should ask question to yourself, why customers will come for your products, solutions or services? Based on organizations vision and to penetrate target market, organizations has to focus on their strength and always need to focus on what it can do for not just fulfill market need, but repeatedly exceed market expectation. Note: This document reflect my personal opinion.