Of course, you say. We provide an important service. No doubt. But do your customers need YOU? Could they get that service from another company and feel (whether you agree or not) that it is comparable? It is interesting to me how many companies can’t even define who their target customers are; they are anybody …
Most companies I know struggle to find the right balance between too few descriptors and too many when describing their customer targets. Others, sheepishly admit their customer is anyone who fogs a mirror and carries a checkbook! When sales are so important to our business, and we can never have enough, why would we ever …
Most of us know who we compete against. We run into them at industry events and we see their materials on the desk of our customers. And while we smile and exchange pleasantries when we see them, we know they are dirty rotten scoundrels. Sometimes when I talk to clients about competitors it resembles the …
Growth comes from the intersection of market needs and organization capabilities. The sweet spot is where your company’s strengths meet customer requirements better or differently than anyone else. The only caveat is that you must genuinely deliver more value through those capabilities. If your company has superior customer service capabilities, that’s great. But answer the …
Ever wonder why strategic implementation is so tricky? Why is it that best made plans go awry during implementation? You are NOT alone. After speaking to thousands of executives from across the country, I have learned it is the number one concern regarding strategic planning. However, it is NOT the number one problem in strategic …
Here are fourteen things you should know: How much revenue each contributes Rank of customers by revenue Rank of customers by unit volume Number of customer orders and trends (ordering more, less, same?) Average revenue per order (hint: frequent small orders are often unprofitable) Average number of units per order (perhaps you can get them …
I don’t sign my email with a smiley face but I know a very well regarded Fortune 500 leader who does! By the time we reach middle management and above we are used to the grind and a bit cynical about making lemonade from lemons, and looking for rainbows and four leaf clover. I get …
Ever feel like a guinea pig on a tread mill? No matter how fast you run you never go anywhere? Turn up the heat, run faster, work harder, sweat more and you are still in the same place. Frustrating isn’t it? Wouldn’t it be so much more preferable to be rich and famous like R. …
Many of you have heard me speak of a book called Islands of Profit in a Sea of Red Ink. Written by Jonathan Byrnes, an MIT professor and a colleague on the speaking circuit, it shares alarming insights into the profitability of our customers. For example, after significant empirical study he found only 40% of customers contribute …
As leaders of our companies, the buck stops with us. Yet clearly, nothing would happen if we couldn’t delegate. So how do we decide how to allocate our precious time? In fact, statistics say that executives are making more decisions (since we are running leaner) and have less time to do so (an image of …
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