Productivity

How effectively does your company’s product development, product sales and service operate when compared to a tried and tested twenty year old methodology?

As companies emerge from the quagmire that was the COVID pandemic, where the economies of the world saw companies and individuals either enjoying grandiose gains or devastating declines, there is the need in some sectors to streamline costs and make the processes more effective. A couple of these areas are service delivery and product development. It is perhaps opportune to turn to a twenty-year old methodology to query whether companies are being customer-viewpoint led in their determinations and strategies, or are using what has been touted as being “customer-outcome based” in their approach. The article by Anthony W. Ulwick, founder and CEO of Strategyn LLC, entitled “Turn Customer Input Into Innovation,”  (https://hbr.org/2002/01/turn-customer-input-into-innovation)  written way back in 2002, called for an approach that diametrically shifts the responsibility for product and service development, from isolated  Research and Development (R & D) Departments or survey-driven marketing sales personnel  to functionaries who need to understand that customers’ desired outcomes, and not their needs, are what ultimately determine product and service sustainability.

How many companies in our Trinbago business sphere still conduct customer surveys in order to gauge the effectiveness of a product or service, be it online or face to face? How many of our companies use this sample information and its metrics to determine its strategy and service or product viability? How many of our CEOs or marketing managers follow the trend[RH1] ? Whilst I’m aware in Forex it is said the “trend is your friend until it ends”, is this how we want our sustainability and survival to be determined?[RH2]  The article goes against the established mode determining the competitive position of a product or service which normally uses established metrics like price points, business size and geography to determine sustainability and real marketability. [RH3] Is your company one of the entities that swears by these metrics in making a strategic decision on product and service determination?

How often do you do any of the following?

  • Do you deconstruct the activity associated with the product or service from the part (point of view?) of the customer?
  • Do you identify your real users?
  • Is the methodology you use outcome – as opposed to solution-based? What does the customer want to achieve?
  • Have you taken the time to measure these things?
  • Have you prioritized the customers’ desired outcomes?
  • Have you rated customer satisfaction based on the desired outcomes?
  • Have you ever toggled a service or product based on satisfying these desired outcomes?
  • If not, where is your real data?

Marketing on average tends to account for seven (7) to twelve (12) percent of a company’s Return on Investment (ROI) in a well-functioning company. Customer service costs are exponentially more and of greater importance. Poor customer service affects a company’s bottom line and its reputation.[RH4]  We at Gbest Consultancy can help you answer the questions and achieve your desired outcomes in service and product determination to make a real impact and achieve a better ROI. Check us at https://gbestconsultants.com/ or https://www.facebook.com/GBestConsultants/. Our business is the business of improving effectiveness in business and people.

tags:
share
GBest Consultants

GBest Consultants

comments

Comments

related posts

Post List

Hot News

Trending