Page 173 - SKU-000506274_TEXT.indd

Management Solutions includes a simple tool that makes this
child’s play, pages 172–174.)
– How can I give the most worthwhile customers more of what
they like?
– How are their interests, needs and desires changing?
– If they want “A” today could they be persuaded to want “B”
tomorrow?
n What is the average time that a customer stays with us?
– How can we prolong it?
n What is the lifetime value of a customer?
– How much can I afford to spend to attract the right customer?
n How will I delight and go on delighting my worthwhile customers?
n How can I dump those who are more trouble than they are worth
without damaging my reputation, credibility and image?
n How can I make the best, most economical use of emerging
technology to delight and go on delighting my customers?

Summary

I Any market is no more than the combined desires and value of
I the customers who comprise it. Understanding those customers is
I vital. Building on that understanding by creating and satisfying
I desire delivers massive profits. But it begins and ends with the
I customer.
I It is important to understand that if your sales and marketing
I people cannot give you both full and accurate answers to the
I above questions they are working with their hands tied behind
I their backs. The shame of it is that it is they themselves who tied
I the cord.

Market dominance planning

The chapter on strategic planning will have helped you to develop an over-
all plan for the business. I hope that you are already all fired up and deter-
mined to dominate your chosen markets whether they are niches, sectors
(customer/need driven), or segments (product or service driven). Now you
need to look specifically at the contribution marketing and sales can make
to dominance. Just one small point if you will.

Marketing is not a departmental matter. Either every individual in the
company is marketing or nobody is. In my GM days I was so anxious to get
this idea across that I proposed that we change the title of every CEO to be

142 Key management questions