Focus on a Specific Group of Customers For Whom You Can Create Exceptional Value

Focus exclusively on your competitive advantage
            What do your best customers want?
            What do you do best?

The key to growth is to focus on these two questions.  Your best opportunity to excel is where your customer's wants and your skills converge.

Identify target customers
            Who are your most profitable customers?

Identify your most profitable customers not only because they bring in the most money, but also because profit is an indication that you are offering these customers something of unique value - which they are willing to pay for.  These are the customers with whom you have a competitive advantage.  This is the market segment you want to keep and d

Identify what customers value
            Dig beneath the surface
            What specific benefits do your customers value?

Do your customers value Speed? Convenience? Selection? Reliability? Knowledgeable, attentive salespeople?  Why do they select your store over your competitors?  If you don't know, find out.

Resources:  What Customers Value?   What Customers Expect? What Shoppers Love & Hate?

Focus on enhancing & improving your competitive advantage
            Pinpoint it, understand it, improve it.

Competitive Advantage - the unique value that you offer your best customers.

The Focusing Framework  - A tool to help you match your capabilities with what your customers value.

The 5 Whats - Getting down to real customer values.

 

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Last modified: January 03, 2008