It may seem like a no-brainer that customers should be a company’s priority — after all, “the customer is always right.” But, as this week’s guest shows us, all too often companies are more focused on profits than on the value they add to customers’ lives through products and services. Today, we’re joined by Gautam Mahajan, author and Value Creation expert, as he shares some of the key insights from his new book Value Creation: The Definitive Guide for Business Leaders. While he doesn’t assert that the customer is indeed always correct, he does argue in favor of a customer-centric philosophy and the many benefits it entails.
Gautam and I start with the basics: what does he mean by “customer value,” and why is it so important? We then talk about how he discovered that measuring customer value is an accurate way to predict market share, and other applications for value creation.
We also discuss how the shift to a customer-centric mindset must start at the CXO level of leadership to take hold. Often, the shift costs next to nothing — yet employees, managers, and CEOs alike find excuses not to prioritize the customer.
Finally, Gautam talks about weeding out unnecessary work from your organization (redundant meetings, for example), and why the social media era has not necessarily forced companies to become more customer-centric.
Gautam Mahajan is the leading global thought leader in Total Customer Value Management. He worked for a Fortune 50 company in the USA for 17 years, and has hands-on experience in consulting, educating leaders, professionals, managers, and CEOs.
He is also an internationally respected expert in strategy, general management, and globalization. He is the President of Customer Value Foundation and the Founding Editor of the Journal of Creating Value, an international journal focused on Customer and Value Creation.
Among his honors are Fellowships from Harvard Business School and Illinois Institute of Technology. He also has 18 US patents, including the PET bottle and noise control kits.
Gautam’s work will change the way you think about your customer, your marketing, and your organization as a whole. Don’t miss out!
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On Today’s Episode We’ll Learn:
- Why the purpose of a company is not to make profits, and what a company’s purpose really is.
- The definition of “value” and why companies should provide it for customers, employees, and their whole supply chain.
- How you can start focusing on customer value.
- How to prevent disconnect between the top management and your employees on the front line.
- Why you should build a customer strategy before a shareholder strategy or a marketing strategy.
Key Resources for Gautam Mahajan:
- Connect with Gautam: Customer Value Foundation | Email | Twitter | LinkedIn | InterLink India
- Kindle: Value Creation: The Definitive Guide for Business Leaders
- Paperback: Value Creation: The Definitive Guide for Business Leaders
- Kindle: Customer Value Investment: Formula for Sustained Business Success
- Paperback: Total Customer Value Management: Transforming Business Thinking
- Paul Polman — CEO of Unilever
- Whole Foods
- “Service Culture Versus Customer Culture” by Gautam Mahajan on LinkedIn
- Priority Matrix from The 7 Habits of Highly Effective People by Dr. Stephen Covey
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Full Episode Transcript: