For many companies, the existing customer base is one of the most important and valuable corporate assets. Companies look to existing customers for not only today’s revenue, but also as the source of tomorrow’s opportunity. However, focusing exclusively on existing customers is largely about producing incremental growth, protecting existing market share and satisfying known demand. With The Customer perspective of the Growth Strategy Framework, Growth Champions are able to formulate strategies and opportunities around the answers to questions such as “How can we create new value for existing customers?”, “How can we attract prospective customers, or non-customers?”, “Who are the customers in adjacent or entirely new ‘white space’ markets?” and “What are their unmet needs?”
Strategic Objective: Redefining The Customer
Simultaneously serving existing customers, while expanding to non-customers is critical to generating strategic growth outcomes. To that end, The Customer perspective of the Growth Strategy Framework supports the strategic objective of Redefining the Customer as a means to finding the ones that are most attractive. By using customer attractiveness as a strategic basis, Modern Growth Strategists can position their companies to better generate value that is recognized by existing customers, while also uncovering entirely new sets of customers. The deeper the insight into customer and non-customer wants, needs and jobs-to-be done, the higher the probability that companies can deliver unique value, create high emotional switching costs and unlock latent demand. The focus of this objective centers on helping companies balance investments to retain existing customers and acquire non-customers and the new sources of growth that they represent.
Author: Wayne Simmons
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