Whether or not your company can provide consumers with an excellent customer experience that keeps them coming back for more depends on your propensity and ability to satisfy their needs and keep them happy. The customer has always been king.
Companies that are built to delight consumers have (with the right management) been the long-term winners in the race to corner markets and build sustainable revenue streams through loyal customers. What is the key today for brands seeking to develop loyal customers that drive profits? It’s value creation.
A successful business model encompasses values that point to positive outcomes for everyone involved, from health and safety to financial reward to entertainment value. It is a prerequisite for building a business that customers love, employees value, and investors are excited about.
Here’s how to create an organizationwide value system that becomes an integral part of your business model:
Define Your Values
Identify and develop clear, concise, and shared values, beliefs, priorities, and direction so that every employee understands and can contribute to them. Don’t think your job is done when revenue targets are met or you outperform competitors. Look deeper into customer and partner satisfaction, employee retention and how resources are shared.
Developing your new value-based business model means examining primary business principals. Here are some sample questions to get you started:
- How do we communicate with each other and our customers?
- What problems do we solve for our customers?
- What benefit do we create for our customers? Our partners?
- How do we earn our money?
- What steps do we take to create value along the value chain?
- What core competencies are required to achieve our goals?
Transform Your Culture
How do your departments communicate and collaborate with each other? Are interactions meaningful and holistic? Positive steps in these areas will impact the value proposition you deliver, thanks to higher empowerment of staff and better cooperation. Keep in mind that employee satisfaction and customer satisfaction go hand in hand.
Set standards for performance: Leaders should set an example and influence people to behave in ways that uphold the established corporate values. Changing the value system in a running operation requires leaders to adhere to the values they are keen to implement. Be prepared to lose a few workers who cannot relate to the new culture.
Create A Path To Success
Your organizational map must explicitly address how values are pursued and how employees should interact with each other and customers. The map should link together values and the various elements of your business. For example, define how a product result should align individuals, teams, and tasks with a particular value or belief. In other words, the values are not independent from the hard parts of your business model.
Remember that customers should be the focus of your thinking when it comes to developing new business model values. This means that far-flung business satellites must be given the flexibility to change the corporate culture and values to match the local environment and customer mindset.
Furthermore, some values are fundamental for every business (e.g., integrity and accountability); others are business-specific (e.g., blue collar vs. knowledge workers). In such cases, a tiered system of values that supports diverse businesses is best.
If your business could use a positive shot in the arm, rethink your value system and begin a cultural transformation that can lead to better customer engagement and satisfaction.
A partnership with Star2Star will complement your value-added business model. We are committed to providing our customers with best-in-class communications solutions. Contact us today to learn how we’ve been able to achieve a 99.85 percent customer retention rate by putting our customers first.