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Execution-MiH ENCYCLOPEDIA →
Execution Making-it-Happen →
SECTION - Entrepreneurial Execution →
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CHAPTER -
| Entrepreneurial Way of Managing Customers |
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This chapter goes into the details of customer management traits of an entrepreneur, which should be applied in organizational context. This includes 'calibrating and differentiating customers', 'guard your valued customers', and 'optimizing customer churn'.
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Topics
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Guard your customer-base
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A business-minded employee would zealously guard the 'valuable' customers. He will fine-tune his focus in proportion to the current & potential contribution from a customer. He truly connects with the customer and understand the preferences. He keeps his back-end capabilities flexible to address the customers needs in minimum possible time.
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Get the maximum out of your customers
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An entrepreneur will 'know' the customer, and is aware of the grueling effort one has to go through to acquire one. He will study with due earnestness on why customer is buying from the competition, and why customer is not buying the product at all. While he will stick to his core competencies, he will respect the wider range of customers requirements. He will add more layers of offerings to match customer needs. He will constantly cross-sell and up-sell. He will maintain a constant presence in the customer's mind-awareness.
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Spend your resources according to the customer-value
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A business leader with entrepreneurial persona will do an automatic and un-emotional segmentation of customers as per their value. He will change his sales-finesse, product-sophistication, class of service and intensity of customer relationship management based upon the customer. He will be driven by customer-focus but not customer-loyalty.
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Build your practices as if your customers are going to shift next day
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Some level of insecurity is good for results. An inventive mind is anti-complacency. In some businesses, there are high exit barriers for the customers. The chances are that if the customer cannot exit, he will reduce the usage or develop a parallel alternative. A entrepreneurial leadership will work on being one step ahead on customer satisfaction. He will talk 'to' the customers, instead of talking 'about' customers.
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Spend as much effort in acquiring as in servicing and retention
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Its a paradox that typically companies have different people responsible for acquiring and retaining customers. An entrepreneurial culture will drive a common accountability for entire customer life-cycle. By having share sales & service accountability, one also makes an organization conduct more honest & ethical (vis-a-vis many upfront promises by sales not being kept by service).
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Ensure optimum customer churn
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All Chapters in "Entrepreneurial Execution." Section
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