In the last few months I had a very interesting series of conversations with entrepreneurs about their biggest business issues. The central three questions in these are:
- “How do I stimulate revenue growth?”
- “How do I get/keep loyal customers?”
- “What do I do with the growing amounts of data I have from my customers?”
Big complex issues with huge amounts of money involved and where results are not always clear. Difficult and complicated. Right? Well, no! It gets very clear, transparent, manageable and leads to big results, if we look at business from another point of view.
Let us start with a crucial question. What is the essence of business? The essence of business is: filling in customer needs against a reward.
If we look at business from this point of view, (the exchange of) values, there is a common denominator among the three business issues mentioned above. By giving values, filling in customer needs (giving customers what they want) values are returned, revenue growth. Filling in customer needs, makes loyal customers. Loyal customers generate revenue growth, directly and indirectly. Loyal customers stay customers, buy more products and services and recommend your business to others (new customers against minimal costs).
The question every business should ask itself is: how do I increase values and how do I take care of optimum value exchange. In this a set of developments are important, like: personalized product offers that are relevant for the customer, direct communication with customers online and via mobile applications and the use of Big Data to answer these questions.
I am passionate about this theme and I have been working on it for a few years. I developed a model to help entrepreneurs with: increasing values, optimization of value exchange and a sustainable improvement of their business results. I want to share the theme of Value Exchange Management with as many businesses as possible. There is a lot to tell about this theme and I am looking forward to a series of blogs, presentations and conversations with entrepreneurs.
Alice van den Boogaard