Our relationship with customers is strengthened by creating value for them. When transactions leave the customer more than they expect, we stoke the fires of our own economic health.
In an article written for Forbes Magazine, John Kotkin makes this statement:
"...our economy's failing stems from not producing nearly enough in goods and services to pay our bills. Our long-term weakness stems not from a shortage of consumer credit--the main obsession of Wall Street and both parties--but from the decline in manufacturing, growing dependence on imported fuel and deteriorating basic infrastructure."
The problem with deficit spending (buying on credit) is that we lose sight of how to really create tangible value for the consumer. If I can take a product I've previously sold for $1.00 and package it in a way that I can now charge $2.00 for the same product, have I really created value for the consumer? (Certainly the seller benefits, but what about the buyer?)
In the coming days, I think we will have to look carefully at what we create for sale, as well as what we buy, and ask "Where is the lasting value in this?" As a business we should resist spending for things that don't produce value--either in the form of product, or in a reduced cost of our doing business.
I have been shopping for a new ISP and I have been struck by how interested everyone is in selling me a package, but how little interest there is in selling me what I need (reliable high speed internet access at a moderate price). I had the same problem when I went to buy cell phones and service for my family.
Whatever your position in your organization, you might ask "What lasting value do *I* create here by doing my job?" If you read this and would like to share your answer, write me at
References
Kotkin, J. (2008) Stimulate Manufacturing, Not Consumption. Forbes.com.Retrieved on 12/30/2008 from http://www.forbes.com/opinions/2008/12/29/manufacturing-productivity-stimulus-oped-cx_jk_1230kotkin.html?partner=commentary_newsletter
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