CUSTOMER STRATEGY: Bankers are from Mars, Customers are from Venus

For a long time, I have been advocating that the starting point of a good business strategy is a customer strategy. The customer strategy and the shareholder strategy should then be used to build a business strategy/business tactics.

VN Bhattacharya a strategy consultant articulates “Why a business strategy should have compelling customer value”

He states that “Generic objectives are useless, like Maximizing  shareholder value, achieving”

Leadership: Objective should be specific, measurable, and time bound. Scope should focus on customers, services and markets

But even more interestingly, he says:”Strategy must build competitive advantage for the firm by creating compelling value for customers. Articulating why customers will buy requires managers to examine strategy from the customer’s point of view. It encourages them to ask how the firm’s activities deliver superior value to chosen customers. The firm must choose the set of activities that serve target customers better then competitors, and shun other segments that demand incompatible activities”. He thus makes the case for a customer strategy without saying so in so many words as I have been preaching for a long time.
Then we have people like Greg Holzwarth and Don Ryan are saying

Bankers Are From Mars, Consumers Are From Venus

How to Meet in the Middle on Earth


________________________________________________________________________________________________

Customers are changing. The recent financial crisis left many consumers soured on the state of the banking industry. They are now more empowered to demand better experiences and won’t hesitate to switch banks if they aren’t happy. In response, many banks are working to rebuild relationships by learning to speak their customers’ language, to act in the customers’ interests and improve their reputation and financial well-being in the process.

Customer strategy, specifically data intelligence, is at the forefront of one bank’s effort to figure.

  • How can I stand out from competitors in a crowded and volatile industry?
  • What do my customers value so I can speak their language?
  • Should I concentrate on customer acquisition or focus on share of wallet?
  • How do I find actionable insights from internal and external data?

If you need help on Value Creation do contact Customer Value Foundation
For Free CVF Membership Click Here
Contact Customer Value Foundation for help

Gautam Mahajan
President
Customer Value Foundation
K-185, Sarai Jullena
New Delhi 110025
Mob: +91 9810060368
Tel: +91 11 26831226
email: mahajan.g@customervaluefoundation.com
website: http://customervaluefoundation.com

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One Comment on “CUSTOMER STRATEGY: Bankers are from Mars, Customers are from Venus”


  1. Thanks for sharing the valuable note. I am very much customer oriented person, and wants to learn till grave.
    Can we do something together?

    Looking forward to your advice.

    Mr. Zubair Bangash
    ZK Global Enterprises Umberala


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