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How Your Company Thinks About Customers Determines Your Revenue
The article describes how a company of any size can create zealous customers by a simple yet thorough shift in mindset. It suggests that customers be treated not as "objects who buy,"
but as people. Treated like they're important, with emotional and other needs to be met and with long memories about bad and good experiences.
The article introduces the Passion-in-Customers scale, which runs from "No way, now how" (will I ever buy from your company again), to zealot--people who just won't buy from anyone else and
who'll sing your company's praises to any and all.
A company can create zealots by shifting how it thinks about its customers, taking the proactive position of being "for them." That is, doing something to enrich the customer, like teaching,
protecting or enabling them.
The Economic Stimulus Package Inside Every Company
Executives and business owners alike are struggling to keep their businesses healthy in the teeth of the downturn. Workers, shareholders, lenders and boards are all nervous, because reduced
revenue can spell big trouble, and there are few good options for dealing with it. But here's one...
No business runs at anywhere near its full potential. It's why executives have incentive compensation plans. The untapped portion of that potential can be found, and harnessed, to counteract the downturn. Management first needs to recognize the powerful elements of their business's latent potential, then monetize them.
Harnessing untapped potential can act as an economic stimulus package for a business.
The brief Chief Executive article you'll find here provides an example of the relative boost that tapping latent potential can provide. It shows that taking full advantage of just one element of IBM's unappreciated assets would have been enough to offset a 22% revenue drop.
The article then lays out 3 aspects of latent potential that can lift revenue within weeks, without cutting prices or costing much: winning customers' hearts and minds, strengthening the value
proposition and communicating it more effectively. One example is what Heinz is now doing to keep customers buying.
Chief Executive Magazine's First Annual Ranking of the CEO Wealth Creators, and Destroyers, in the S&P 500
Chief Executive magazine in partnership with Great Numbers! and the Applied Finance Group, has just published its first annual ranking of wealth creation by the S&P 500 CEOs, based on
their last 3 years of reported results.
The ranking is important because creating wealth for a company's owners is what CEOs and their operating executives are paid to do. The article:
Ranks the wealth-creation performance of the S&P 500 companies whose CEOs have been in their roles for 3 years or longer (335 companies were ranked).
Profiles three of the best and three of the worst performers, and tells how they got there, including a surprise among the worst.
Tells how a company's executives can improve their wealth-creation score.
Sources of Better Results That Every Company Can Tap…
Companies are struggling to keep their profits and revenue up in the face of sinking demand and rising costs. Yet in every business there are powerful elements that executives can harness to
boost results. But they're often overlooked or under-appreciated. A recent Chief Executive magazine CEO Roundtable shined a light on these elements—a company's intangible assets. Widely leveraged, they can improve the fortunes of companies, and economies.
Great Numbers! Shows How Companies Can Counter the Sagging Economy
New Tools Help Executives Deliver Maximum Results
Sinking demand can take a company's results down with it. Increasing the company's underlying ability to increase sales, improve profitability and boost economic value can help offset the decline.
An article series just published in Chief Executive magazine shows executives how they can create maximum results, in good times and bad, using three tools the article describes. The author, Drew Morris, founder of Great Numbers! LLC, says the use of these tools will both benefit investors and save jobs.
A new management tool lets executives discover their best shots for boosting profits and revenue growth. The general manager of a booming $22 million division used the tool to find 6 actions he could take. Together they'd:
increase its $3.6 million in operating profits by 147% over 3 years
raise its revenue growth rate from 30 to 44% per year, and