Best in Market
The eBook was written in response to what the author has experienced working with manufacturers, and is aimed at Quality personnel including Lean and Six Sigma practitioners as well as Marketing professionals. This is a digital download.
Most manufacturers are product-focused and do not have the ability or the know-how to access the market for the crucial information they need to become Best in Market. Consequently, value is typically limited to value in the product or product features. Value has been shown to be the best leading indicator of market share and top line revenue growth. As manufacturers turn from cost cutting to revenue growth, understanding how targeted markets define value is essential.
Absent a direct link to markets, the idea of value has no real meaning – it’s simply an abstraction. Value creation and delivery is becoming critical in the global economy. And, while definitions of value will vary from market to market, the process of identifying, creating and delivering value is constant. Moreover, this process can be learned so that value creation and delivery becomes systematic and not random.
Best in Market details a process for assessing how manufacturers targeted product/markets define value and how this information can be delivered to key operational and strategic areas of their business. Six Sigma Marketing – a fact based, disciplined approach for growing market share in targeted product/markets by providing superior value is the vehicle for achieving best in market status. Market share growth and best in market status is inextricably tied to value creation and delivery.
The eBook contains a number of comprehensive examples of how Six Sigma Marketing has worked in different manufacturing organizations and provides an easy to understand process for tapping into the voice of the market to drive operational and strategic value excellence. This is a digital download.
The book incorporates the overall essence of Six Sigma in marketing today. It takes the DMAIC structure and applies it in a simple easy to read structure that will be beneficial to a Black Belt that may not be all that familiar with marketing and/or to a marketing team that has limited exposure to Six Sigma. It is a readable book that it is not filled with Six Sigma terminology and methodology that typically takes away from the message. The points that are made on value and quality through out the book and on how to acquire them through proper techniques will provide additional insights into your own marketing methods.
An overview of the book:
Chapter 1 examines the state of U.S. manufacturing – the myths, the realities and most important, the challenges. Much has been written about the challenges from new tax laws to enterprise zones to cost cutting. These are what I call enabling factors that will provide organizations with an environment to excel. Enabling factors alone are insufficient to sustain a leadership position. Value creation and delivery are the sustaining factors – those factors that will enable U.S. manufacturing to achieve this dominance and sustain it.
Chapter 2 examines the old business model and how it must change to accommodate a new set of exigencies that populate a global market place.
Chapter 3 takes an in depth look at the element that calls for a new set of tools that will be required to excel in a global environment. At the heart of these tools is value – an idea that is not new but one that has received new attention because of our ability to measure it and manage it.
Chapter 4 provides the foundation for the new value strategy. Targeting markets will be crucial to any effective strategy in the global environment. Buyers in different countries and even different regions of different countries will define value in different ways. Identifying targeted product/markets and being able to assess their utility to the organization is a critical first step – one that will eliminate much waste and insure greater productivity.
The Voice of the Market (VOM) and how to capture it is the subject of Chapter 5. For each targeted product/market the organization will have to create a value model that identifies and prioritizes the importance of both quality and price and then identifies and prioritizes the importance of the CTQs (critical – to – quality factors) that make up quality. The VOM becomes the information platform that informs all subsequent aspects of SSM.
Understanding your organization?s competitive value proposition, how the market evaluates your value relative to that of your key competitors is essential. Failing to do so relegates all subsequent activities to guesses and your strategic planning becomes strategic guessing – an all too often occurring activity in many manufacturing organizations. This is the subject of Chapter 6.
Since market share is the focus of this new value strategy, a tool for managing customer loyalty is provided in Chapter 7. Trying to outsell customer defections or running faster to simply stay in place as suggested by the Queen of Hearts in Alice in the Looking Glass is not an option. Customer retention is a crucial component of market share management.
Chapter 8 describes a value tool for identifying where your competition is vulnerable and how to attack that vulnerability. Customer acquisition is another component of market share and in most maturing industries, taking customers from competitors is a capability that must be mastered. Simply waiting for your competition to make a mistake is too passive and relies on serendipity rather than strategy.
Improving the three factors that impact market share gains – people, product and processes is the focus of Chapter 9. Value is delivered through the organization?s capacity to manage these three value adding elements.
Finally, Chapter 10 offers a model of monitoring changes made to the people, product and process improvements undertaken. To simply assume that the changes are doing what they were intended to do is delusional. They must be monitored to assess their efficiency and effectiveness.
About the Author:
Dr. Eric Reidenbach is the Director of the Six Sigma Marketing Institute, the leading organizations and authority of Six Sigma Marketing. Dr. Reidenbach has developed a number of unique approaches for measuring and managing value, the best leading indicator of market share growth. His consulting services are absolutely unique. They are filled with proprietary measurement and management techniques designed to help you grow market share and top line revenues.
Dr. Reidenbach is the author of over 20 books on marketing and market research. His most recent books include:
- Listening to the Voice of the Market: How to Increase Market Share and Satisfy Current Customers
- Six Sigma Marketing: From Cutting Costs to Growing Market Share
- Value-Driven Channel Strategy: Extending the Lean Approach
- Competing for Customers and Winning with Value: Breakthrough Strategies for Market Dominance
- Dominating Markets with Value: Advances in Customer Value Management
- Strategic Six Sigma for Champions: Keys to Sustainable Competitive Advantage
Six Sigma Marketing is a fact-based, disciplined approach for growing market share in targeted product/markets by providing superior value. The Six Sigma Marketing Institute is dedicated to the advancement and deployment of Six Sigma Marketing. At the heart of SSM is a modified DMAIC process that provides the architecture for growing top line revenues and market share. Dr. Reidenbach has developed a number of unique approaches for measuring and managing value, the best leading indicator of market share growth.
Six Sigma Marketing Institute offers a number of tailor made programs, workshops and seminars. Our vast experience across a number of different industries allows us to provide programs that speak directly to your organization in terms that they will readily understand. The Six Sigma Marketing Institute offers a number of challenging and exciting workshops and seminars:
- Grow Market Share with Six Sigma Marketing
- Developing a Powerful Voice of the Customer Information System
- Competitive Planning Made Simple