Is your Product worth it?

I have been working with Dr. Eric Reidenbach of the Six Sigma Marketing Institute in the development of the 5Cs of Driving Market Share program. In the process, he has developed a Customer Value Assessment Program. You will receive five surveys based 5Cs of Driving Market Share: Customer Identification, Customer Value, Customer Acquisition, Customer Retention and Customer Monitoring. These 5 surveys will expose your weaknesses and strengths in each of the 5 Cs of Driving Market Share. Before receiving, the next survey, you will receive evaluation/assessments sheets that will allow you to evaluate your scores and some actionable steps to improve in this area.

This Assessment program serves as an introduction to the 5Cs of Driving Market Share Program, a comprehensive program that has been deployed in a number of Fortune 100 and Fortune 500 companies and has produced positive market share growth.It is not a project-by-project approach for reducing the costs of marketing activities, but rather an approach that seeks to enhance marketing’s effectiveness and efficiency.

What I like about this program is that it provides a real science to the marketing process. However, there is one premise that you have to accept as a truth(Six Sigma Marketing Institute has data to substantiate it): Value has been shown to be the best leading indicator of market share and top line revenue growth.

Most of us are product focused nor the ability and know-how to access the market for this knowledge. Value is typically limited to the value in the product or product features. Practically every company claims to offer value. But do you really know what value means to your customers? The assessment makes an effort to figure out what value looks like to your customer—the insight may surprise you. The biggest surprise that I had was most companies do not even define value the same within the organization. If that is true, how focused could you be in defining your market? And how do you know if your product is worth it?

A good read on this subject is the Best in Market eBook. 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.