WHAT’S YOUR CUSTOMER CENTRIC EQUATION? IF YOU DON’T HAVE ONE READ ON…
January 24, 2012
“What’s your customer centric equation?” boomed Michael Coles, then CEO of Caribou Coffee, from the stage. A dynamic and gifted speaker, Coles presented this question as if everyone had one. I had no idea what he was talking about and glanced side to side to see if anyone else was as perplexed as me. If they were, there was no indication.
Now, he really had me. What was he talking about here? The answer, which may have been obvious to others but was news to me was:
Product+Environment + Service = Experience factor.
Here’s how he described it
Product – The world’s best coffee
Environment – Unpretentious, warm and welcoming
Service – Anticipate the needs of the client, be excellent not average
Experience factor – Make a connection, know their name, DNA, and act with a sense of urgency
He further claimed that all of the elements of this customer centric equation supported their goal, “Caribou Coffee an experience that makes the day better.”
He went on to explain that we must look at how things affect the customer.
What you do well
What do you need to stop doing
What will be your formula
Armed with this information, I decided it was time to write Saltar Solutions’ customer centric equation.
AF+ BC + MC = EG
Focus + Brand creation + Message communication = Exponential growth
Acute focus – Tuning out the noise long enough to concentrate on business
Brand creation – A solid foundation on which to grow a successful business
Message communication – A consistent message delivered via all channels
Exponential growth – The result of strategic alliances of all other elements
Speaking directly to my clients desire to reach unbelievable heights: “Saltar Solutions – Because You’re Ready To SOAR!”
Like all math, it takes awhile to figure out what your customer centric equation is but it’s well worth your time. This exercise helps you figure out exactly what you are offering your client, what’s moving them towards a purchase and most importantly, why you?
5 X 260 = 1300
Price x Average number of workdays per year = Annual expense
The interesting thing about a #5.00 cup of coffee is that obviously there is something more than the product going on here. After all, how much does a cup of coffee really cost? Even when you add the frills of cream, spices, sweetener, etc, you still have a pretty high price for a cheap product. Then there’s the glam of walking around with a status symbol that tells the world you are able to spend five bucks on a 50 cent product. A company that can do this surely has something valuable to teach us entrepreneurs.
As you think about your equation, you might need a bit more insight. Here’s a bit more direction than Michael Coles gave us that day.
What is motivating people to buy
What problem are you or your product solving for them
What emotional need are you filling for your client
What are you doing differently from your competition
Now it’s your turn.
Grab a pen and paper and start writing. Don’t stop at the first try, keep hammering it down and honing in. You’ll come up with the perfect one if you stick with it.
WHAT IS YOUR CUSTOMER CENTRIC EQUATION?
Please share it with us here. I’d love to see what you come up with and I’m sure that by sharing, you’ll help others figure their customer centric equation as well.
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