To thrive, you must find ways to generate MORE value for BOTH your customers and your company. Yes, it must be “both” and not “either” because the company is structured to fix frictions for the customers, and the customers are served to fund the company. That symbiotic relationship is at the heart of the mission of firms. The “more” you can go in this virtuoso circle continuum will determine how far you can go.
“More and more startups are popping up, offering customers new services and products that save them money. And while their offerings are attractive, they have one shortfall: They don’t capture value for the company.” Ndubuisi Ekekwe, Harvard Business Review
As you begin this new week, do not be blinded by your products or services. Rather, be focused on what your customers want. The best designed product is the one the customer loves, pays for, and returns, because the power of the customer is absolute, since the best investors in missions are customers. If you create and they do not fund, the mission dies. Win on the wings of your customers.
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Register for Tekedia Mini-MBA (Sept 9 – Dec 7, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.