Customer Wealth Maximization Model By Dr Vivek Bindra – How to Grow Your Revenue ?
Key Learnings – How to grow your revenue
- Most of us make the mistake of trying to sell the product though showcasing its features and benefits but not focusing on the customers money making model .
- In todays competitive world , discussing only the features and benefits of a product is too basic .
- Instead , one should focus on customers wealth maximization model , wealth creation model ,money making model , growth maximization model – only then you will succeed .
- In other words , in stead of giving a discount to your customer , if you focus on increasing his revenue , profit and business , you will automatically get your success .
Golden statement by Dr Vivek Bindra
- Lets not focus on the features and benefits of a product , lets focus on the customers money making model , revenue maximization model and wealth maximization model .
- If you make customer successful with his revenue maximization , your success fee will automatically increase .
- Tyco manufactures electrical items like headlights etc for Toyota , Tyco has stationed their 2 smart engineers on Toyotas each assembly line , who eventually over a period of 30 months suggested few changes that resulted in an increase in sales ,brand equity and market share of toyata .
- As a result of which , Tyco became an integral part of Toyota and therefore they still have long term vendor and partner relationship with each other .
- Tyco never gave any discount to Toyota because they focused on increasing the market share , wealth maximization , success maximization , money making model and growth maximization of Toyota and not their product feature and benefit .
- As discussed above , you will not have to give any discount if your focus will be on making your customer successful .
What can be the critical success factors of your customer ?
- Gross margin
- Customer retention
- Customer acquisition
- Cash flow
- Brand Equity
- Inventory Turnover
After identifying the critical success factors , perform the following activities –
- Identify the profile of your customers on the basis of his critical success factors identified
- Determine how you can improve the value of your customer
- Write a script around your customers profile as to in which all areas you can help your customer and his money making model .
- Create your own action plans because so far you have been only discussing your customer and his money making model .
- Write down what changes you will bring to your existing product / service and in the sales script of your product / service .
- Before bringing about any change in your product / service and the sales script first understand your customer and his money making model . sometimes a slight change is needed but sometimes radical change is required .
Focus on Customers Money Making Model
- Whatever the case be , the fundamental remains the same .
- Focus on your customers money making model first .
- Then think about the changes needed in your product / service and the sales script and become a customer centric organization .
I have explained this model in the video below – pls do review
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