Product has long been one of the four “Ps” of marketing, along with Price, Promotion, and Place (distribution). As digital services have become a pervasive part of modern life, the Chief Product Officer title has similarly grown in popularity. What does it mean that this particular P has been elevated to the executive ranks as a frequent peer to its former 4P host, the Chief Marketing Officer, often taking the “pricing” P with it?
It has to do with the changing nature of relationship economics, a dynamic that is morphing in both B2B and B2C contexts. Ironically, the increased prominence of Chief Product Officers and product-led organizations is a signal of increased customer centricity as opposed to less. The best product organizations are customer centric, and digital channels provide an entirely new standard for how providers interact with their customers. …
Minimum Viable Brand Experience in Customer Centricity
In my last blog post, I pointed out that Low Value Customers are Not a Problem to be Solved. I stated that “Any time your salesperson or customer service rep spends time making a low rCLV [residual customer lifetime value] customer feel great, it is at the cost of additional value from a higher rCLV customer.” In theory, this is true. Spending a dollar on someone that will never return at least that in value is a negative business proposition.
Does that mean businesses should go completely dark on anyone that it determines will be a net negative value customer? Should we keep them away from our stores and hang up if they call us on the phone in order to avoid any possible wasted resource allocation? …
For any number of reasons, there comes a time when many entrepreneurial-minded people decide to take on “real jobs.” These folks have great energy, and I have hired a number of them over the years for exactly that reason. They are driven, passionate, and they can be valuable to an organization. At the same time, the corporate world has a way of really burning these talented individuals out. It can be soul draining.
Having seen a number of others wrestling with the same frustration I once did, here is my advice for those feeling disheartened even in a small “big corporate.” …
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