Collaboration Constrains Commoditization
Many years ago, when I was in grad school, we spent many hours analyzing how the traditional 4 Ps of business marketing – Products, Pricing, Promotion, and Physical distribution – could be leveraged to strengthen competitive advantage and compel customers to purchase our products. Later, the 4 Ps became the 5 Ps when it was realized that execution of the 4 Ps requires competent, dedicated People.
These days, rapidly evolving technology is driving commoditization. Intensified collaboration with your customers is the most formidable weapon to restrain commoditization. Sustaining your profitable growth is contingent on how well you collaborate. Producing strategic value that helps achieve customer goals fosters enduring customer relationships. Building your customers’ business is still the most productive means of growing your business.
If you’re not collaborating with your customers, then you’re being commoditized.
Productive, profitable collaboration is only possible when your company’s resources are aligned to deliver the strategic value promised to your customers. Today, it takes more than the traditional 5 Ps to build businesses. The NEW 5 Ps of business development focuses your competencies, enabling comprehensive collaboration. The NEW 5 Ps reinforces the execution of the traditional 5 Ps by adding a holistic set of principles that focuses your unique operational competencies in support of customer collaboration. This alignment elevates your Performance, strengthening your ability to meet today’s challenging economy.
The NEW 5 Ps of Business Development
1. Channeling PASSION: Passion generates energy. Channeling Passion focuses that energy to infuse your actions with vitality, and help you produce strategic value for your customers.
2. Fulfilling Your Unique PROMISE: Leveraging your distinctiveness to produce strategic value for customers fulfills your unique Promise to them. Be trusted partner, not commoditized “peddler.”
3. Committing To Your PRINCIPLES: Managing your business in accordance with your Core Principles demonstrates that your entire organization is committed to delivering your unique Promise.
4. Engaging Your PEOPLE: Technology, resources, and other elements contribute to business success, but these factors are surpassed by how robustly your People demonstrate Passion and commitment.
5. Producing Your Promised PERFORMANCE: Producing promised Performance is the culmination of channeled PASSION, fulfilled PROMISE, committed PRINCIPLES, and engaged PEOPLE.
Use the NEW 5 Ps to align your organization in support of vital, focused customer collaboration, and maximize your Potential to achieve your growth performance goals.
How do you collaborate with your customers? Are you being commoditized?
How do you ensure that your sales and operations personnel are
collaborating to serve your customers?