Creating consumer value addition should be your endgame: Rama Bijapurkar
Rama Bijapurkar, one of India’s most well-known management and marketing consultants, says that creating consumer value should be the holy grail for organizations and brands
“Gamechanging is the new buzzword that most CEOs have come to chase. The question is, what is really the endgame of gamechanging? The endgame is simply not about being different from competition but doing something that unleashes discontinuous value addition for your consumer,” noted Rama Bijapurkar, one of India’s most well-known management and marketing consultants, while speaking at the first edition of the Indian Premier Partner Awards in Mumbai recently.
She further stated that the challenge for CEOs is how they can hardwire this process of adding value for consumers in their companies. She said, “The dharma of your business should be to add value to your customer and to extract value,” though she pointed out that consumers think about value differently.
“What a leader needs to do is to know that the world is very different from the point of view of the consumer. Every leader should think that their job is to chase profitable improvement in customer perceived value,” she advised. According to her, a lot of small and medium companies have a far better understanding of customer value than larger brands, probably because they are less in love with their own business. She also called out the obsession that most CEOs have with their competition. Competitive value, according to her, should not be about concentrating on the competitor but on focussing on developing a unique value for the consumer.
“There is no like for like anymore. Everything is competing with everything else. Competition is any impediment that your customer faces while making a purchase. So, if you are a retailer, I think your competition is also car parking space. Creating value is about doing what you do and leveraging what you have and not playing the other person’s game,” she said.
The quest to create consumer value is what creates new business models, Bijapurkar said. She gave the example of fintech companies and how they have broken the rules of the game on the digital platform by innovating new ways of doing business. According to her, a reason for this is that since they did not belong to the digital ecosystem, they were weighed down by traditions and accepted norms.
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