SUMA Partners’ guide to sustainable revenues from new sources

THE SUMA PARTNERS PROCESS

1. Don’t try to predict the future by only studying the past. Benchmarking against yesterday’s competitors does not bring about market leadership. Look for leading, not lagging, indicators. Consider emerging trends from seemingly unrelated markets.

HOW TO GROW Uncover the strategic direction that gets you where you need to be

Customers may find that the reason they 2. Don’t assume that what brings customers in the door will keep them around. Customers may find that the reason they chose you is outweighed by other factors. They may select your product or service because of price, then switch because of poor service or poor product performance.

3. Make sure you’re asking the right questions. Customer satisfaction scores don’t predict market share growth. If a customer thinks your product is the gold standard but can’t get it delivered on time, loyalty fades. You miss hidden expectations if you’re asking the wrong questions.

CUSTOMER EXPERIENCE Beware of expectation/reality gaps caused by hidden factors

4. The silent majority can rule. Silent trouble spots don’t reveal themselves based on traditional customer satisfaction approaches. Don’t assume that no feedback is good feedback. Uncover the unspoken issues.

5. Listen with objective ears…what’s NOT being said? Customers have a tough time articulating unmet needs, but the demand for CD players morphs into the demand for iPods overnight. Five years from now, what will your customers want?

NEW OPPORTUNITIES Think big to uncover new, high-yield opportunities

6. Capture the entire realm of the customer experience. Map all of the dimensions from metrics to experiential data to information on similar markets. What matters most for the future from the total customer experience?

7. Learn to add value and benefits, not simply features. When profit margins shrink, look for the market premium. Add services to products, products to services.

8. Rethink the playing field when you’re embarking on change The competition for your breakthrough product or service is part of a different food chain than the competition you’ve been tracking.

VALUE PROPOSITION Play on your strengths in the market

Solid metrics are mandatory for plotting and launching. 9. Measure twice. Cut once. Solid metrics are mandatory for plotting and launching. The 80/20 rule applies, though: which metrics matter most?

10. Good ideas are only as good as the results they achieve. Implementation and engagement are not givens for a successful rollout. Get everyone on the same page.

STRATEGY AT A GLANCE Position clearly. Align your team STRATEGY AT A GLANCE Position clearly. Align your team. Execute with tenacity.

SUMA PARTNERS’ APPROACH SUMA’s strength is in asking the right questions of the right people: Which strategy will drive growth? How can we understand the customer experience? Where are we most vulnerable? Where are we most competitive? How does the market measure our value? How can we maximize engagement?

www.suma.com/direct: 281.802.4778/akates@suma.com