Holistic marketers are smart enough to foresee the opportunities of reinvention of the business model through successful value creation systems that lie mostly untapped by most of all. Confused? Let me further explain
Creating customer value and customer relationships is the very foundation and the most repeated phrase in a marketers’ daily schedule. But, being a communication consultant to our brands, we are often asked of different ways to connect with our networks, our supply chain, our investors, so on and so forth. The strategy for these stakeholders remain somewhat aligned to the ultimate objective but takes a very different strategy to achieve the desired objective. For an organization to achieve sustainable growth, it is rather of absolute importance to take the different value chain together and forge ahead with a greater force in the market.
A broader view sees a company at the centre of the value network- a system of partnerships and alliances that a firm creates to source, augment, and deliver its offerings. A value network includes valued relationships with a firm’s suppliers’ suppliers, and its intermediate customers and their end consumers. A company needs to orchestrate these third parties in order to deliver superior value to the target market.
Coming from this perspective, there are some thumb rules that organizations must have engraved in their stakeholders communication strategy
- Always try to create a win-win situation for a sustainable business relationship
This might seem a very obvious statement to make. But keeping your stakeholders in mind while developing your business strategies is definitely going to yield positive results in the long run. You do not have to think of your business and revenue generation in isolation, rather, thinking about the entire value chain will lead you towards innovation in your own business model.
- Understand their roadblocks, that might be a thread to the untapped innovation waiting to be explored
I have been studying the importance and the exponential growth contribution to the valuable feedback by your different stakeholders. What you get ultimately through this exercise is a 360 degree view of the operations and the success or failure of your own business model. Infact, innovations in business is always a result of devising a solution to one of the problems that arise from your value network. Understand their roadblocks and try to then find opportunity in diversity. This can be a far more effective exercise than a survey of people completely out of your industry that you keep doing on a regular basis.
- When times are tough, it is only the good relationship with your value network that holds a strong base for fallback
There are times when the business witnesses a tough time and when you have great network of the delivery or service chain, you know you have the entire system to fallback or even work out cost effective revised business strategies collaboratively.
- Tell them about your achievements
It is important that you communicate with your value chain networks. There has to be as much transparent business communication as possible with your network of suppliers, middle end consumers and other value chain member organizations. They must know that you are growing in the industry (if that is the case). This, at the very basic level, helps build credibility of your company with the value chain.