Make Quantum Leaps in the Value You Provide Customers

To stay ahead of competitors, you must make quantum leaps in the value you provide customers. First, articulate what most of your buyers value. Hotelier Accor, for example, decided its primary customers -- cost-conscious travelers -- prized a good night's sleep for a low price.

Next, change your offerings as needed to provide that value. Accor created a line of budget hotels that eliminated costly restaurants, provided receptionists only during peak check-in and check-out hours, and replaced closets and dressers with a few shelves and a pole for clothing. Accor also improved several features, such as providing good sound insulation by building rooms with low-cost modular blocks.

By washingtonpost.com Editor  |  October 13, 2008; 7:00 AM ET  | Category:  Management Tip of the Day
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