My Book Coming Soon….Value of Service

Happy New Year! Yes, I know….I am late for both my happy new year wishes and bimonthly blogs. Truth is, I’ve been busy finalizing production details with my publisher and gearing up for a busy season of consulting and speaking. But I wanted you to be the first to see the layout of my book cover: “The New World Marketplace – how women, youth and multiculturalism are shaping our future.”

I am super excited and will be rebranding my social media platform once the book is in the market in a month or so.  I will also provide updates on book signing events and speaking gigs, and hope to see you in my travels.

In keeping with my commitment to share a New World Marketplace update in each blog, I’d like to tell you a bit about how constant cost cutting during economic challenges can drive new product innovation and quality of service into the ground. While cost cutting is an important discipline in any business model, it should never be at the expense of quality and service—which are the revenue drivers. You can choose to drive profits from the front end, or the back end. Your call. But if you choose the latter, remember your competition is putting new products out in the market faster, and offering better quality and service. At the very best, you’ll end up as a mediocre company with mediocre products and services.
And how long do you think that will sustain you during a recession?

Earlier this month, I decided to end my 7 year love affair with my Audi TT and get a hybrid car. So you can just imagine the pushy sales tactics that I had to overcome online, and by phone just minutes after a click, before I even entered a car lot. I ended up with a Lexus hybrid CT 200h. Sure the product and price was the best fit for me, but it was the service that sealed the deal. Lexus products and prices are not that different than other high-end competitors, it is the service that is their strategic differentiation. Think about this: what type of price or cost do you allocate toward great service? OK, Audi didn’t have a hybrid, but I left because of their inferior service to begin with. Do you think I’m really that unique? And what if low-mid price brands offered luxury service? Wow…that will be one recession-proof brand….!!!

Gen Y’s strong affiniy for hybrid cars are leading us away from traditional vehicles. They also prefer cars that are an extension of their social media and digital lifestyle…and willing to pay for it. This is good to know regardless of what products you sell. It’s about keeping up with the pace of the New World Marketplace.

2 Responses

  1. Chip

    Farnaz, you are right on with cost cutting. Too often there is room for massive improvement in the current structure, processes, and management directives. A paradigm shift, a simple process improvment team (utilizing ones own resources), and even the more dynamic structural refocus are ideal ways to ferret out the low hanging fruit (yes, i know it’s an old term) that can result in immediate quality and customer service impacting changes. If we look close enough we can find these areas for improvement that directly impact our customers. Undoubtedly they will impact employees positively too if the end result truly makes it to the customer. We should all remember that it doesn’t take a corporate buyout to come in and make effective cost changes for the better… or worse.

    And re your new book: Love the layout, and CAN’T WAIT!!!

  2. Vincent Donroe-Wells

    Great to hear a about your book. I remember talking about it when we had coffee! Good luck with it and looking forward to reading it. I know it’s going to be great.

    Having spent 8 years in the automobile industry, I certainly understand what you went through buying your new car. One of my most enjoyable brand challenges was to horizon shift the Saab brand from a “be everything to all people car” to “a car for independent thinkers”. Buying a car is not the simplest decision (though the inclusion of online car shopping has made the buyer smarter, thus shifting the balance of power from the sales office to the consumer) and those brands which own a strategic difference, own the road. Happy driving,

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