June 2012 | Nano Tools | Strategy
Contributor: Ian MacMillan, The Dhirubhai Ambani Professor of Innovation and Entrepreneurship; Professor of Management; Director, Sol C. Snider Entrepreneurial Research Center, The Wharton School
Build ongoing competitive advantage by knowing what your customers care about most.
Creating value for customers is dynamic: yesterday’s differentiators become tomorrow’s taken-for-granted norms. To stay competitive, you need a simple way to assess what matters most to each of your customer segments. Armed with this knowledge, you can optimize your innovation investments by focusing on the areas with the highest perceived value for your customers. “Attribute Maps” are a highly effective tool for assessing your customers’ real needs and desires. They simplify the complexity of your customers’ reactions to your product or service and your position with respect to competitors. Attribute maps let you clearly see where additional resources could have the greatest impact and give you objective information about the likely consequences of a move. In this Nano Tool, Part One, we’ll explore how to create an attribute map. Next month, in Part Two, we’ll show how to mine your attribute map for a “marketbuster”— an exceptional opportunity for growth.
Nano Tools for Leaders® was conceived and developed by Deb Giffen, MCC, Director of Innovative Learning Solutions at Wharton Executive Education. It is jointly sponsored by Wharton Executive Education and Wharton’s Center for Leadership and Change Management, Wharton Professor of Management Michael Useem, Director. Nano Tools Academic Director, Professor Adam Grant.
Subscribe to the Wharton@Work RSS Feed