Target your resources at the consumers who drive the most value.
Simons says that many firms make the mistake of defining their customers too broadly. To succeed, you have to target your resources at the people who really drive the most value.
SARAH GREEN: Welcome to the HBR IdeaCast. I’m Sarah Green. I’m talking today with Robert Simons, Harvard Business School professor and author of the recent HBR article “Choosing the Right Customer, The First Step in a Winning Strategy”. Bob, thanks so much for talking with us today.SARAH GREEN: So I have to ask you, you start the article by discussing several different definitions of what a customer could be, which a little bit surprised me.
SARAH GREEN: So in that case, to bring some narrow focus to this, with so many different competing potential customers, how do we know which customers ought to be the primary customer? SARAH GREEN: Now in a case like that, I get that you have to focus on a primary customer. But how do you know how much attention to give to your secondary or tertiary customers? I mean, is it all or nothing, or do you still have to balance it out?
SARAH GREEN: Now, additional question about that. Say you’re really afraid of making the wrong choice. Is it worse to make no choice and sort of keep peanut buttering everything around? Or is it worth to make a bad bet and choose one customer, but maybe it wasn’t the ideal one?
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