Miller’s Monday Morning Message
presented by ACM Consulting Inc.
Andrew Miller on operational excellence, strategy, life balance and everything in between
Toronto – May 26, 2014
All organizations are trying to figure out how to increase profit margins. Increasing revenues, lowering costs, retaining customers, and managing pricing better are all ways this can happen. But what’s most important in improving profit margins is tapping into the emotions of the customer. That’s where E = mc2 comes in.
E = Emotion
m = Margin
c2 = Customer Continuance
In this context, E = mc2 means that emotional appeal with customers improves your margins. Stated another way, if you can create an emotional connection with your customers, margins will go up. It’s that simple. Creating that emotional connection makes customer retention easier. It creates loyal ambassadors for your brand. It even makes acquiring new customers easier. It makes growth easier.
Einstein used this equation to describe the theory of relativity, I’m using it to describe the practice of profitability. This is not a theory. Make an emotional connection with your customers and they will continue to buy from you, and your margins will increase.
What can you do to ensure that E = mc2 in your organization?
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