Friday, February 25, 2005

Customers are always Right, Indeed

We have a wonderful guest lecturer in today’s Innovation in the Marketplace class. He guest lecturer was Ken Morse who co-teaches the Entrepreneurship Lab course and a class in high-tech sales. His fame prior to MIT as he claimed at the beginning of the lecture was he played a critical role in launching 6 MIT-related high-tech start-ups, which 5 did well. He thought he delivered his 2-hour highly-condensed lecture very well, in which he covered some of the material from both his entrepreneurship and sales classes.

His one big tenet that he asserted during his lecture was managers have to focus about delivering value to customer and be passionate in doing it. This is especially true for startups and small enterprises because they can't get funded if they don't have customers. From a sales/marketing perspective, you need 2 people to play the role of executive manager and sales/marketing in the early phase of a new enterprise. The president of the company has to be passionate about delivering value to the company. The sales/marketing person has to be demanding and cares about customers, not internal politics. When it comes to sales, engineers are among theworst. Engineers can demo the products very well but they can't sell. Your customer, especially the finance guy, wants to understand payback and risk, not demo or benefits. You have to explain the Return On Investment (ROI) in less than 1 minute. Unfortunately, if you look at many of the successful companies right now, it is good selling strategy that beats superior technology. While the knowledge on entrepreneurship and selling is valuable, I thought the most insightful remark from this lecture was his career. If you are in a "cost center", it's time to move to a "profit center." The closer you are to the customers the higher the advancement you can achieve. Simply put, which brings more value to the company - gaining revenue or saving money?

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