Using Product Surround to Enhance Customer Experience
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Byron: Hi, my name's Byron Hebert and this is another quick, tool time update brought to you by PKF Texas' Entrepreneur's Playbook. What I want to talk to you today about is product surround. It's a concept and way of looking at your business to help you enhance your customer experience and eliminate waste in your business.
Basically, the concept is this: your core concept or core service is where 80 percent of your cost is, but that really only adds 20 percent of the value to your customer. The surround is what adds 80 percent of the value to your customer, but only about 20 percent of your cost live. Think about a car. Every car has a drive train, a chassis, engine, and that's where 80 percent of the cost of the automobile is, but that's not why you buy an automobile. We buy a car for status, we buy a car for leather interior, electronics, things like that, where really only 20 percent of the cost of the manufacturer is in.
In the 80 percent of where your cost is, you want to think of ways to eliminate waste, continue to get efficient in that area of your business. In the product surround, how can you enhance your customer experience and the quality of your product such that they see the value in what you're offering. So again, product surround, a way of looking at your business, you want to eliminate waste in your core service, enhance your customer experience and service.
My name's Byron Hebert, this has been another quick, tool time update brought to you by PKF Texas Entrepreneur Playbook. If you'd like to learn more about Mindshop Roundtable and how these tools can help you in your business, please call PKF Texas.