When the child was a child, it didn’t know that it was a child, everything was soulful, and all souls were one — Peter Handke, Song of Childhood
Historians believe the first long range trade began in 3,000 BCE between ancient Mesopotamia (modern day Iraq) and the Indus Valley (modern day Pakistan). However, the concept of value is older than trade itself. Modern day business is the provision of value for value. An economy functions well when businesses offer value for money. Money is a standard store of value that everyone agrees on. However, the other side of the equation i.e. whether a good or service provided is enough value for money is a very general and yet a very subjective question. This article explains why value can only be created by taking a lifetime view of a product or service to a client not just the lifetime value of a client to a business. Also, conscientious conduct is key to creating lifetime value.
Every product or service is a journey. The way the product or service engages a human not just when that human is using it but also when it breaks down or it’s useful life ends is a journey. A business has to decide how best to craft that journey. Often, a business only considers the journey until the point of an actual sale. However, the after sales service is equally important. Memories are very powerful impressions that are hard to break. Thus, every product or service provides a promise of somewhere. Often, that destination may fall short of what was advertised. That’s just bad business. The really good businesses deliver on their promise of a better tomorrow. The principles of good business, that I have learnt over time, are at once trite and time tested.
Design For The Future
A close friend once asked me ‘what is responsible business?’ I didn’t think twice and answered his question with another one : can you create a product or service that you can foresee your children enjoying?
When it comes to family, all bets are off. There is no debate. Why, then, do we debate more in business? That’s because short term…