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The Dollarization Discipline: How Smart Companies Create Customer Value...and Profit from It [Kindle Edition]

Jeffrey J. Fox , Richard C. Gregory

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Book Description

How companies turn value-added into real profits
The Dollarization Discipline shows organizations and marketers how to effectively communicate the economic value created by their products and services. Too often, when companies compete using conventional sales and marketing approaches, they force customers to make financial decisions (how much to spend), based on non-financial arguments (product features and benefits). On this playing field, the company that can show true financial advantage in real dollars and cents wins every time. This book offers a step-by-step strategy for doing just that.
Every day, good companies suffer because they create value for customers but aren't able to keep their fair share. This is because most marketers can't fully explain the value customers get from their products, and the argument falls to the lowest common denominator-price. The solution is an approach to sales and marketing that goes beyond articulating features and benefits, but calculates the monetary value a customer receives from a product or service. This enables the seller to price the product as a true reflection of its value-and also let's the seller prove it to the customer!
With real case studies and detailed, step-by-step guidance on effective dollarization, The Dollarization Discipline finally offers a practical, straightforward way for marketers and business leaders to prove the value of their "value-added."
Jeffrey J. Fox (Gilford, New Hampshire) is the founder and President of Fox & Company, Inc., a marketing consulting firm. Fox is also the author of the bestsellers How to Become a CEO, How to Become a Rainmaker, and How to Become a Great Boss. Richard C. Gregory (Farmington, Connecticut) is a Senior Consultant with Fox & Company.

Product Description

From the Inside Flap

Jeffrey Fox introduced the concept of Dollarization in hisbestselling books How to Become a Rainmaker and How to Become aMarketing Superstar. Now, he and Rick Gregory present thiscompelling,effective principle in full detail so you can apply itto your business.

The Dollarization Discipline shows organizations how toeffectively communicate the economic value created by theirproducts and services. Every day, good companies suffer becausethey create financial value for customers but aren’t able tokeep their fair share. This is because most marketers cannot fullyarticulate the value customers get from their products, and theargument falls to the lowest common denominator price. Thesolution is an approach to sales and marketing that goes beyondarticulating features and benefits, but calculates the monetarygain a customer receives in exchange for the price paid. This bookoffers step–by–step strategies for doing just that.

Dollarization is simple in theory but complicated in practice.Authors Fox and Gregory include helpful charts, how–to steps, anddozens of real–life examples featuring leading companies thatillustrate important techniques and help you shape an effectivemarketing and selling strategy.

This book offers strategies and techniques that will interestCEOs, marketing VPs, field salespeople, and everyone in between.Salespeople will learn how to handle price objections, shortensales cycles, protect business from competition, get appointments,and more. Marketing professionals will learn to apply Dollarizationto new product pricing, market segmentation, even advertising andcommunications.

Successful companies prosper by discovering how their customersmake money and then aligning resources to help those customers makemore money. Dollarization is a core discipline that enables firmsto put this strategy into practice. With this book, Fox and Gregoryinclude the step–by–step guidance you need to make Dollarizationthe foundation of your business strategy.

If you believe your company is under–compensated for the realvalue it delivers to customers, this book will help. Packed withpractical advice and real–world wisdom, The DollarizationDiscipline presents all the tools and techniques businesses need toturn their value–added into real money.

From the Back Cover

"GE people realize that our job is to help our customers makemoney. Dollarization thinking helps us do that."
Damian A. Thomas, General Manager and Corporate SalesLeader
General Electric Company

"THE DOLLARIZATION DISCIPLINE demystifies the often misused term‘value,’ and shows how to become a thought partner andsell the true worth of your offering. This book will pay for itselfmany times over."
Anthony Parinello, Author, Selling to Vito and Getting theSecond Appointment

"Strategic marketing begins with an understanding of how abusiness creates economic value for its customers. This is a corefocus for PPG businesses, and THE DOLLARIZATION DISCIPLINEcreatively demonstrates how this thinking can be applied to allaspects of sales and marketing."
Dennis A. Kovalsky, Vice President, Automotive Coatings PPGIndustries

"Read this book and do what it says. Your customers, and youremployer, will thank you for it."
John Chickosky, Vice President, FTS Systems

"A must–read for any business looking to improve sales growth,profitability, and customer retention."
Dean Graham, Managing Director, CapitalSource Inc.

"THE DOLLARIZATION DISCIPLINE presents powerful concepts withpractical implementation ideas. Businesses large and small willbenefit from putting Dollarization to work."
John Vander Vort, Director, Private Markets Group
DuPont Capital Management

Product details

  • Format: Kindle Edition
  • File Size: 3143 KB
  • Print Length: 272 pages
  • Publisher: Wiley; 1 edition (21 April 2008)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B002SDRT2E
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Amazon Bestsellers Rank: #651,478 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews on (beta) 4.6 out of 5 stars  12 reviews
13 of 13 people found the following review helpful
5.0 out of 5 stars Dollarization Is (Common) Sense 10 Jun. 2005
By Robert Morris - Published on
As Fox and Gregory clearly demonstrate, it really does take rigorous discipline to "dollarize" one's impact on a business relationship, both directly with a customer and indirectly with that customer's own customers. They have devised a concept, Dollarization, which they define as "the translation of the benefits a product or service delivers to a customer into the dollars-and-cents financial impact to that customer." They assert that the primary objective of a company should be to create value for its owners, and, that the best way to achieve that objective is to create maximum value for each customer. In other words, marketers and sellers tend to talk "value" but few actually understand and then sell their true financial value. Most marketers allow customers to make price the most important factor in a purchase decision. On the contrary, price should be considered as just ONE of the many costs involved in buying a product. For example, the purchase price of a car is obviously one factor to consider. However, fuel economy, maintenance costs, resale value, insurance, etc. should also be taken into full account while making the purchase decision. Those who master the Dollarization Discipline are prepared to explain all this to each prospective buyer.

In Section 1, Fox and Gregory introduce the Dollarization concept (e.g., Why Dollarize?); in Section 2, they identify and explain correlations between Dollarization and selling (e.g. How to shorten the sales cycle?); in Section 3, they do the same for Dollarization and marketing (e.g. How to price new products?); and then in Section 4, they recommend a number of strategies and tactics by which to apply various Dollarization techniques (e.g. constructing the Customer Value File). Once having read these separate but interconnected Sections, the reader is then introduced to "The Dollarization Doctrine: Ten Rules to Successful Dollarization." I presume to recommend that this Appendix (pages 249-251) be read before Section 1 and then re-read before reading each of the following three Sections. Presumably careful readers will highlight or underline key passages for purposes of review later. So I also presume to recommend that each review begin with a re-reading of the Appendix. The Rules which Fox and Gregory offer can -- and should -- guide and inform application of the Dollarization Discipline to any competitive marketplace.

Throughout the narrative, Fox and Gregory include specific advice. For example, when beginning to determine the value created for a single customer or for an entire population of customers, follow these five steps: Identify your direct competition, articulate what differentiates you from the competition, identify all the ways your differentiating features benefit your customer, determine how to quantify those benefits, and then determine how the quantified benefits result in dollars-and-cents savings for the customer. (See Table 20.1 on page 207).

Here is another example of how the Dollarization Discipline can be beneficial. During a recent conversation with one of his most important customers, the CEO of one of my client companies learned that relatively minor adjustments of the delivery schedule would enable that customer to process much more quickly his own customers' orders. (The details are unimportant.) Certain adjustments reduced the sales cycle while accelerating receivables but they also strengthened relationships between the OEM (my client), its customer, and its customer's own customers. One of the most significant and yet least appreciated realities of business is the dollar-and-cents value of time. It is important to quantify the value of reducing a vehicle's fuel consumption, for example. It is also important to quantify the reduction of first-pass yield and cycle time within the process by which that vehicle is produced. Really, applications of the Dollarization Discipline are limited only by one's ability to recognize them.

Warren Buffett once said something to the effect, "Price is what you charge but value is what others think it's worth." Fox and Gregory agree. The single greatest benefit of their Dollarization Discipline is that it allows both seller and buyer to calculate accurately and (yes) verifiably the total value of a given product or service. Granted, making that determination may require substantial time and effort. So what? Use the Dollarization Discipline to calculate the ROI. You may well be very surprised by what you learn...and perhaps regret that you haven't used the Dollarization Discipline until now. Cheer up! Many (most?) of your competitors will never read this book. Just make certain that all of your associates do.
5 of 5 people found the following review helpful
5.0 out of 5 stars Show me the money 23 Dec. 2008
By Andrew Everett - Published on
Dollarization "is figuring out what your offering is really worth - in dollars and cents - to your customer." The book discusses the role of dollarization in sales, marketing, and product development.

Rather than saying your product reduces downtime, demonstrate that the product can save $15,000 by reducing 30 minutes of downtime at $500 per minute. If the price is sufficiently less than the dollarized benefit, it's easy for the customer to justify the purchase.

Chapter 20 includes five steps to dollarization:
1. Determine who is your competition.
2. Articulate your differentiating features.
3. State your benefit.
4. Quantify your benefit (convert words to numbers).
5. Dollarize the quantified benefit.

Dollarization is especially suited for business-to-business (B2B) selling because all businesses are motivated by profit. Most examples in the book involve component or maintenance suppliers selling to industrial customers. There is one chapter on selling services.

There is also a chapter on business-to-consumer (B2C) marketing. Customers buy for one of two reasons, to feel good or to solve a problem. Dollarization can only be used with the latter. For example, the cost advantages of a water filter could be demonstrated, compared with the annual cost of bottled water.

I think in some situations it may be less obvious how to apply this principle, or difficult to obtain good data. Nonetheless, I think this is an excellent book.
2 of 2 people found the following review helpful
5.0 out of 5 stars As Mr Fox writes: "Early to bed, early to rise,Sell hard and dollarize!" 9 Aug. 2007
By J. Revel - Published on
In The Dollarization Discipline, Jeffrey Fox explains in detail what was explained briefly in his previous book "How to Become a Rainmaker". The idea of "dollarizing", which is translating to the prospect the value received in dollars, is a powerful idea. If you are running a business, selling a product or service and are NOT using this principle I can guarantee you are loosing sales. Successful companies know that although people often buy emotionally, they tend to justify their purchases intellectually. Leaving the scene of a sale without leaving the customer with the "dollarization" value (intellectual justification) is, in my opinion, a big mistake. The concept is powerful and the book is worth reading. My only complaint is that Mr. Fox could have explained the principle in half the pages. Buy this book and begin dollarizing like so many successful companies and salespersons are already doing. Enjoy!
2 of 3 people found the following review helpful
3.0 out of 5 stars Financial application/study for sales and marketing managers in business markets 14 Feb. 2006
By ServantofGod - Published on
The concept/main theme of the book is simple: "To convince your customers of the benefits or edges of your products, you have to quantify and communicate those values in monetary terms, and let them know that your higher priced and differentiated products truly cost less than your competitors'." The authors give a lot of business cases, ad samples and even calculation tables to elaborate the usefulness and the techniques of it, though most of them are for the business market only. The difficulties or scarcity of it in the consumer market, per the authors, is that businesses are implicitly profit driven. It is hard to dollarize the "psychic income" from consumers' feel good purchases.

Anyway, for those sales and marketing people well experienced in dealing with their accounting/finance colleagues for endorsement of business proposals, and for those working in consumer markets or commodities markets (which the authors dont agree so re the later, which they paraphrase Harvard Business School Professor Theodore Leavitt: "There is no such thing as a commodity, only lack of marketing imagination), they wont be satisfied by this book.
5.0 out of 5 stars The concept is great, the examples are well-conceived if not a bit ... 24 Nov. 2014
By Strong Reader - Published on
Format:Hardcover|Verified Purchase
The concept is great, the examples are well-conceived if not a bit overstated. Once you get the point, the author could probably be brief with examples, but the idea that just about everything in the world of business and consumers today should be economically justifiable as a very clear benefit in developing products and services, and then selling them.
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