While packing for our first foray as a family to Disney World, I noted the “irrational exuberance” of my wife and children in advance of blowing thousands of dollars on one of the greatest marketing campaigns ever. Though less enthused at the downstroke required to fund the effort, I remain awed by the organizational devotion to customer experience and the role of Imagineer in continually rejuvenating and extending the brand. Value here greatly exceeds price and has for generations. Organizations across many industries send their Innovation Teams to Disney for the express purpose of understanding this model and the value it creates.
Warren Buffett once stated, “price is what you pay, value is what you get.” Pretty interesting statement, but – out of context – so what? Isdell of Coca-Cola fame referenced this in a 2004 speech before a European industry conference. His take on value was pretty remarkable. He delineated the core considerations of value for his organization as relating to choice, information and goodwill. “So the essential question for us is what consumers want for their health and nutrition today, and what they’re going to want in the future.” One could supplement nutrition for surgical services or quality of life and change the entire context of this sentence to relate to healthcare. Not unique to healthcare, with a bit of thought, it likely applies to any industry. Continue reading