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The Dollarization Discipline: How Smart Companies Create Customer Value...and Profit from It Hardcover – September 3, 2004
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From the Inside Flap
Jeffrey Fox introduced the concept of Dollarization in his bestselling books How to Become a Rainmaker and How to Become a Marketing Superstar. Now, he and Rick Gregory present this compelling,effective principle in full detail so you can apply it to your business.
The Dollarization Discipline shows organizations how to effectively communicate the economic value created by their products and services. Every day, good companies suffer because they create financial value for customers but arent able to keep their fair share. This is because most marketers cannot fully articulate the value customers get from their products, and the argument falls to the lowest common denominatorprice. The solution is an approach to sales and marketing that goes beyond articulating features and benefits, but calculates the monetary gain a customer receives in exchange for the price paid. This book offers 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, and dozens of real-life examples featuring leading companies that illustrate important techniques and help you shape an effective marketing and selling strategy.
This book offers strategies and techniques that will interest CEOs, marketing VPs, field salespeople, and everyone in between. Salespeople will learn how to handle price objections, shorten sales cycles, protect business from competition, get appointments, and more. Marketing professionals will learn to apply Dollarization to new product pricing, market segmentation, even advertising and communications.
Successful companies prosper by discovering how their customers make money and then aligning resources to help those customers make more money. Dollarization is a core discipline that enables firms to put this strategy into practice. With this book, Fox and Gregory include the step-by-step guidance you need to make Dollarization the foundation of your business strategy.
If you believe your company is under-compensated for the real value it delivers to customers, this book will help. Packed with practical advice and real-world wisdom, The Dollarization Discipline presents all the tools and techniques businesses need to turn their value-added into real money.
From the Back Cover
"GE people realize that our job is to help our customers make money. Dollarization thinking helps us do that."
Damian A. Thomas, General Manager and Corporate Sales Leader
General Electric Company
"THE DOLLARIZATION DISCIPLINE demystifies the often misused term value, and shows how to become a thought partner and sell the true worth of your offering. This book will pay for itself many times over."
Anthony Parinello, Author, Selling to Vito and Getting the Second Appointment
"Strategic marketing begins with an understanding of how a business creates economic value for its customers. This is a core focus for PPG businesses, and THE DOLLARIZATION DISCIPLINE creatively demonstrates how this thinking can be applied to all aspects of sales and marketing."
Dennis A. Kovalsky, Vice President, Automotive Coatings PPG Industries
"Read this book and do what it says. Your customers, and your employer, 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 with practical implementation ideas. Businesses large and small will benefit from putting Dollarization to work."
John Vander Vort, Director, Private Markets Group
DuPont Capital Management
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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.