#11 Eric Almquist (Advisory Partner, Bain & Company) — The Elements of Value

Eric Almquist has 44 years of experience in management consulting, focusing on customer strategy and marketing to help companies with their toughest management challenges. He has brought the best ideas from numerous fields to help clients better understand their customers. He created the first advanced customer analytics capability in the consulting industry, focusing on segmentation, demand modelling, brand strategy, and customer relationship management. His team pioneered the commercialization of discrete choice models, latent class analysis, and other tools, creating new customer segmentation, CRM, and in-market experimentation approaches. As a partner in Bain & Company’s Boston office and leader of Bain’s global Customer Insights and Analytics capability, Eric has worked in various industries, including retail, consumer products, financial services, and telecommunications. He is an expert in applying advanced analytics to help companies improve their value propositions, marketing, customer experience delivery, and customer retention. He has extensive experience with new customer acquisition, brand strategy, and product/service development. Eric has also contributed to several publications and regularly speaks on customer, demand management, and corporate brand strategies. His most recent research is on the Elements of Value, both B2C and B2B, published in the Harvard Business Review. SPEAKER LINKS Host, Paul Syng: https://linktr.ee/paulsyng Guest, Eric Almquist: linkedin.com/in/eric-almquist-993898 HBR article: https://hbr.org/2016/09/the-elements-of-value Bain & Co: https://www.bain.com/insights/the-elements-of-value-hbr/ Vermicular Pots: https://www.amazon.ca/s?k=Vermicular&ref=bl_dp_s_web_0 Balmuda: https://www.amazon.ca/s?k=BALMUDA EPISODE LINKS Spotify, Apple, Anchor & more: https://anchor.fm/PAULSYNG CHAPTERS (00:00) Welcome to episode 11, Eric’s origin story (06:41) Applying to a blind AD, first job (08:52) Early days at Lippincott, growing it into a behemoth  (18:37) Statistics, the average person and big data (26:48) OpenAI, language models and data (Have a POV) (36:08) What Dyson, Vermicular (high-end rice cookers) and the iPod have in common (41:59) Origins of The Elements of Value, NPS (Net Promoter Score) & HBR article (55:32) Using TEoV to build empathy and other use cases (58:17) Using TEoV in a sales cycle to understand the buyers (B2C vs B2B) (01:09:59) TEoV is perfect for positioning work (brand strategy) (01:22:15) Having meaningful conversations and measuring buyer sentiment (01:31:39) The biggest misconception about The Elements of Value  (01:38:02) Summary and concluding thoughts

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