The need for developing close customer relationships has never been higher and the same can be said of the rewards. In this current economic environment, companies who personify this commitment through actions will separate themselves from their competitors. As the total pie of sales opportunity continues to decrease, this separation may well mean the difference between survival and demise.

Understanding the need and benefits of developing this enhanced relationship is not intellectually difficult. The challenge, however, is in the doing. How do you go about intertwining the value that you bring to a transaction with your customer’s customer? Said differently, how do you posture your independent company as an integral component of someone else’s independent company? And how do you do all of this quickly?

I continue to believe that the key to such an approach starts with the customer and how he or she views her role vis-à-vis your company. For example, if you allow your customer to view your participation in their business process as one of strictly lowest price, then your value will be relegated to this single variable. The frightening part in this scenario is that any of your competitors can beat your value proposition now known as “price” with a simple stroke of the pen.

But what if you incorporate the customers into your research and development process? What if you genuinely make them a component of your process aimed at surpassing their needs? This becomes a much more defensible value proposition, one that your competitors may not even be able to duplicate, certainly not in the short run.

The vehicle for creating such defensible value resides in the formation of your own product recommendation board. In its basic format, this is a group of customers that you bring together to provide insight into two major topics. The first is their long range projection of what they see as significant developing trends. The second is their shorter range discussion on just what particulars you can provide that will give them an immediate competitive advantage in their marketplace.

Obviously the first question helps you stay on top of the anticipation curve specifically as it relates to time and required resources. The second, however, is the means to allow you to still be around to take advantage of the future insight. You might be very pleasantly surprised at how just a few minor tweaks or modifications to your product or service can put you into an entirely different light from a value proposition. And the beauty of it is you don’t have to guess, your customers are telling you specifically what you can do to enhance your value to them.

The challenge with this type of approach is embrace it, not as an event, but as an ongoing process. Some organizations do this by formally scheduling such meetings complete with minutes of the discussions and status of committed milestones. They understand that this time and information are immensely valuable to all parties and treat this investment as such.

Figure out how to increase your value to your customers and trust that the market will reward your initiative. The sustainability of your business and the livelihood of your employees may well depend upon it.

John F. Riddell Jr., director of the Center for Entrepreneurial Growth-Hamilton County, writes each Tuesday about entrepreneurs and their impact on companies and the marketplace. Submit comments to his attention by writing to Business Editor John Vass Jr., Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by e-mailing him at business@timesfreepress.com