Value can mean something different to everyone. For some people, value is based on benefits, for others value is all about price.
When creating value for your customers, your perception shouldn’t always be about how to offer them more ‘bang for their buck.’ There are a lot of factors involved in creating value, many of which don’t revolve around price at all. The way your customers view the worth of your product or service comes down to what’s most important to them; the product’s usefulness, practicality and the benefits they will gain from their purchase.
Getting to know your customers will give you a good understanding of what’s important to them and what drives them. If your customers’ needs change over time (which they often will) try to be consistent in offering them what they need. Change with them.
Doing the ground work will pay off in the long run. Finding out what value your product or service will create for your customers may be an ongoing and ever-changing process but without it, you’ll be constantly taking a stab in the dark.
How do we create customer value?
Remember, your customers are the lifeblood of your business so it’s imperative they are listened to. Your perceptions of value may be vastly different to your customers so do the research before going any further.
Here are five simple steps in creating value for your customers.
Step 1: identify your customers
You may have several customer demographics, all with a different perception of value. Factors including geographics and age are big contributors to what is important to customers. Make sure you know all the important details before working out what value may mean to each customer segment.
Step 2: learn about your customers
Capturing enough data on what your customers perceive to be value will help you understand how well received your product or service will be. If it doesn’t look like it’s going to offer what they want, make the necessary changes that your customers are asking for. Run surveys and focus groups and hold topical conversations. Analyse your customers’ reactions and go from there.
Step 3: make your customers feel valued
It’s important to remember that your customers have a choice. They can go elsewhere at any point in the process so don’t assume they’re bound to you. The value they see in your product or service is also based on the feelings they get from you – be it good or bad. They are so important to your business so ensure they feel valued!
Step 4: create a win-win offer
We are all drawn by price in some way, regardless of our budget. No one wants to pay a high price without receiving the right amount of benefits. Simply offering something ‘satisfactory’ isn’t enough, you need to go over and above. Exceeding your customers’ expectations will boost the value they see in your product or service.
Your customers also need to be able to instantly understand why you have set your chosen price. If you’re having to explain why you set your price at that level, you may need to go back to the drawing board. Customers will see immense value in your product or service if they feel they are getting more than they paid for.
Step 5: uphold a good relationship
Providing a follow-up service will ensure an ongoing relationship with your customer. Check in with them and be sure to ask for feedback. Their opinions matter and should be used for future reference. This also gives you a chance to rectify any issues and increases your customers’ perceived value of your product or service.
Creating customer value is a business investment
Value is a mind-set. And mind-set is difficult to change. So rather than trying to teach your customers the value of your product or service, have them teach you what value means to them.
For the long term success of your business, it’s important you understand that creating value for your customera is largely led by their preconceived beliefs of what value is. Of course you need to remain influential. But above all, offer your customers plenty of what you know makes them tick.
It takes time to gather all the information you need to ensure your customers will see value in your product or service. It may seem like a lot of time and expense when doing the ground work, but the return on investment will be well worth it.
Creating customer value is an invaluable aspect of running a successful business.
After all, excellent customer value will make you stand out from your competitors to ensure an ongoing relationship with satisfied customers.
At Unique Services we are always thinking of new ways to improve our customer value. We listen to our customers and to ask for their feedback wherever possible.
As the business has grown and morphed into what it is today, we know that the hard work we put into understanding and changing with our customers is worth it. Without our wonderful customers we wouldn’t be where we are now.
If you are looking for experts In Food Safety, Industrial Cleaning and Building Maintenance that puts their customers first, call us today.