What Is Value To A Customer?

Make everything clear from the beginning. In customer service terms, this means being direct, open, and forthcoming with your customers at all times. For example. If you’re going to update your policies, let your customers know ahead of time. This will ensure that it meets your expectations and that there are no negative surprises.

Also, don’t leave customers stranded without explanation if things don’t go as planned. If you offer value by being transparent, your customers are more likely to return and recommend your products and services to others.

How to measure customer value?

Customer value is a function of benefits with costs. So conceptually the calculation is easy. You just need to reduce the benefits with the costs. But, we must stress, it is from a consumer perspective, not a business perspective.

Customer Value = Benefit – Cost

Must differentiate from the competition

Most industries have at least a few competitors, all offering similar products or services at similar prices. comparable models To stand alone as a unique company in your market, you must find ways to differentiate yourself from the competition. To distance yourself from other companies that service your industry, look for ways to make your portfolio unique.

Consider offering new products, in addition to those offered by your competitors. Maybe you can find ways to improve the life of your current products or lower the prices of services for returning customers.

What is the value..?

I often see value described like this: An accountant saves a client $5,000 in tax and only charges $2,000, therefore the value to the client is $3,000… or the RRP of this product is $45, but you pay $27 so you save $18…

These value equations are too generic and simplistic, value is not just about dollars. Customers buy based on emotions, rational communication of value is not the whole story.

What values ​​do customers expect from brands in your industry?

We all know that customer expectations are increasing. Therefore, you need to identify the customer value expectations that are prevalent in your industry. Do customers expect benefits like deep discounts, free shipping, etc.? Are customers attracted to lower prices more than any other benefit? The answers to such questions will help you understand the kinds of values ​​that customers really want.

No matter what industry you operate in, chances are you have at least a couple of close competitors. Visit their website, social media pages, brochures, product catalogs, etc., and see what values ​​they offer customers. Also, be aware of the sequence of product or service values, especially those that are highlighted.

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