What makes you buy a product or service? And in a very crowded marketplace, how do you reach your purchasing decisions? Are your choices based on price – value for money, or do you buy based on how that product or service will make you feel – regardless of price, you know you will get added value from it.
Customer value isn’t about the price tag – it’s about how a product or service can add value to the buyer once they’ve taken the plunge and bought it. When we buy something, we go through an emotional journey, albeit subconscious to the majority. There are many external factors that can influence our decision to buy something; maybe someone you trust has recommended something to you. Some people like to be first in line for a new piece of tech, such as a phone or computer game – the value element being that their peers will perceive them as an innovator, or a go-to source for advice when they’re ready to buy.
How can you add value to your business, to ensure that your customers remain loyal and keep coming back for more? Are you able to offer:
- Personal benefit
- Product benefit
- Service benefit
- Image benefit
The obvious starting point, and the golden rule for any business regardless of its nature, is to know your customers. More importantly you need to know exactly what they want from you.
Are you asking for feedback on your products or services? Simply by being asked for an opinion, you’re immediately making your customer feel valued: you care what they think about you and you’re letting them know that their opinion matters to you.
Next, take a long hard look at what you’re good at – and make it yours! No doubt you have competitors. Digging deep to unearth your strengths and maximise them could make the difference as to whether a customer stays loyal to you or runs straight to one of your competitors – who no doubt, will be waiting to greet them with open arms.
Bear in mind that your customers will have different priorities when it comes to customer value, so you will need to have different propositions to meet their demands – maybe driven by demographic, geographic or market sector influences.
We often work with clients to help sculpt their Customer Value Proposition (CVP) – the steps of which are as a supporting image. This includes Customer Satisfaction Surveys, Competitor Review and Testing.
As a consumer yourself, what makes YOU feel valued? Can you relay this into your own business for your customers? It could be something as simple as having an easy order system in place that’s quick and effortless to use, or letting your customers know that you’re there for them if they have any after-sales/service needs. Maybe send a card after their purchase (such as from Golddust Direct our sister company), thanking them for their business and reiterating that you’re there if they need you.
Work hard on raising your brand profile and make your brand synonymous with great customer value: you want your clients to be talking about you in a positive light to their friends and associates. Happy customers are the greatest sales team any business can have – but remember that it only takes one bad customer experience to undo all your hard work.