Are You Valuable To Your Customers?
The first step in providing value to your customers is to understand what value actually means.
When speaking with most business owners, they mistakenly relate quality to value, but they are two very distinct attributes, each of which can make or break your business. In order for your business to succeed, you must deliver quality products and service on a consistent basis.
But if you want to stand above a crowd of quality competitors, your best option is to provide more value than the competition.
The quality and value of your products and services ultimately dictate your level of sales and the reputation of your business. But there are differences between the two.
Fact of the matter is, consumers only buy products or services if they are quality, but they will not buy a product if quality is absent. It is your product or service quality that creates value to your customers.
By understanding the difference, you can develop and sell better products and services that have both quality and value.
Do your customers value the products and services you offer?
Value creates a positive effect on others and is defined in the mind of the buyer by comparing the benefits of their purchase with the cost of the product.
On the other hand, quality is something you always have control over.
By paying attention to this benefit vs. cost equation, you’ll learn to build additional value into your products and services that make it easier than ever for customers to buy from you. As such, creating value should be a primary objective of your marketing strategy and a key driver in creating customer satisfaction.
Let’s take a look at a few ways you can deliver increasingly more value to your customers.
5 Ways To Build More Value
- Improve Customer Service – One sure way to deliver better value to your customers is through improved customer service. Nowadays, consumers demand great service, but are often disappointed. Be different. Go the extra mile and commit to the absolute highest level of customer service you can offer and you may find yourself with an influx of new customers that buy from you much longer.
- Develop Bonuses – Everyone loves a bonus, especially bonuses that provide additional value to the main purchase. What can you give away or award to customers for spending their money with you? For great bonus ideas, think of what your customers do before, during or after their purchase and include bonuses that add adjacent value.
- Create Great Content – No money to invest in bonuses? Another way to add value without incurring new costs is to create and publish great content aimed at helping your customers solve a problem or achieve more with your products. Publish your content in easily digestible sizes and for all devices your target market may be using for even greater value.
- Be More Personal – Yet another reason for having a customer database is that it allows your business to be much more personal with your customers. Get in the habit of getting to know your customer’s names and send them personalized offers on their birthdays and major milestones.
- Ask For Feedback – It’s rarely a good idea to just guess. It’s far more effective to ask your customers what they want from you and how they think you can provide more value. Develop surveys, feedback cards and focus groups to determine your customers’ needs and how best to satisfy those needs.
Quality is a necessary ingredient for all your products and services, but even top quality products don’t create value on their own. Value is perceived in the mind of your customers and has a direct correlation to the performance and cost of your products.
You can even raise your prices if you can provide more value to your current products.
Continuously make value improvements based on customer feedback and you’ll soon find your business more valuable than ever.