The traditional realms of thought behind sales and marketing are fading away. Today’s consumer is a tougher sell, but there are plenty of new methods to secure a stable bottom line for your business. Out of all of these methods, a foundation of customer value is essential.
This is new territory for many brands heading into the 2020s, but it’s something you can learn to master relatively easy. The first step on this journey of managing customer value is creating it. Check out these top three principles behind great customer value creation.
1. For a Successful Business, Creating This Value is Vital
Consumers have new tools these days, as well. They benefit from interconnectedness on their smartphones, allowing them to access vast quantities of information as well as interact with other consumers they otherwise would have never met.
Combine that with a sea of products and services flooding the market, all of which are mass marketed to these consumers. This gives the consumer more power than ever. Their expectations are heightened, they have near-endless choice, and now expect their needs to be met.
What they’re really after is value, and that’s how businesses must set themselves apart from the competition. If you can identify your target audience’s needs, wants, and aspirations, then you can build value in your offerings that attracts buyers while ensuring they will turn into repeat business.
2. Value Encompasses the Entire Buying Journey
Your products or services have inherent value that can add something to a consumer’s life. Focusing on that value is essential, but it’s only a small fraction of the value equation. To outdo your competition, you need to build value into the entire buying process. That includes pre-purchase, the purchase itself, and the post-purchase experience.
Pre-purchase should focus on cost in relation to the value you’re offering with a product or service. It also includes your marketing efforts, which can build value through brand relations. Ensuring your brand and its stances resonate with your audience is key.
The purchase itself still relies on cost in relation to the value a product offers, but it also includes how much effort the consumer must put into making the purchase. Warranties, add-ons, and guarantees also play a factor. Finally, you have the post-purchase. This is where customer service becomes a vital component as buyers want to know you’ll ensure they’re satisfied.
3. Value is a Journey, Not and Endgame
It’s a mistake to think that your audience’s desires will remain the same for years to come. Once you identify their needs and spirations, you’ll need to monitor them for any changes and adjust your value model accordingly.
The best way to gauge this fluid market is with your customer-facing employees. Dealing with consumers daily, they have valuable insight into any changes and perceptions. Allowing these employees more creative freedom ensures their ability to provide maximum value to each person you do business with.
This ongoing process also provides valuable data that you can rely on, the kind that helps you rebrand, adjust marketing tactics, and deliver results. It’s a major shift from the old dynamic of command and control to one that speaks, “enable and empower.” While this may feel foreign, trust that the process will ensure the success of your organization. Remember, businesses either adapt or fade away.