How to Create Customer Value
Value in one’s product or service should be and almost always is defined on customers’ terms. It is a matter of perception. If your product or service is perceived by the customer as having value then that perception will result in a purchase. Customer value may also arise from having used the product consistently with satisfactory results.
Customer value in its most basic form is merely the difference between the benefit receive from a product and the cost associated with that product. Of note, is that today’s consumers are much more educated and informed due to the power of the internet. As such, they will tend to purchase products they feel are worth the cost needed to obtain such product. Consumers tend to know exactly what they want to purchase and will not waste time with unsuitable products.
It is important to have something unique that is not readily available anywhere else. This s will make your product perceived as very profitable. A higher price would thus be favorable. In their quest to communicate information about products and services sales professionals often oversells and overlook the customer’s needs. Consequently, the solution presented becomes unsuitable and of little value to the customer.
Reducing price dramatically or changing price too often will erode your products value. To maintain customer value refrain from volatile price changes and embrace cost. Clearly demonstrating that the benefits of your products far outweigh the costs associate with the product will work wonders in wining customers over. Think of a time you purchased a product that you found completely valuable ad that solved a need you had. Strive to provide this same feeling of satisfaction to your customers and you will be rewarded for doing so.
As always, a satisfied customer is a happy customer and will be loyal.
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