How to create Value?

How to create customer value?

  1. Create difference
  2. Know your customers’ next best alternative
  3. Understand why customers value you
  4. Make price part of your value story
  5. Pay attention to what people do
  6. Build value around things that will not change
  7. Tell your value story

 

Value: Your importance, worth, or usefulness in the eyes of your customers.

 

Building Value:

  • Tap into customers’ feelings
  • Understand why customers care
  • Monitor your primary competitors

To Add Value:

  • Be Different
  • Create Difference
    • Don’t settle for just being different
    • Study customer behavior
    • Pinpoint customer frustrations

 

Next Best Alternative (NBA)

  • Your customers have options
  • Your has a next best alternative
  • Knowing your customers’ NBA
    • Look through the eyes of your customers
    • Understand value voids
    • Seek out value making partners

 

Understand why and how your customers experience your product’s worth?

  • In what ways do you improve your customer’s’ life?
  • What do your customers value most?
  • What do your customers fear?
  • What ruins their day?
  • What makes their day?

 

Pricing is a value strategy.

Pricing is not logical.

Pricing is subjective.

 

Value creation ideas can come through serendipity

The biggest breakthroughs come from unarticulated needs

Value creation takes time and dedication

Always observe customers on their own turf

 

Focus on customers needs that will not change.

 

Telling your Value Story

  • Recognize what’s true for your customers
  • Articulate your promises
  • Keep your value message simple