How to Build Value-What’s Important?

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This lesson is about “How to Build Value?-Discovering what’s importantMaster Class 1 Module 3 Lesson 4

QUIT COMPETING ON PRICE

You are not the only game in town.

• It seems like business are constantly under-cutting you.

How can you get off the treadmill of trying to compete on price?

CREATE GREAT VALUE

The truth is if we don’t create a special value position in the minds of our customers, all we have left is a race to the bottom based on price.

• It is important to understand that creating value is important because most customers want a good value more than the lowest price.

SERVICE MATTERS

Have you ever tried to buy something from a discount place that had terrible customer service?

Did you shop there again?

If you did, have you ever gotten fed up enough to swear “never again?”

OVERVIEW

In this lesson, you’ll discover what customers’ value even more than price so you include this concept into your marketing messages.

• You’ll create a list of benefits that incorporate a strong value proposition in your marketing.

THIS LESSON’S OBJECTIVES

Over the course of this lesson you’ll:

  • Identify several factors that people really value when searching for solutions
  • Avoid things customers hate when creating a value proposition
  • And make sure your list of benefits includes what people really value.
YOU CAN DO THIS!

Each lesson includes the three styles for adult learners with:

• An Audio File

• A Written Transcript

• And a Practice Guide that gives you “hands-on” training customized to your own business.

5 THINGS PEOPLE VALUE

StartupNation.com lists five key factors that customers’ really value when looking for solutions.

They are:

  • Knowledgeable and Available Staff
  • Friendly People
  • Good value
  • Convenience
  • And a quick and easy purchase

Let’s look at these in more detail:

HELP IS AVAILABLE

Customers value knowledgeable assistance available when they want it.

  • This means that not only does your staff have to know how to help, but your website has to offer valuable information as well.

Availability to helpful assistance when the customer wants it is a key factor.

FRIENDLY SELLS

Being friendly and courteous should be the norm, not the exception.

However, it’s seems to be a rare enough commodity that it is consistently listed as a key factor in establishing customer value.

3 THINGS DEFINE GOOD VALUE

Delivering “good value” is a combination of three things:

• Information

• Service

• And follow-up

If you want to escape the price wars make sure you provide:

• The information that customers need to solve their problems

• The service that really does provide solutions

• And the follow-up to make sure they are happy with the results

WHAT MAKES CONVENIENCE?

Convenience is often talked about in marketing messages, but what aspects of this do customers’ really value?

Websites, services and products that are

• Well-organized

• Attractively displayed

• And easy to navigate

These are all key factors that customers want.

In other words, customers perceive value when it’s simple to understand “what’s in it for them?”

FINISH FAST

The key factor of a quick finish is often overlooked in the value proposition.

Think of it this way:

• Once the decision to purchase is made, customers want a quick, easy way to complete the purchase and get out.

Don’t forget to make the checkout process part of an outstanding experience.

3 THINGS TO AVOID

In a survey of several thousand customers reported on Forbes.com, Andrea Ayers-President of Customer Management at Convergys reported what customers loved and hated in their experiences.

  • Let’s look at three things to avoid:
ONE-SIZE-DOESN’T-FIT-ALL

First, don’t assume one-size-fits-all

  • To provide valuable experiences, you need to understand what customers want.
  • Providing automated faster transactions for a customer base that wants more personalized service doesn’t add value.
FIRST DELIVER THE BASICS

Next, don’t move on without covering the basics first.

  • Don’t offer personalized offers and add-ons until the customer’s basic needs are covered.
  • A customer calling about a defective product doesn’t want to be upsold a new product.
SKIP THE RUNAROUND

Finally, skip the runaround

  • Customers want to call once and have their problems solved.

 Make sure that you support a process in your business that lets customers experience “once-and done” in problem-solving.

BAD NEWS TRAVELS FAST

Remember, customers who have a bad experience in over 80% of the cases will not tell the company-but they will tell their friends.

  • Actively following up after the customer interaction to understand how things went is also a value proposition.
GREAT SERVICE DEFINES THE BRAND

It all comes down to service.

  • 80% of customers say that service is more important than multiple features and that service defines a brand.

Customers also agree that companies can charge a premium for a superior service experience.

TIME TO MAKE IT REAL!

Now it’s your turn.

Go to your Practice Guide and create your list of benefits includes what people really value:

• Knowledgeable and available staff

• Friendly People

• Good value

• Convenience

• And a quick and easy purchase

Incorporate these key factors into your description of the benefits customers want.

NEXT LESSON

Now that you’ve created a list of valuable benefits, the next step is to bring all these concepts together in lesson 5: “Creating the Big Promise

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