Category Archives: Value

Time & Money

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Why do your customers want something from you? What is the ultimate objective that you or your services are fulfilling? Breaking it down it will always come back to 3 main customer objectives. They want you to help them:

  • Make money,
  • Save money, and/or
  • Save time

These 3 objectives are what most people find the most difficult to come by. Most service based business must help at least one of these areas for their customers. When your customer realises one or all of these objectives through your help, you will have provided them something of value. This in turn will cause them to be repeating and referring customers!

How can you create a service that will satisfy one of these 3 customer objectives?

Would You Recommend Us?

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Are you ready to ask your customers this question?

Are you prepared for their response?

This is a very important question, and its answer provides great insights into your business’ performance through the eyes of your customers. Providing a recommendation to friends or colleagues is a personal risk … If you are like me you will not give out your recommendation willy nilly. What if your friend gets rubbish service, how will that reflect on me. I will only recommend somewhere if I can be confident that the product and/or service will live up to my recommendation. So does your product/service instil enough confidence in your clients that they can comfortably recommend your business to their friends and family?

Thinking about loyalty in this way is important but if you want to go one step further check out how you can actually measure your Net Promoter Score – http://www.satmetrix.com/net-promoter/nps-score-model/

 

Action = Away From Pain or Towards Gain

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I believe we have two powerful urges in our lives. Two powerful motivators that cause our every action. Those two driving forces choices are:

  1. Our need to avoid pain
  2. Our desire to gain pleasure

Every action we take is a result of one of those two choices. Think about it!

And this is not just an important insight into our daily lives but also into those of our customers. You see, our customers also make decisions based on “moving away from pain” or “moving toward pleasure.” In our businesses if we can understand and tap in to people’s pain and pleasure motivators we can influence them to take action (buy that item, enroll in that conference…).

In order to avoid pain (rejection) we will avoid making a cold call to a prospect, but on the flip side we will sit and watch a movie because of the pleasure we expect to get from it.

However, not all people react to the same situations with the same motivation. One person may walk to work because he enjoys the exercise.  Another may walk because they are afraid of driving a car.  One person may read several newspapers a day because they enjoy current affairs. Another might read the same papers because he doesn’t want to miss out on information or for people to think of him as uneducated.  He’s not so much seeking pleasure but avoiding pain.

Find out what motivates your customers and you are one step closer to helping them avoid pain or gain pleasure.

The Difference Of Being Extra-Ordinary

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Instead of being ordinary, why not be Extraordinary? It’s just that little bit Extra…

Think about your customer service experiences for instance. The experiences that are memorable are those that had that special touch. It doesn’t have to be something huge, just that little bit Extra. A friendly smile, a listening ear, good manners. What a difference it makes! It’s the little things that make a real difference. It’s the little things that take an experience from ordinary to Extraordinary!

Think about your business. What little things can you improve to give it that little bit Extra? Got it? Ok, now systemise it into your business processes and share it with your team. As long as the system is followed, you will give Extraordinary service every time!

What Makes You Unique?

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Last time we wrote about value we were thinking about the customer and their perception of the benefits we provide.

Let’s think about these benefits for a moment. Are the benefits you provide different from everybody else? Do your main competitors offer the same product/service as you?

The question begs to be asked, how can you been seen as more valuable than your competitor? What differentiates you from the rest?

This is a really important point to consider. Take a moment to think about the benefits of doing business with you. Take 10 mins now to write a list…

Now re-look at the list you have just written and cross off any that your competitors could say the same thing about their business. Are you left with anything? If not, think harder about what makes customers come to you over your competitors. Whatever is left at the end of this exercise, this benefit is called your Unique Selling Proposition. This is the one thing that keeps people coming back to you because you are the only one who provides it! This is the benefit you should always use to promote your business because it is Uniquely Yours!

Discovering your Unique Selling Proposition is all a part of the process to Better Your Business. Are you getting better?

Pricing For Profit

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Benefits = Value = $$$

If you increase the benefits the customer perceives, then you will also increase the value they are receiving.

Value differs from customer to customer. This is where value pricing comes in. ‘Customer A’ might perceive the value of a list of benefits at one level, and ‘Customer B’ might perceive the value the same list at another – each depending on their current situation, their strengths and their weaknesses.

Think specifically about the customer before offering a price point. What is their perceived value of your offer? How much would they value what you are giving them? And price accordingly.

Too many times we leave money on the table because we have not accurately assessed our customer and their perceived value.

To add to this, to increase the value, you need to increase the benefits. Just one additional benefit which to you might not seem valuable, to someone else could hold huge value! And in turn, this small, seemingly insignificant benefit could mean you can demand a much higher price than you could before!

Benefits = Value = $$$

How can you increase the value of your offering?