Day
4 = Identify 5 Ways to Create More Value
Customers
take their hard earned money and give it to companies (hopefully
yours) - this important "moment of truth" may be
the most significant factor in the success of your business.
Your
customers only engage in a transaction with you when they
have an expectation that value is coming back to them. They
give you their money; you give them value.
Value
can be defined as what the customer perceives they get out
of the transaction divided by what they feel they sacrificed
for it. In other words they judge what they got in relation
to they gave up to get it.
Growing
companies look for ways to increase value for their customers.
The customers' perception of value is hugely important in
their satisfaction. If you create great value for customers,
they come back and tell their friends.
Notice,
because of the ratio, value can go up in by either (a) giving
the customer more, or (b) reducing their sacrifice to participate
in the transaction. Or a combination of both.
Assume
lowering your prices is NOT one of the options, brainstorm
in your planning document 5 ways you could produce more value
for your customers.
More
information on this can be found in the second pillar in CUSTOMER
PILLARS - Maximize value incrementally.
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us know if you have any questions or
challenges. Contact us
at training@FAMEE.org
or by phone at 785-865-7390.
