To be competitive as a brand, it’s essential to constantly offer value to your customers.
Customer value is what makes the wheels of commerce go around. It’s what makes your customers buy from you, engage with you, follow your accounts, give you positive reviews, and recommend you to their friends.
If you’re familiar with our Customer Value Journey framework, you’ll already know a lot about how to create and curate customer value. In this article, we’ll zoom in on what customer value is and some ways you can deploy it in your Customer Value Journey.
What Do We Mean By “Create Customer Value?”
“Customer value” is anything that makes your product and/or brand more appealing to customers. By adding value to your brand, product, and customer experience, you bring more decision-swaying benefits to your customer’s journey.
“Value” is anything your customer wants, needs, or enjoys. The most obvious “value” is monetary—getting a quality item for a low price is something every bargain hunter enjoys—but it’s far from the only “value” available.
Value for your customers can include:
- Great product quality
- Fantastic customer service
- A positive brand presence
- Ongoing customer support
- Relevant and personalized marketing
- A rewarding loyalty program
- A positive customer experience
- A trustworthy brand reputation
- A caring brand community
Let’s say, for example, that you are a Canadian telecoms brand. You produce the best business phone system in Calgary, but people still buy from your competitors. How can you bring them to you?
Adding value is the best way to turn the tide of customers toward you. You can do things like improve your customer service, add 24/7 support options, tailor your marketing in ways your customers prefer, produce engaging and educational content, add loyalty rewards, and more.
Why Is It Important To Create Value For Your Customers?
Creating value for your customers is crucial because the more value you can offer, the more likely customers are to buy your product, subscribe to your brand, and ultimately become loyal members of your customer community.
Think of every purchase decision in terms of a pair of scales. For a potential customer to purchase your product, its value has to outweigh its drawbacks.
The most obvious element of the purchase decision is the monetary cost. But there’s a lot more to it than that. Things like time, negative experience, and risk also add to the perceived “cost” of your product or service.
For example, if your website does not look safe and professional, your customer may avoid buying your product because they fear credit card scams—even if they would find your product useful and can afford it.
Similarly, if your buying process is too complicated and lengthy, or your customer service could be better, the purchase-decision scales could tip in favor of taking custom elsewhere.
By creating extra value for your customers, you weigh the scale towards the decision to buy. And the more value you add, the better the benefits get.
As well as buying your product, customers who get value from you will return again and again. They will also engage with your content, recommend you to their friends, and boost your brand reputation in general.
All in all, creating customer value is well worth doing. So, how do you go about it?
How To Create Customer Value
Use our Customer Value Journey
Our Customer Value journey is a framework that helps you to understand where and how you can add value to help your customers along their journey to conversion and beyond.
It consists of eight steps: Awareness, Engagement, Subscribe, Convert, Excite, Ascend, Advocate, Promote.
You can find plenty about our CVJ framework, but here’s a (very!) brief rundown:
- Aware: Get your target audience’s attention with content that is relevant and valuable for them.
- Engage: Communicate with your customers/prospects. Let them know that you care about them.
- Subscribe: Try and persuade your burgeoning customers to subscribe to your emails and follow you on social media.
- Convert: This is the point at which your prospect becomes a customer. You can use various value-adding tactics to nudge them through this stage.
- Excite: Build on the excitement of a purchase by throwing in added extras.
- Ascend: Keep up communication and keep adding value to make your one-time buyer a repeat customer.
- Advocate: Ask your happy customer to write you positive reviews, share your content, or recommend you to their friends.
- Promote: Keep encouraging your customer community to promote your brand, and reward them for doing so.
Provide Stellar Customer Service
The quality of your customer service can make or break your customer experience. Great customer service adds a huge amount of value to your CVJ.
What does good customer service look like? Well, it ranges from things as simple as sending emails saying “Thanks for your order,” to more complex efforts, such as having a fully equipped and responsive customer support center staffed with patient, helpful, and friendly operatives.
Another way of offering great value and customer service is by having a product that will offer unique benefits. For example, offering online business cards with a QR code that automatically captures their information so that you can use analytics and metrics to measure your networking efforts.
Build Community
You can easily add value for your customer by making them feel valued. One way to do this is to focus on building relationships and community with your customers.
You can strengthen your customer relationships through things like sending emails on their birthdays, personalizing your marketing content so that it’s relevant for each customer, and generally showing that you are listening to them and you care for them.
You can expand on this by providing space for your customers to communicate with you and one another. Loyalty clubs, social media pages, events for loyal customers, and so on can all help to build a rewarding community that will add value for your customers.
Focus On Quality Over Price
It’s a common misconception that making an item cheaper adds value for the customer. While price is certainly an important consideration in purchase decisions, quality often trumps it.
However low your prices are, your customers won’t be impressed if your product is low quality. Most customers are happy to pay a bit more for a product that works well, looks good, and will last.
Most customers understand that true quality costs more. So, if you drop your prices too low, customers will automatically assume that your product is low quality.
The old “quality vs. quantity” debate is, to an extent, false—but it is still important that your customers have a good experience with your product. And that means creating something of acceptable quality.
So, we recommend focusing on the quality of your product first and foremost, and deciding the price once you are aware of your profit margins. A quality product that costs a little more will gain you more repeat customers than a poor-quality product at a low price.
Play To Your Strengths
Your strengths are where your true value lies. Maybe you have an excellent customer service team, the best quality product on the market, or a fantastic social media following. Whatever it is that you do best, play to it.
Your strengths form your USP (or, at least, part of it). Your strengths are where your value exceeds that of your competitors. So, make the most of them!
Educate, Entertain, & Engage
Producing great content is a quick and easy way to add a lot of value and boost your brand’s presence and reputation.
Blog posts, videos, newsletters, social media posts, competitions, games, and webinars—all of these are great for entertaining, educating, and engaging your customers.
Anything you can put out there that your customers will enjoy or find interesting adds value to your product, no matter what your product is.
Let’s say, for example, that you provide online fax services in Canada. On the face of it, this may not seem like a promising topic, but the right content can bring a huge amount of interest to your brand.
You could produce how-to videos, talk about the history of faxing, run case studies, and more. All of it will add value for your audience and bring in new customers.
Reward Loyalty
A loyalty scheme adds value for your customer and directly encourages repeat purchases.
You can use your loyalty scheme to add value in a variety of ways. Many retail businesses use point schemes, in which customers get a certain number of points per purchase which they can then use to offset the cost of later purchases.
Other examples of loyalty rewards can include:
- Exclusive content
- Free gifts
- First looks at new product lines
- Discounts
- Privileged access to events, products, and services
- Enhanced customer service
Boost Your Business & Add Customer Value with A Customer Value Journey
By designing a Customer Value Journey, you will give yourself a head start when adding value.
A Customer Value Journey will show you exactly where in your customer journey to add value and the form it should take.
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For example, a speedy and safe website adds value at the point of sale. It encourages people to convert quickly and with confidence.
After a sale, a loyalty scheme and follow-up emails reinforce your customer’s positive experience and help strengthen your brand/customer relationships.
At all points, a positive brand presence, rewarding content, and a quality product are brilliant for adding value for your customers.
So, to give your customers the value that they deserve, sit down and plot your Customer Value Journey.
[TAG13]The post How to Effortlessly Create Customer Value appeared first on DigitalMarketer.
Frequently Asked Questions
What keeps you motivated as an entrepreneur?
The freedom to achieve my goals is what motivates me the most. The world we live in has limits on what people can save, earn, invest, buy and consume. We don't have to live within those limitations. We have the freedom to follow our dreams and make them a reality.
We must not allow these limitations to dictate our lives. If we do that, we lose sight the fact that our destiny is ours. We are the captains and crew of our ships. We are the architects for our lives.
I am driven by the desire for wealth that is beyond my wildest dreams. To create businesses bigger than life. To create businesses that change the way people live forever.
To create more powerful companies than any government, more influential that any religion, longer-lasting than time itself.
That's why I'm here. I want to help entrepreneurs grow and expand their businesses faster than anyone else. Because everyone wins when you succeed.
What motivates entrepreneurs?
Passion drives us. However, our passion drives us to do meaningful work that makes a positive difference. To make a positive difference in the lives of our loved ones and ourselves.
To give back. To give back. To leave a lasting legacy.
We do it because we love what we do. Because we feel called to live life fully, and have success in the things that matter most.
We are driven by a sense of purpose and mission that can never be fulfilled through money alone.
It is important to find a way that combines business and pleasure. Entrepreneurship can be more than a career; it's a lifestyle.
This is why I am passionate about helping entrepreneurs become successful. My goal in helping entrepreneurs achieve financial freedom and make a lasting difference in the world is my goal.
I'm living proof of the fact that creating value is the best. It's sharing your knowledge with the rest.
It doesn't suffice to have a great product. It is essential to understand your customers' motivations and what they want. They want what they need.
Doing so will help you to always improve your offering. You will always be able to provide more value.
Customers will be more satisfied if you offer more value. If you have more customers, you can sell more products. More customers will mean more revenue. You will eventually be financially independent if you have more revenue.
You see, money isn't everything. It is the means to an ending. It's not the goal in and of itself.
If you want to live a rich and fulfilling life, don't just focus on the money. Make a positive impact. Contributing. Leaving a legacy. It is creating something of value. It's something that is unique. It adds meaning and purpose to your life, as well as those of others.
Entrepreneurship requires risk-taking. It doesn't necessarily mean that you have to follow certain rules. It's about being flexible. Adapting. Adjusting. Improving.
You will succeed as long you are true and honest with yourself.
Entrepreneurship is a calling. A vocation. It's an opportunity to contribute. To create wealth. To shape history.
When you embrace all of these things, you will be the best version of yourself.
You will be unstoppable.
How to motivate yourself as an entrepreneur
To motivate yourself, find someone who is also motivated to do what your goal is. Ask someone who is working hard for his goals about how they did it.
Ask for advice, listen to others, and then, most importantly, do it. Admire someone who is successful.
You can do whatever it takes to be that person. Learn from them. Take notes. Follow their example.
But above all keep pushing forward. Keep moving. Never stop learning. Never give up.
Never let anyone tell you that you aren't capable. You don't have to believe that there is no way.
You might fail but that doesn’t mean you’re a failure. Failure can make you stronger. To learn more. To push harder.
Failure is just another step on the road to success.
Start today. Do something today that will move you closer to your dream.
What are you waiting for?
What are the motivations of an entrepreneur
Entrepreneurs' three greatest motivations are freedom and money.
- Freedom means freedom. It is having the freedom to do what and when you want. This is why we become entrepreneurs when constrained by our current job or life situation.
- Money is also very important because we would not even consider starting a business without it. We can survive without food, water, and shelter, but not without money.
- But the third motivation is knowledge. Entrepreneurship requires that you continue learning. We read books, attend seminars, take courses online, and learn how products and services are created.
This is what drives us towards our goals and success. It gives meaning and purpose to our lives.
These three aspects are the reason we started our ventures. They are our main driving force that keeps us going day in and day out.
We might consider packing up and moving home if these three essentials are not available. These three essentials are what will make us truly happy.
Which 6 questions are most motivating for entrepreneurs?
Motivation is the foundation of any business. Without motivation, you won't make it out of bed each day. You'll have trouble completing projects without motivation. You won't be able to achieve your goals if you don't have motivation. How do you find your motivation?
You might ask, "What motivates you?" It might surprise you to find out the answer. This question might be one you've asked yourself for years. You are missing one of the greatest rewards of life--the chance to discover your motivation.
Discovering why you are there is the best motivation. That's when you finally begin to realize what drives you. Your purpose becomes clearer. Why do you care? This will help you stay motivated.
Look within to find your motivation. These questions will help you find your motivation.
- What are my passions?
- What makes my heart beat faster?
- What's the thing that makes me happy?
- What gives me butterflies in the stomach?
- What makes me feel alive?
- What motivates you to come back to your work again and again.
Once you know the answers to your questions, you will be able identify your true motivations.
Your motivation is what will get you through the tough times. It will help you find the strength you need. It will encourage you to work harder. It will motivate you to succeed.
And if your like me, then you'll never stop trying to find out what your motivations are.
Take some time to reflect on what motivates you. You may be surprised at the results.
Why is motivation so important for entrepreneurs?
Motivation is what keeps us moving forward even when we feel discouraged or lost. Motivation gives us the courage to face our fears, and makes decisions that may seem impossible or risky.
Motivation is also an important factor in achieving success. If we lack motivation, it can lead to being unmotivated, lazy, unproductive, and eventually, unsuccessful.
You can unlock your potential by finding ways to motivate you. You must find a way to motivate yourself throughout the day.
It is like a muscle. The more you work it, the stronger it will become. It will weaken and atrophy if you don't exercise.
Most of the most successful entrepreneurs are selfmotivated. They set goals and plan how they will be achieved. Then, they follow through.
However, there will be times when motivation is needed. These are three simple steps that will help you stay motivated.
Step 1) Get inspired. Find an example of someone who inspires. Someone who is already achieving your goals.
Step 2) Set small goals. Make sure each goal is achievable. Focus on the next step rather than the ultimate result. You can reach big goals quicker by breaking them into smaller pieces.
Step 3: Reward yourself. Reward yourself for achieving your goals. Reward doesn't necessarily have to be tangible; it could be simply taking the time to do something enjoyable.
Motivation is a choice. Choose to be happy and to succeed, and to live an abundant life.
So if you want to change your life, start today. The first step to making a change is to choose to do so. Next, take action. Start living your dreams right now.
Statistics
- “If you look to lead, invest at least 40% of your time managing yourself – your ethics, character, principles, purpose, motivation, and conduct. (americanexpress.com)
- Invest at least 30% managing those with authority over you and 15% managing your peers.” (americanexpress.com)
- "Most of the time when people ask me about motivation, 80 percent of the time, I attribute it to gratitude. (entrepreneur.com)
- Our 10 years of research also shows that 75% of mentored entrepreneurs increased their revenue, and 82% of their businesses survived the first two years. (carolroth.com)
- "If you improve by just 1% every single day, in several months, you will have improved by 100%. (carolroth.com)
External Links
inc.com
businessinsider.com
- 101 Best Inspirational Quotes For Entrepreneurs
- SpaceX employees have almost impossible goals: Elon Musk
kabbage.com
entrepreneur.com
How To
What are 10 ways to motivate employees
Motivation is one of your most difficult tasks. It takes patience, perseverance as well as sacrifice and effort. You need to know how to motivate people so that they work hard.
It is impossible to motivate someone if they don't know why. You can't help but wonder why your employee wants to make a change. This article will explain how to motivate your employee using different methods.
1. Make Your Employees Feel Important -Letting them know that they are important is one of your best motivators. If you can give your employees this feeling, it will let them know they are important and valuable. They should always believe they are doing a good job and that their efforts count.
2. Recognize them - People like to be acknowledged. The more they receive it, the happier they become. You can motivate your employees by making sure they are recognized from time-to-time.
3. Respect Your Partner - Respect is an essential part of any relationship. To motivate someone effectively, you must first respect them. Respecting others will show them that they are important too.
4. Being open with them is a great way to motivate others. When you share information with your employees, you encourage them to learn new things. Learners feel proud and happy when they are learning new things.
5. Reward Good Work -When you reward people for good work, you encourage them to keep working harder. However, before rewarding someone, be sure to assess if they did an excellent job.
6. Set Clear Goals -Setting clear goals helps motivate your employees by giving them something to aim for. They will be more productive if they have a goal.
7. Tell them what's happening - You might think that telling employees the details of your company's plans is a waste of time. It's an effective way to motivate your employees. It helps them to know where they should be focusing next by telling them about the company’s plans.
8. Give feedback - Feedback is a great way to increase employee morale. Although it takes time to give feedback, it is well worth it.
9. You can motivate your employees by letting them know the name of their boss. When you make them aware, they know exactly where to go if they need to talk to anyone.
10. Asking for help – Finally, asking your employees for their assistance is an additional way to motivate them. Asking for help shows that you are trustworthy and can be relied upon. They trust you because they know you care.
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