What is Customer Value?

 
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So often we hear providing Customer Value is the most important thing you can do!

Businesses attempt to measure the level of Customer Value delivered through well-established methodologies such as the Net Promoter Score (NPS), yet do we really understand what is "Customer Value"?

Many mistake it for merely being the Benefits that you (and / or your business) provides to your Customers.

However, it is so much more in the Customer's eyes, for whilst the Customer is being asked to consider all the benefits that come their way they are often actually quietly considering the cost of doing business with you.

So, before you next engage your client (or prospective client) consider not only the benefits you will be delivering, but also the Costs, whether they be Financial, Operational or Emotional costs.

Most people can identify the benefits to Customer by taking up their offering, however, few recognise the 'cost of doing business' and then addressing them to ensure Real Value is both recognised and delivered.

Tips from John Buchanan, Beyond 19, Coaching Practicing Lead:

  1. Adding value is in the eye and the pocket of the buyer, make sure you provide what the buyer actually needs, not just what they want.

  2. You will need real insight to determine their needs, so focus on this first.

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