In any business, everyone knows is what truly matters is the customers. Customers are searching for companies that will go the extra mile to ensure their needs are met. If everyone is offering the same product, there needs to be something that differentiates one company from the other. If you want to stand out to your customers you have to create an extra value and add it into your product or service.
First, you should understand what your customers see as valuable. This requires you to talk to them, survey them, and read into their buying analytics. You want to capture as much data as possible to be able to understand what is important to them. Do they value a fast website that is easy to navigate? Do they want added features to a product?
Next, you should take the time to understand your value proposition. The value of a product or service is based on what the benefits of the product or service is minus its cost. Once that is complete, identify which segments you can create more value. Everyone will have a different opinion of what is most valuable. Find one attribute that your competitors don’t offer.
Your product isn’t going to be purchased if your added value raises the price too high. You want to set a price that will make customers see that they are receiving a different value but also ensures you are working at a profit. Depending on what value you are adding, will determine what price you will be able to set for your product.
Now that you have found a value to add, have set a price, and are ready to offer a new product, you want to make sure it is reaching the right people. Focus your marketing, research and development, and salesforce dollars to face the customers and segments that will see the value in your product. You can also allocate your capital to find solutions that serve your loyal customers, as well as, find and attract customers that are similar to those that are already loyal.
Your customers are the reason your business can exist. They fuel your profits and drive you to become better every day. To keep them happy means to have a healthy business and loyal customers. You don’t want to lose your business because you didn’t keep up with the needs of your customers.