Jasmeet Kohli

Wednesday, 8 August 2018

How to Create Value for the Customer?

Any business can never survive unless its creates value for its customers. But first, it will have to create value for itself in which having support of its customers is the most critical requirement. 
Value for a business organization  means value in different forms that determine its health & well being. In numerical terms, it can be assets whose value can be expressed in monetary figures & intangible things like patents, copyrights, brands, intellect, etc. 
Value for customers is defined as what the customer is buying or paying for. Value for the customer is the measure of the benefits gained from a product or service relative to the cost paid by the customer. It is imperative that the product or service is made available to the customer with the right quality, right price, at the right place & at the right time. But all this requires answering some very important questions: 
  • What are the important factors for the customer while making the buying decision?
  • What carrries more importance for the customer - cost or benefits?
  • Are you capable of delivering that matches the customer needs?
  • Is your competition capable of delivering that matches the customer needs?
  • Are you capable of delivering more than your competition?

In light of the above mentioned points, a business organization can create value for its customers throuh:
  1. Giving more benefits to its customers than its competitors, at the same or nearby level price. The extra benefits could be a better service, a better buying experience, extra features in product or service, etc.
  2.  Creating Ease of Buying & Ease of Payment for the customer, through multiple ways that the customer can choose as per his requirement
  3. Creating a good image of the company reflecting ethics, honesty & trust with which the customer would like to be associated with by buying its products or services
  4. Valuing the relationship with its partners and dealers & effectively utilizing their knowledge of the market for mutual benefit
  5. Most importantly, providing a product or service that fulfills the customer requirements, with ease of use
  6. Creating Ease of Contact for the customer through multiple  ways that the customer can choose as per his requirement. The customer is easily able to contact the business organization or its representatives for any support or issue. Its imperative that the support is provided to the customer within the committed time and resolving the issue to the customer satisfaction.  

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