Do you know what your customers value?

Value is anything that affects the cost and benefit of your offering. This may be technical, economic, service, or social in nature and will vary in tangibility.

For example, vehicle monitoring equipment is popular because it allows drivers to control their insurance premiums. The better the history of the driver, the smaller the risk and lower the cost.

This offers control and a feeling of emotional value. The sense of ‘winning’.

For another, it maybe cost control. Or price, and the idea of receiving a bargain. For others, the ability to spread payments is important.

But financial gain is not always the lead indicator of value. A customer will likely spend a little extra for the reassurance of 24/7 support.

The challenge is, if you do not know what your customer values, then you’re behind, because right now there’s a competitor using data to sell to your customers based on what they know they value.