How do you add value ?
What comparison points do you and your customers use when determining the value you offer?
When was the last time you reviewed exactly what your customers valued about what you offer?
Adding value is the essence of every business. Customers will only pay for things that they value - unless of course the bill comes through as a legal requirement (in this case, the value received is in the privilege of living in a country with a structure that prioritises the protection and provision of its citizens).
Exploring the areas where we add the most value is something that seems to be constantly on my mind and has enabled us to get more and more focused on the areas where the overlap between where we added value and what we enjoy are strongest.
Recently a client commented that the area where they most appreciated us adding value was in the facilitation of robust discussions and strategic guidance among the management team. The client went on to say that he felt this was an area I did so well with that I should focus exclusively on offering this as a service. Talk about eye opening! While very appreciative of the comments and the feedback, my passion still very much lies in training and helping people realise and reach their full potential in their own life.
The comment did, however, make me stop and really think about where we add the most value to our clients. Stopping and actually taking time to think about this has helped me to realise more areas where we could add additional value without overtaxing our current resources.
Some questions for you to think about:
If your competitors undercut you by 10% how many of your clients would leave?
What if they undercut you by 20 or 30% ?
What do you currently give to your clients for free or at a low cost that they would be prepared to pay for?
What could you combine to create something that adds additional value that your customers would appreciate?
Are your clients even aware of all of the products and or services that you could offer them?
When you look at what your clients are currently buying from you, are there any obvious gaps which mean that they must be getting a product or service from somebody else that you could offer them?
Value is something that will remain as long as there is business. Being able to identify what your customers truly find important will allow you to deliver this in a way that increases loyalty, increases spend and helps you to continue to deliver well into the future.