How many times have you found yourself staring at a wall of similar products at the local discount store overwhelmed by options? How do you choose the right one? Maybe it is choice of buying a product, such as laundry detergent, you or a family member have bought before. Perhaps your problem is a new carpet stain.
How do you decide? The wall of choices could drive you to do many things. Call a trusted adviser? Research it (again) on your smartphone? Go to somewhere where a worker could help you?
Under the circumstances, you attempt to narrow it down to one or two options since you are already there. So you start pulling individual items off the shelf. Was it the color, size, weight, etc. of the packaging that drove you to pick that one first? Why did you choose that one? Did the packaging boldly state it could clean stains? Did it hint at how to use it, such as having a pump-stray? Was it a brand you had heard of before?
Do you already have an idea of your requirements? Next you flip it around; carefully skimming descriptions, noting directions for use, considering warnings, active and inactive ingredients. Eventually, you have narrowed your selection to two possibilities. One is in one hand. One in the other. Now you debate the similarities and the differences. while checking off what you need and want for your experience with the product.
What makes you buy what you do? If you experience problems, so do others. But what about when it comes to purchasing your products or services?
What Do We Buy?
Where we spend our money is often determined by our needs and our wants. That isn’t any different from our customers. They too must choose. Our challenge is helping them through the process and making what we offer met or even exceed their expectations.
In reality most of what drives us to obtain a product or service is determined upon the value it gives us as consumers. Crafting value into our products or services is a challenging activity. It begins with your marketing strategy.
Brainstorming and gathering data for your marketing strategy isn’t the idea of anyone’s favorite workplace task. It is an activity many owners, entrepreneurs, and startups pass on. Understanding what you deliver to your customers is important. It helps you to avoid wasting resources on promotional efforts you think will work.
Importance of Strategy
Your business and marketing plans overlap in many ways. Reanalyzing certain points forces you to dive deep into ascertaining the customer value of your offerings. It gives insights into the micro-moments of their lives and drives conversations on why they choose to purchase. It tells you what your customer’s expectations are.
I know this all sounds great in principal. Gathering all of this isn’t easy. It isn’t without some subjection if you are a startup or have low volumes of customer data. Although it still requires research, the process is less daunting when following an outline which is written below. However, it will help you reach your business goals and eliminate wasting time, money, and resources.
The true defining aspects of your business is its customers and their needs, not the business and its offerings.
Assessing the Value-Creation Process
Customer value is the ultimate benefit your business delivers. It is the reason why your targeted audiences want to purchase your products or services. Value sets you apart from your competition. It is what puts a business above others and ensure survival.
There are four areas in the value-creation process.
First identity what attributes your customers need from purchasing your products. Value can be created functionality, physiologically, and monetarily. The key is to create value that enables all participants to reach their goals.
- What are the functional values that appeal to your targeted audiences?
- How does the targeted audience feel about your offerings?
- What are the financial benefits and costs of the offering for the targeted audiences?
Next uncover those issues your business can fulfill better than competitors. Sometimes the answer isn’t what you think. For instance, Charles Revson, founder of Revlon, believed “in the factory we make cosmetics; in the store we sell hope.”
Second, review how your business develops excellence. Develop value by crafting the brand, setting the price, creating sales promotions, and in the actual product and service. What product or service expectations does your targeted audience have? Where can you push for better or greater value?
Third, what is the value communicated to your targeted audiences, employees, stakeholders, and others? How do you deliver personalized customer experiences? Finally, how does your distribution channels deliver value while doling out your product or service?
In reality, defining value helps customer makes their choice less frustrating. As for yourself standing in that discount store aisle trying to choose, did the product’s implied value make your choice easier? Wouldn’t it have been better to not have to deal with not knowing which product was was the best? How did they enable you to make your choice? It could have prevented any problems to begin with.
Your Customers Are Worth It
Aren’t your customers worth that to your business? Help them learn your value without friction.
To discover more about transforming your marketing efforts, download our “Draft Your Marketing Strategy” to guide you through the process. It not only tells you how to do the activity, it gives questions to ponder. It is by no means perfect, but it will get you started.