Do your customers see the value in doing business with you?
In today’s economy people have more choices now than ever before. Where there used to be four places around town to buy things, now there are thousands thanks to the internet.
People aren’t as apt to buy from the same place time after time. No one is forced to buy from you anymore because you are the only game in town.
There seems to be no sense of loyalty anymore.
So how do you separate your business from the rest of the crowd and create a loyal following?
Provide more in value than you take in payment.
You might have heard the saying “beauty is in the eye of the beholder”; well Value is in the mind of the recipient. The businesses that are going to survive in the digital world are the ones that will consistently deliver value to their customers.
In the book The Go-Givers by Bob Burg and John David Mann the First Law of Stratospheric Success is the Law of Value which states “Your true worth is determined by how much more you give in value than you take in payment.”
Let’s talk about the difference between price and value.
Price is a dollar amount.
Whereas value is the relative worth or desirability of a thing to the end user.
Think about the products and, or services you provide your customers. When they take their wallet out to pay you for that product or service what are they feeling?
Do they gladly exchange their money for it and feel absolutely terrific about it while you make a very healthy profit?
Something to think about.
So what constitutes value? According to Bob Burg value falls within five different categories. Those categories are: excellence, consistency, attention, empathy, and appreciation.
Furthermore all types of value fall under these categories.
When we talk about excellence, we’re really talking about competence, about knowing what you’re doing, doing it well, and doing it tremendously. It doesn’t matter whether you are a Mom and Pop store, or a major chain store, anyone can provide excellent service.
Anyone can do “random acts of kindness”. What we are talking about here is focused acts of value. The companies that are competent will take advantage of any customer contacts by providing value added service at each contact.
In Mark Sanborn’s book Up, Down, or Sideways he talks about the most important things he learned about relationships is that creating a connection is important, but not as nearly as important as keeping that connection.
So how do you keep those customers you’ve made a connection with?
Provide them excellent service.
You do this by knowing what is important to them. You have to find out how they are keeping score and judging you each time they interact with you or your staff.
Why do they like doing business with you? Would they change anything if they could? What do they tell others about you?
Learn as much as you can about your client and your potential client base.
Make it about them.
You have to put their needs above your own.
And do this because it is the right way to do business.