By Jeff Bowman
Businesses probably spend more time than they should trying to figure out their value proposition.
We are bigger, stronger, softer, cheaper, more improved, greener or care more about our customer. You have heard all the motherhood statements time and again. Differentiation is tough in a marketplace with a myriad of competitive products to choose from.
My criteria for value is quite simple. Do you fulfill the customer’s needs totally and to their complete satisfaction with your product or service? Anything less will lead to grumbling or worse, a formal complaint. The customer will defect to competitor and spread the word far and wide about their experience with your product or service and company. Yes, your product does indeed represent your company and anything else you market.
Exceeding the customer’s expectations, on the other hand, creates real value! I purchased a couple of products more than two years ago for a trip I was taking. One was a travel-sized can of Gillette Shave Cream for .99 cents and the other a small canister of Blistex for $2.19. Now I have to admit that I felt I was overpaying for the Blistex, it was so small, and in my mind I didn’t think it would last as long as the much cheaper lip balms, however peer pressure led me to the decision (as it often does). Now it must be said that I only use the Blistex in cooler months and the Shave cream on trips and weekends at the cottage.
This past Sunday the last of the shave cream limped from the dispenser. The small red can now finds itself in recycling. The Blistex lives on. Not in my wildest imagination would I have thought I would have either of these products two years later. That is satisfaction, I am impressed, my expectations have been greatly exceeded by these products. That is value!
I’d love to know your definition of value, and where you have found it.