5 Strategies to Create Value for Customers

Marketing is such that differentiating your products and services is crucial to business survival.  Customers must feel that they are acquiring a value that cannot be had from any other business or brand but yours.  The emphasis for businesses must be on creating value for their target customers while seeing to their own profit requirements. How then do businesses capture and create value for their target customer groups … the following are five recommendations; 

1.    Provide the product or service you do best and most profitably – Whether it’s a product or service offering ensure that your processes are efficient and cost-effective.  This however is only the first part of value – all marketing efforts must aim to retain customers through consistent marketing strategies that keep the customer satisfied and build long-term loyalty.

 

2.    Ask for and use customer feedback – Customers love to give feedback but more importantly most potential customers would rather the honest feedback of current customers than your marketing material.  Provide outlets for and encourage customer feedback.  Use this information to inform how you proceed with current and future products.

3.    Create ‘win-win’ situations – Customers love that feeling of satisfaction that they get after a purchase has been made.  Likewise, your business loves the benefit of that customer’s business.  That’s a win-win situation.  Whether it’s price, location or quality, ensure that your marketing communicates the value of the offering all the while highlighting the product/service benefits and how the customer’s life will improve from the purchase.

4.    Make the encounter a full customer experience – Creating value for customer is not just about the sale, its about the experience leading up to the purchase.  Create a marketing strategy that makes it easy for your customer to move seamlessly through the buying process. 

·         Provide content that is easy to find, read and understand

·         Have customer service staff on hand to answer questions whether via phone or online

·         Respond to customer queries in a timely manner

·         Follow-up post purchase

5.    Build a VIP customer community – Social media has made it so easy for businesses to create spaces where their customers can hang out, share experiences and communicate with the business.  Dedicate a section of your social media platform or website to especially repeat customers.  Not only will they feel special but your business will also benefit from the ideas of a core set of customers.