Unveiling the true worth of a product can be a game-changer in the competitive business landscape. Discover seven straightforward yet potent strategies to effectively demonstrate product value, enhancing customer perception and driving business growth.
Provide Value
Value doesn’t necessarily mean the price. It’s the experience and benefits that your customers get for the price they paid. People pay for the value they receive.
- If you provide enough value, then you earn the right to promote your company in order to recruit new customers.
- Demonstrating it should be your next step.
ROI of Product Value
Delivering an ROI calculation your customers agree with can take your relationship with customers to another level
- Talk to your customers
- Understand the use cases they’re interested in
- Create the list
- Map the list to specific areas
- Cut through the noise to calculate ROI
Build Community for Your Customers
A community serves as a center of knowledge and information exchange.
Gather and Apply Feedback
Collect and apply feedback
- Keep the collated feedback in your database and refer to it as and when required
- Make sure that you go back and let your customers know that the feedback has been duly considered and meaningful changes have been made accordingly
How to Measure Product Value
There are two parts to Product value: desired value and perceived value
- The desired value is what your customer wants to receive from your product.
- Perceived value is the benefit the customer believes s/he actually received from a product
- Benefits can include: Product quality, Problem-solving ability, Brand’s reputation, Advantages of Partnering you as a vendor, etc
- Costs may include: Price of the product, Installation and Onboarding costs, Maintenance costs, Poor customer service
Provide an amazing customer experience
Lead to great customer value
- A positive customer experience is equally important as the product/service
- 79% of customers would take their business to a competitor within a week of experiencing poor customer service
- 51% of B2B companies avoid vendors after poor service experience
Why is it important to prove value to customers?
Retaining customers
- Improving your brand’s reputation
- Customer Advocacy
- Competitive advantage
- Converting potential customers into real customers
- These reasons give a glimpse of why creating and proving customer value is extremely important.
Provide customized and valuable content
The idea is to provide relevant and valuable information that empowers customers
Final Thoughts on Providing Product Value
Businesses that focus only on product features and price are unable to withstand competition
- Customers actually want to derive real value from the product
- You should focus on making them feel that they got benefits for which they paid, and that can be done by providing value to them
How do you define Product value AKA Customer Value?
Product value is the customer’s perception of the benefits and experience that s/he receives from a product
- The worth of the product always compares to its possible alternatives
- Identify what the customers need the most and deliver it
Anticipate customer needs
Figure out what customers would need before they approach you with their problems
- Create and distribute ‘how-to’ guides for certain processes
- Set up alerts that trigger tasks/programs to prepare for the same
- Customer Success is all about being proactive in your approach to customers
Collaborate with the Marketing Team
Your marketing team must continually prove value and commitment to their customers to retain them
- Asking for testimonials
- Approaching best customers individually
- Providing with relevant content and information
- Hosting networking events
- Nurturing potential customers
