In Today's World, Value is the Word To Live By ~ B W C J AOMOLE

Thursday, 13 July 2017

In Today's World, Value is the Word To Live By

By BWC J A OMOLE July 13, 2017 No comments:

How do you increase your company's market share? In these days of great economic anxiety, it's a question that looms large. If you're like many business leaders desperate to capture a higher share of the market, your first impulse is to drop your prices. After all, that's what customers want, right?

Wrong, wrong, wrong! All that does is position you as a commodity, which is a recipe for failure in our new economy. What customers really want is value -- and not what you think value means to them, but what they think it means.

The past few years have brought corporate scandal, overvalued tech stocks and a wildly fluctuating stock market. In the wake of this economic carnage, we're seeing a real back to basics movement. First, money is tighter than ever. Second, customers are tired of "smoke and mirrors" business practices and are demanding value in what they buy-and corporations are realizing they'd better make products and services that deliver the V-word. This is not a trend of the week -- it's a whole new paradigm.

And here's the really important part. Anyone who thinks value is synonymous with customer satisfaction needs to think again. Customer satisfaction is the old paradigm, and it's quickly being jettisoned by forward-thinking corporations. Customer value is the new paradigm, and it drives every other decision a company makes. Basically, it's up to you to figure out what value looks like to your current and potential customers -- and then to give it to them.

Think about it. For years you've heard the "satisfaction guaranteed" tagline so many times that it's lost all meaning. You may have gone so far as to hire a company to conduct "customer satisfaction" research, only to find yourself stuck with a mountain of data that you don't know how to use.

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