Value creation begins with understanding your customer.
Customers, through their purchase decisions, are the final judges of value. Create value for customers by understanding and delivering optimum performance in the areas that matter most.
Value is relative.
Value isn’t creating and delivering a good product. It’s not offering a service which garners high customer satisfaction scores. To be a market leader, you must provide an offering whose performance and price, relative to competition, represents the best value in the marketplace.
Customer-centric approach to value.
Identify the factors that drive customer buying decisions.
To effectively measure and improve the performance of your offering, you must identify the factors or attributes that customer weigh when evaluating competing alternatives. Getting direct feedback from both customers and non-customers enables us understand what drives and motivates all buyers within your respective market.
Weight the factors for importance.
After creating a list of key attributes, you must determine the relative importance of each. While a customer may weigh multiple things, they most likely will not weight them equally. To ensure our offering is perceived well, we must ensure we deliver exceptional performance in the areas that matter most.
Assign performance ratings.
Once the key attributes have been identified and their relative importance determined, we ask customers to provide a rating within each attribute for you and your competition. The result is a quantified view into how customers perceive the performance provided by you in comparison to the competition.
Determine perceived price.
For some goods such as gasoline, evaluating price is easy and straightforward; $3.15 buys one gallon of gas. However, estimating the total price of other offerings can be much more complex. For example, to determine the actual price of a car, you must account for several different things such as rebates, trade-in allowance, resale price, and financing. Thus, as part of the research and discovery process, we gather feedback from customers and non-customers to understand how the market perceives your price.
Clear understanding of your value proposition.
The results of the research and discovery process are compiled into two impactful reports: a Performance Scorecard which demonstrates your performance in each attribute against your competition, and a Competitive Landscape which clearly illustrates the value proposition of each competitor in the market.
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