Sales and marketing gurus are always talking about value — that in order to have a successful product or service, we must “create value” for the customer. But what exactly does that mean?
While the theory is absolutely correct, the concept of value is subjective and nebulous. What is valuable to one person may be completely irrelevant to another.
And to complicate things even more, we tend to be myopic about what we think is valuable about our product or service. It’s like trying to read the label from inside the bottle… what we think is valuable and ought to cause consumers to buy is often not the case. So it would seem that determining what’s valuable to your customer is not as easy as it sounds.
Here’s a simple definition:
If you are increasing or decreasing something that your customer wants increased or decreased, then you are creating value.
So… what value are you creating today?