Value can be explained as the psychological, social, physical or functional benefits you gain from acquiring a product or service minus the price you pay in the form of stress, time, effort or money.
Although many customers are happy to gain a benefit equal to the price they pay, companies that wish to create & maintain a competitive edge will continuously seek new ways to offer their customers better value.
What makes a product or service desirable to a specific group of people? What gives a product or service a competitive edge over competition? How much should a product or service sell for? Is there sufficient data & insights about the target market?
These are a few of the questions we address during the Value Creation stage.
In the Value Communication stage you reveal your product or service to the world. It is where you set the tone & make your brand promise to your potential customer.
Your logo, corporate colours, business card, uniform, branded company car, social media page, ad on Google, online display banner, commercial on TV, website & even the use of recycled paper are all communicating valuable information about your brand.
In the Value Delivery stage monitoring & quality control are key. Keeping track of performance through research, data analysis & customer feedback is fundamental.
Delivering the promise a brand makes leads to loyalty, repeat purchase & recommendation which is the goal of any business.