Value = benefits – costs
Your customers are looking for value. If you offer them the biggest value, you are likely to get their business.
Adding value can help you in a number of ways:
- It can help you justify a price increase
- It can give you a competitive advantage in the marketplace
- It can help win new customers who were not in the market before
But most companies don’t focus on adding value. They are too busy focused on cutting costs and advertising to drive growth.
It is a marketer’s job to add value. Here’s how:
- Do a better job solving the problem you aim to solve. People are in the market for your product because they have a problem you can solve. Improve the product, do a better job solving their problem, and you just added value.
- Solve other problems for those same customers. New products and new features can make your offerings more valuable to solving more of your customers’ problems.
- Make it easier for your customers to get the value you currently provide. Simpler purchasing and better customer support can eliminate hurdles to your solutions.
- Find new solutions to old problems. Give a man a fish, feed him for a day. Teach him out to fish, feed him for a lifetime.
Adding value is a key to successful growth. In order to add value, marketers must work with salespeople, customer service, and product teams to identify opportunities based on real customer feedback. Many times it is possible to add value without spending more money, which is an easy sell to business managers, and sure way to spur growth.