Identify the value
We must find value in everything… service, product and relationships.
When considering a service or product our first question should always be: what is the value I will receive from this? We must find value in everything… service, product and relationships.
When looking at whether a customer is valuable, you must ask yourself three hard questions. Can I provide them what they want? Does what I provide satisfy them? Can I continue to service or provide product AND satisfy them. If you can answer all three questions with a yes, then you have succeeded in targeting YOUR customers.
Can you provide the customer exactly what they want? If a customer comes in and asks us for envelopes and letterhead, can we provide it? For us the answer is yes. But imagine a customer comes in and we say no, but we can get you the letterhead. Great, then all they have to do is run around looking for someone else to provide them with the rest of their order. Unfortunately the age of ala cart is gone. A customer wants a one-stop shop. If your product or service focus is to narrow, you will miss the customers looking for a variety of products. But that does not mean offering them steak and floor cleaner, that’s for grocery stores.
Does your service or product live up to its name? Imagine ordering a nice steak at a high priced restaurant, only to have a microwave steak patty served to you. One word: Disappointing! When you advertise your service or product, don’t overstate. People do not want to part with their hard earned money just to be disappointed. If you offer a high-end product or service make sure you are not pricing your self out of the market. Remember to look at your competitor’s services and products regularly. This will help you understand your position and what your customers expect for the price they are paying.
One time outrageous deals sound like a good marketing scheme, but beware, businesses usually cannot survive on nothing but one-time clients. Be realistic, thinking you can lure a customer with a one time deal is bad planning. Customers are more likely to return to a business that consistently provides a good product at a reasonable price. If a customer comes to you for that deal, when they return to find the quality reduced and or pricing increased, they will keep looking.The latter will remain much longer in their memory than that one time deal. Focus on keeping your customers long term with consistent value.
I always refer to the business like running a household. I want the most bang for my buck and the best quality for my family. Yes I know the definition for corporation and household are very different, but hey I AM a consumer, so why can’t I offer my customers exactly what I want. It just makes dollars and sense to me.
