5 Ways to Create Value

Abraham Lincoln

“Whatever you are, be a good one”

Warren Buffet once said, ‘Price is what you pay but value is what you get’. It is easier to compete on price but value is what will set you and your company apart and create that demand for your products and services. Creating value is becoming even more necessary in the market and finding innovative ways to create this value will ultimately help you to ‘Lead Your Brand’ and lead to growth. Here’s 5 ways to create value for your customers:

1. Focus on and adjust your touch-points

At every touch-point (point of contact) with the customer, you are able to showcase who you are as a brand, what makes you unique and different. Look at these points and adjust your strategy to align your brand and improve in order to create a memorable experience.

2. Get to know your Customer

The starting point to value creation is a business that knows the customer. They know the customer well enough to understand their needs and wants, once you know this, it is easier to innovate and to even predict what they would appreciate or find worthwhile in your service or product to continue to do business with you. Knowing your customer and creating value also creates stronger relationships because they know you care about them, and you care about the quality and timeliness of the product or service

3. Adjust your value chain activities

Every product and service goes through various stakeholders before ending in the customers hands. Have a look at these activities and firstly, create the process (if it’s not already established) and secondly, decide if all the steps along the way are adding value or are they detracting from the satisfaction that the end consumer experiences. Ask questions, such as is the process too long? too short? are there weaknesses in the process? how can we eliminate mistakes and increase the speed of delivery? And adjust.

4. Go MAD with value

An important way to create value is to have a societal approach to the product or service you offer, this is MAD (Making a difference) to people’s lives and having an impact. Customers today are looking at brands that care, that care about bigger picture and who are giving back. CSR (Corporate Social Responsibility) can no longer be a checkbox to tick off but an integrated part and approach to the way companies do business. An excellent example is the South African “Outsurance” brand, not only living the brand through advertising but also through point’s men at intersections in the traffic – making it easier for traffic flow in peak times and creating jobs. That is creating value, a need exists and they care enough to make a difference.

5. Know and communicate your point of difference

Create value by consistently communicating with your customers and communicating the ‘promise of value’. Customers want to do business with brands they like and who deliver on their promise. By communicating your value as a business and following through on the promise, you are establishing the most important aspect to build and grow your brand and establishing a firm foundation of TRUST.