The definition of customer value can be described many ways and each customer may have a personal definition. Generally speaking every customer may define value differently. In general value can be the defined as the difference between what a customer gets from a product or service and what he or she has to give in order to get it. This is the difference between customer realization and sacrifice.

Maximizing customer value means maximizing the difference between realization and sacrifice.

How is Customer Value Delivered to the Customer? 

Delivering customer value is very important to building credibility in the local community for one very important reason; satisfied customers talk. 

From a local merchant’s perspective, there are generally three ways to deliver value to its customer base:

  • Price. Delivering a reliable product or service at a reasonable price adds value. Particularly for customers who don’t need the best product on the market. Offers and promotions that discount the price add instant value to customers. A lower price generally creates instant value to consumers even if the product or service may not offer all the benefits.
  • Product Quality. People and businesses that provide their customers top quality products increase customer value because the realized benefits of purchasing the best product exceed the sacrifice made by paying the higher price.
  • Provide the consumer with the best service. People and businesses that provide a high level of service associated with their sales increase customer value by providing additional benefits with no additional cost.

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Author: Jim Merrick