It’s Not Just Price

By September 12, 2016Blog

Customers are looking for relationships that deliver unique value. They want your products to solve their problems but they also seek a level of satisfaction that goes beyond the intrinsic value of what they paid for. By learning to tap into this deeper level of emotional satisfaction, your business with current customers will increase and you will uncover a steady stream of new customers.

Are Your Customers Loyal?
You may have asked your customers if they were satisfied with their purchase from your company, but the true measure is whether your customers are actually coming back. In an average customer poll you may find that 8 or 9 out of 10 customers were satisfied. That may sound great. But more than likely only 4 or 5 purchase from you again. Why? Because rational satisfaction (they were not displeased, the product worked, etc.) is only part of the equation. Customers who purchase again are emotionally satisfied. Emotionally satisfied customers will also   recommend your product or service to others.

The bottom line on measuring loyalty:
• How many of your customers intend to purchase again.
• How many of your customers would endorse your company to
others.

Creating Exceptional Value
Exceptional value is created when your customer perceives your product or service to be worth more to them than the price they pay.

Think about a Rolex watch and what you feel when you see one worn. Any watch can give you the time, but they aren’t a Rolex. What captivates us about a Rolex isn’t its function, it’s the prestige. A Rolex suggests more than your need to tell the time. It says that you appreciate the finer things. It shows that you have earned enough success to purchase one. It means you are knowledgeable about the value of the craftsmanship and precision it represents.
That is the connection you should seek to develop with your
customers. You want to deliver more value than the functional
benefits inherent in your product or service. You want your customers to experience the extrinsic value (beyond functional benefits) you bring to the relationship by being emotionally engaged throughout the buying process.

The investment your company makes in enabling and aligning your team with the skills, attitudes, beliefs and values that develop loyal customers will enrich your core business and provide new opportunities to gain customers and market share. Stay engaged and stay ethical in your customer relationships and you will transform your business.

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