Creating Customer Value

What is Customer Value?

Customer value is the measurement of the product or service's worth, as perceived by customers, compared to the customer's alternate options. In other words, we can say that the customer value is perceived benefits divided by the cost. 

Creating Customer Value

If we look at the customer value as the perceived benefits divided by the cost, then there are two ways to increase the customer value:

1. Increase the perceived benefits

2. Decrease the cost

How to increase perceived benefits?

1. By listen to the customer

2. By providing a better quality product

3. By providing a safer and more reliable product

4. Providing the product or service faster

5. Higher brand reputation

6. Segregate customers and understand the unique requirements of different segments

7. Evaluate and analyze the customer experience of the product or service being offered.