Run time: 59 seconds
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Once you know what your customers value, what do you do? Essentially, align everything in the company with doing the job that your customer wants done. Every decision from product development, delivery methods, hiring decisions, processes and of course, your marketing needs to be considered. Take a brand like Netflix, for example. They do the same job as the former company ‘Blockbusters’ but provide additional value elements of convenience, availability, variety and reduced effort by leveraging technology. To do that, they had to rethink how the job of entertaining people at home was done on every level.
Here are some steps to make that alignment in your business:
Re-evaluate current offerings – What job is your current offering doing? Could they do the same job or better in a different way?
Add more value – If the value that you add is mostly functional, are there emotional or life-changing value elements that you could add to make the offer more compelling and the buying decision easier?
Continuous improvement – the value you provide now could be provided in a different way in the future, and if you don’t evolve, someone else will. (See Netflix vs Blockbuster reference above!)
Need help building a value-driven business? Join us for our Understanding Value webinar on the 21st of May at 10 am, where we’ll share more insights and real-world examples.
Next week, we will look at how value impacts your pricing strategies.
Resources
Understanding Your Audience and What They Value – Webinar
21st of May 10-10:30 am free and online!
Get the Customer Value Scope
Bains “Elements of Value” Framework
Join the Ideal Marketing Minute
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