Customers are informed and savvy buyers. Their evolving expectations are intertwined with their personal and professional experiences. For businesses to keep up with customers’ evolving expectations, it is a marathon of delivering value.
Delivering consistent value is a minimum requirement. To be able to identify and deliver overlooked value competitors ignore allows you create new appeals and remain relevant.
There are four ways to identify overlooked value.
- Evaluate current value proposition
Established products and services have a customer base who values what you offer. However, there is always room for improvement.
Revisit and validate your current value proposition to ensure it is still relevant. Simultaneously, use the opportunity to seek input on changes to enhance the value you deliver.
Potential changes could include reducing expenditure on support services that customers don’t utilize often, or increasing investment in technology to further enhance speed of service delivery. These changes are geared to modify current operating model and realign the value proposition, delivering impeccable benefits that matters.
- Capture customer pain points
Is there pain point customers face when using your products and services? Does the setup process requires extensive effort? Is the product difficult to maintain? Is there adequate post-sale support?
These pain points are overlooked value that you could fulfil. Explore how best to enrich your customer experience end-to-end.
- Understand why prospects don’t buy
Prospects make a purchase decision when a product delivers a solution to their problem at a reasonable cost. They see the benefits in making the investment.
On the other hand, some choose not to buy because the perceived value does not meet their expectations. The key is to understand what holds them back.
Find out which substitute products these prospects use today. What could you do to adapt your product so these prospects would become customers? Note that you could expand your target market for the added value you strive to deliver.
- Explore needs of influencers
Usually, buyers work closely with others, internally and externally, when seeking for a complete solution. These ‘collaborators’ influence the final purchase decision.
By understanding the interactions among players, you might identify needs that the players treasure. The possibility of adding an easy-to-integrate interface, for instance, facilitates real time data sharing, eliminating delays from exporting and uploading data.
The new value enables a comprehensive solution and increases productivity at the same time. Overlooked value tends to be hidden as few businesses devote time to uncover it. Click To Tweet
Overlooked value tends to be hidden as few businesses devote time to uncover it. There would be additional expenses associated with their implementation. After all, why waste resources on value that customers don’t care about. Invest in value that matters.