Customers are increasingly choosing vendors on the basis of long term value, not long-term history.
The bottom line for the small business is to communicate well and to deliver value. No longer can you be satisfied with the statement: “They have been our customers for a long time, they won’t go anywhere else.”
By delivering value, I am referring to your customers’ current interpretation of value. Don’t assume anything; give your customers a chance to talk and if you listen, they’ll tell you exactly what’s important to them at a given time. Businesses must recognize that the voice of the customer is now more powerful than ever before. Instant information available through the blogs, social media, and the internet in general not only keeps your customers up on the latest trends in their industry but also gives us a chance to anticipate future change.
Perhaps we should change the word “Value” to “Customer Satisfaction”. Just as we are always looking for new and better personal and business tools, i.e. a faster computer, a car with more technology, your customers have the same minds set. Just as our just satisfaction is gone, shortly after we get our new “whatever”, customers are also looking for the next and best “new thing” from the service or products you provide .We can say that value has been a static term whereas Customer Satisfaction is an ever changing challenge.
The process of developing a Value Proposition has to be a fluid, one which requires constant review and updating.
If you haven’t examined your value proposition, now is a good time to re-visit your current customers and your target market to validate their needs.
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