“This is the fourth in a four-part series in which we examine the mindset necessary to ensure business success. The fourth key is “prioritize value.”
There is a single concept which, more than any other, can ensure the success of your business if it is properly integrated into your plans and into your organization. That concept is simple: provide your customers with as much value as possible. Value is the key to the success of your business. Your value proposition is more important than your marketing plan, your business model, and even the price at which you sell your products and services.
A successful business examines every decision and every element of their business plan while asking the question “how can we maximize the value of our products and services for each of our customers?” How you answer that question depends greatly on your industry, but the options are nearly limitless. Providing exceptional customer service is a great way to add value. Offering a no questions asked, money-back guarantee provides great value as well.
The value you provide to your customers is important because it is what sets you apart from your competition. I do not care what type of business you are in, there are competitors that can offer similar products and services. And if there are not, there will be soon! By adding value to your products and services, you are making it much harder, if not impossible, for the competition to imitate your business and steal your customers.
Once you have found and implemented a system for providing superior value to your customers, the results can be spectacular. Because you are offering products and services that nobody else can duplicate, you will be able to command a much higher price than the competition. And your customers will be loyal, because they will become accustomed to the value you provide. Think of the difference in the “vale proposition” of Starbucks vs. Dunkin Donuts – both successful companies, but very different value and price structures. You won’t lose customers to other businesses who undercut your prices, because your customers choose your company because of the value you provide, not your prices.
As you plan for success, make sure to emphasize your value proposition every step of the way. Nothing will cause a promising model to fail more quickly than providing poor value—and nothing fuels business growth more rapidly than providing exceptional value.