As a business owner, you want to know, rather than wonder, how your customers feel about the service or product they receive. You want to know what value they place on your commodity. That’s called value realization, and it’s an integral part of growing your business and surpassing your competition.
Value Realization Defined
Everyone buys for value. They buy your product or service for whatever value is in it for them. So, value realization can be defined as the value realized from their purchase over time. “Over time” is the critical thinking part of this definition, and you must know this for your business to excel. To understand what your customer will receive and being able to document their satisfaction over time is important. This is part of value realization management.
Anatomy of a Value Realization Plan
Determine your customer’s current level of satisfaction. This serves as your baseline, to which future measurements will be compared. There are several ways to determine your customer’s level of post-sale value realization.
Surveying your customers over a specific time-frame will give you the feedback you need to have to know whether your company is meeting its goal of superior customer satisfaction. You’ll know where you are excelling, and where you need to make improvements. How often to survey, you wonder? At Decisionlink, you’ll be guided along the way so nothing is done haphazardly.
Validating your plan means you have the numbers to prove it’s working. When you can document a positive return on investment for your customer, they will be more likely to stay with you and even send more business your way.
A Value Realization Management Plan in Action
It all begins with value targeting. Once you know exactly who your customer is, your marketing dollars and territory coverage will be well spent and properly directed.
Follow that with value propositioning. When you can provide your potential customer with a solid value realization plan based on the results of your value targeting, they will want to become an established and returning customer.
In the end, it all circles back to value realization. In business parlance, what is the customer’s bang for their buck? With a solid value realization management plan, your operation becomes a well-thought-out process – no guesswork and wishful thinking. No more “hoping” this or that plan works.
You went into business to succeed. To succeed greatly, you need to know your customer’s needs, wants, habits, and buying power as if they were your Siamese twin. You need solid value realization management in place not today or tomorrow, but yesterday. Get three steps ahead of your competition for performance you can brag about!