Place importance in marketing

Marketing is about communicating the value that you create or the value that a customer receives. So, focus on the benefits they receive from your product or service, and how you can improve those benefits.

For example, if you want to make a software product more accessible, you could focus on providing a simpler interface, making the product easier to use, etc.

What is customer value?

Customer value is how much benefit a customer receives from a specific purchase.

It’s important to understand that the customer value is based on several factors, including:

  • The product.
  • The price.
  • The quality.
  • Whether the customer had to contact the company for help.

For example, if you’re selling a software product, the customer value could be worth more if the product is more expensive and easy to use.

What makes customers value your product or service?

The value of your product or service comes from the benefit that it provides customers. You can provide value by:

  • Making your product or service easier to use.
  • Providing a better user experience.
  • Creating a better customer support experience.
  • Improving the value of your product or service.

Think about the value that a customer receives from your product or service. Use that value to create a customer value map.

Create a customer value map

A customer value map is a visual representation of the customer’s value. It helps you to see the value that your customers receive from your product or service, and how that value is changing.

The customer value map shows you the customer’s current purchase value and the value that they receive as a result.

This map helps you to:

  • Understand how much value your product or service provides.
  • Find ways to improve your product to increase the value that customers receive.
  • Make sure you’re providing value that customers value.

Use your customer value map to define customer value.

Define customer value

Now that you know how to create a customer value map, it’s time to define customer value.

Customer value is the value that customers receive from a specific purchase.

It’s important to know when to use a range of values, because different customers value different things.

For example, if you sell a software product, you might define customer value as:

  • $5,000 $10,000.
  • $20,000 $30,000.
  • $50,000 $100,000.
  • $200,000 $500,000.
  • $500,000 $1,000,000.
  • Other.

If you’re selling a physical product, customer value might be defined as:

  • $10 $20.
  • $30 $50.
  • $80 $100.
  • $120 $150.
  • $180 $200.

If you’re selling a service, customer value might be:

  • $40 $60.
  • $120 $140.
  • $160 $180.

These ranges can help you determine the values that customers value, and how much to charge.

Using a customer value map to define customer value

In this customer value map, the X value represents the difference between the customer’s current purchase value and the customer value.

As you can see, the X value is very different for each of the five customer value maps. It depends on the type of product, the price, and the customer’s past experience with the company.

For example, if you sell high-quality products, they can have a high Y value. That’s because high quality products, like a car, a high-end watch, or a high-end computer, can provide a high benefit.

If you sell cheap products, like a $1.99 smartphone, a customer might get a low Y value. This customer value map shows that they would probably be willing to pay a lower price.

You can also use the customer value map to predict how people will pay for your product or service.

Use your customer value map to predict how people will pay

Using your customer value map to predict how people will pay for your product or service is a great way to save money.

If you know how much a customer value a product or service, you know how much they will pay for it. By using your customer value map, you can predict how much they are willing to pay.

Your customer value map can help you to predict how much customers value your product or service.

Using your customer value map to predict how customers value your product or service can help you save money by charging lower prices.

How to use a customer value map?

You can use a customer value map to:

  • Understand customer value.
  • Find ways to improve customer value.
  • Find ways to charge customers the best price.
  • Create your customer value proposition.
  • Find ways to attract customers.

Understanding your customer value

Using a customer value map is a great way to improve your understanding of your customers.

You can use the map to help you understand how to improve the customer value of your product or service.

For example, you can use your customer value map and the cost and revenue data to make decisions about pricing, including:

  • The types of pricing options you should offer.
  • Why you should offer one option instead of another.
  • How much you should charge for your product or service.

Using your customer value map to improve customer value

Using a customer value map is a great way to improve customer value.

It’s an easy way to see if you’re actually providing enough value to customers.

If you see low or high Y values, it’s a good indication that you’re not providing enough value.

So, if you see low customer value, look at your product or service and try to improve it.

Look for ways to improve customer value by checking the customer value map.

Use the customer value map to improve customer value

Using your customer value map is a great way to improve your understanding of your customers.

You can use it to:

  • Create your customer value proposition

Determine how much your customers will pay

Determine the types of pricing options you should offer

Find ways the customers will pay for your product or service

Determine the best product or service for your customers

Creating your customer value proposition

Creating your customer value proposition is a great way to help you sell your product or service.

The customer value proposition is the most important part of your customer value map.

The takeaway

Using the customer value map can help you create your customer value proposition.

So, when you go to sell your product or services, you’ll know what customers are willing to pay for them.

This will help you to create your pricing strategy.

If your customer value map shows low Y values, it’s good to know that customers don’t value your product or services.

If you see high customer value, it’s a good idea to continue to improve customer value.

If you have a low customer value proposition, you should try to improve it.

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