Let BestWeb teach you more about the value. Value has many different meanings. To some people, value means price (what is the value of this car?) to others it means benefit (the value I got from this car). It also means the worth of something. That is why some people saying “value for money” (meaning they are price sensitive); and others who prefer “money for value” (meaning they are willing to pay for what they consider as benefits, as from a brand or a better product, or more convenience etc.)
BestWeb believes value is connected to something that is being held to deserve; the importance, worth, or usefulness of something. Synonyms are: merit, worth, usefulness, use, utility, practicality, advantage, desirability, benefit, gain, profit, good, service, help, helpfulness, assistance, effectiveness, efficacy, avail, importance, significance, point, sense.
No wonder, the consumer is confused about the value word that s/he uses so often. When used in the vernacular it does not matter, but when used as a technical term, like Customer Values, the meaning of Values must be precise, so that everyone understands what it means, as shown below:
BestWeb conclude in a simplistic equation form, Customer Value is Benefits-Cost (CV=B-C).
What the Customer pays is not only tangible (cash, cheque, interest, payment during use such as fuel and servicing for a car) but also non-tangible terms such as time, effort, energy, and inconvenience).
The benefits comprises of the advantages or qualities of the product, service, image and brand of the company or the brand of the product, values, experience, success one gets in using the product and so on.
Values are distinct from Value (the plural of value as defined above is Value). Values are what someone or a firm stands for: Honesty, morals, ethics, sustainability, integrity, trust and caring as well.
Consumers are distinct from Customers. Consumers use the product or the service, but in all cases do not buy the product/service. The value the consumer perceives influences the buying evaluation and perception of the decision maker or the Customer. The Customer is someone who buys or makes the decision to buy. A Non-Customer is someone who could buy from us, but is buying from someone else.
How is Value Created and What Does It Do by BestWeb?
Value is created just as much by a focus on processes and systems as much as it is by mind-set and culture. Mind-set and culture are much more difficult to change, and also difficult to emulate. It is easier to copy products and systems than to change mind-sets and culture. Therefore, for long term success, mind-set and culture are important and lasting. These, along with systems create great experience and value.
Value changes during the use of a product or during the Customer Journey. Value is perceived during the purchase intent, the shopping, the actual purchase or buying, the installation or start-up, the use and even the re-sale. BestWeb sometimes call this the waterfall of needs. Needs change during the Customer Journey.
Creating Customer Value increases customer satisfaction and the customer experience. (The reverse is also true. A good customer experience will create value for a Customer). Creating Customer Value (better benefits versus price) increases loyalty, market share, price, reduces errors and increases efficiency. Higher market share and better efficiency leads to higher profits. Thus, BestWeb is applying the value towards their consumers.