Business Is All About Value Addition

We live in the era of speed and impatience. Once the customer decides to buy your product or service, he wants it immediately; the speed with which you deliver does matter. When a customer books your product, the speed with which you would deliver, would add to his satisfaction and excitement. He would become your testimonial.

Speed should not comprise on quality. And quality is not limited only to good looks. It needs to satisfy the needs and expectations of the customer. A good looking watch showing wrong time is of no use. A great looking smart phone with longer battery life and latest functionality will drive the market crazy.

All products today need to be simple to understand, simple to buy, simple to use and simple to adapt to. These are the days of DO IT YOURSELF mode. No one has the time or patience to understand the product or ask someone for coaching. The product needs to be self explanatory and adaptive to the user. That’s the key to success in today’s times. That’s why artificial intelligence and machine learning have become the norms to add value.

Once the customer has chosen to buy your product, he should get it effortlessly. That’s why services today have become a key driver to customer satisfaction. Amazon, Zomato, Swiggy are platforms which are not owned by you but who serve your customer to be your customer. Many companies compete not on price points but on service standards. A good product with bad servicing and customer handling, loses customers. Where as a good product with great customer relationships, increases the market share. Apple, Mercedes, Titan watches, Lawrence and Mayo,Taj Hotels are examples of extraordinary customer handling and servicing.

Better quality, more features and lower price will win the game. Customers will always want more discounts or more value for the same price. The patterns of expectations of customers are changing every single day. A young customer 20 years back is different from a young customer of today. We need to learn the pattern change and add value to our deliverables accordingly.

A customer feels that a DISCOUNT is an incentive he has earned for taking a decision to buy. You can either give a discount or more add ons for no extra costs and you can achieve a sale. A fully furnished villa with privileges of free holidays across 50 countries can definitely be a invaluable value add for a client to make a decision.

The rules of business are changing every moment. And VALUE is what every customer is buying. How you can create that VALUE proposition is the key strategy for you. Go get to your drawing board, sit with your think tank and plan your next move.

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