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What Is Value and How Do You Create It In Your Business?

What is value?

Ask anyone and everyone you can and you’re likely to get a different answer each time.

Value is a fuzzy word people have trouble defining.

I would like to explain value as it relates to owning a business and how you can create it, on a regular basis, for your clients and customers.

As my friend and colleague Lee Wibberding likes to say: “value is created in the mind.” So value is based on perception and as we all know in marketing, perception is reality.

Whatever we find helpful and useful to us has value. It’s your job to find out what your market finds valuable and give it to them in spades, exceeding their wildest expectations.

Take money for instance. Money is just paper. It’s our perception of what it does, that gives it value. If all the sudden we abandoned paper money and picked a certain type of rock as our currency, then that rock will be what we give value to and all those $20 bills in your pocket would become worthless overnight.

Value is all about perception.

You can create value in your business in many ways.

  • Create products and services your market wants and needs
  • Treat your customers like you want to be treated. Go the extra mile for them
  • Recognize and reward employees when they do something good
  • Use value-based pricing in your business
  • Give more than you get
  • Always strive for top quality and being the best in service

Use your imagination and you can come up with many more ways to provide real value to your business and the marketplace.

Value is essential to your business and to the satisfaction you get by providing that value to your customers or clients. Remember, value is created in the mind. Get to know your market inside-out, learn what your customers want and find valuable, and give it to them beyond their expectations.

If you do that, your business will grow by leaps and bounds.


Categories: Business Strategy |

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