{"id":2957,"date":"2020-06-16T19:01:57","date_gmt":"2020-06-16T19:01:57","guid":{"rendered":"https:\/\/wiki.thomasandsofia.com\/?p=2957"},"modified":"2020-06-17T00:10:08","modified_gmt":"2020-06-17T00:10:08","slug":"cs3-the-power-of-value","status":"publish","type":"post","link":"https:\/\/wiki.thomasandsofia.com\/?p=2957","title":{"rendered":"CS3 &#8211; The Power of Value"},"content":{"rendered":"<p><span id=\"sample-permalink\"><a href=\"https:\/\/wiki.thomasandsofia.com\/cs2-the-power-of-me\/\">&lt; 2 The Power of Me<\/a><\/span>\u00a0| <a href=\"\/customer-success-profit-from-the-power-of-your-customers\/\">Home<\/a> | <a href=\"\/cs4-the-power-of-performance\/\">4 The Power of Performance &gt;<\/a><\/p>\n<h1>13. What&#8217;s this really worth (to me)?<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/8414502#overview\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/8414502#overview<\/a><\/p>\n<h3>Polar Pricing Perception<\/h3>\n<ul>\n<li>Value is in the eye of the beholder<\/li>\n<\/ul>\n<h3>Where does the money go?<\/h3>\n<p><a href=\"https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/where-does-the-money-go.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2963\" src=\"https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/where-does-the-money-go.png\" alt=\"\" width=\"1000\" height=\"746\" srcset=\"https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/where-does-the-money-go.png 1000w, https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/where-does-the-money-go-300x224.png 300w, https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/where-does-the-money-go-768x573.png 768w, https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/where-does-the-money-go-150x112.png 150w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<p>Critical spending is important&#8230; there is only so much money to spend.<\/p>\n<p>&nbsp;<\/p>\n<h1>14. Enter the Value Zone<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/739972#overview\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/739972#overview<\/a><\/p>\n<h2>The Customer Value Universe<\/h2>\n<p>How the customer perceives value (In Order)<\/p>\n<ol>\n<li>Customer Expectations<\/li>\n<li>Perceived Quality<\/li>\n<li>Perceived Value\n<ol>\n<li>Price when given the quality<\/li>\n<li>Quality when given the price<\/li>\n<\/ol>\n<\/li>\n<li>Customer Satisfaction\n<ol>\n<li>Customer confirms the expectations<\/li>\n<li>Compares to the ideal<\/li>\n<\/ol>\n<\/li>\n<li>Result\n<ol>\n<li>Customer complaints OR<\/li>\n<li>Customer Loyalty\n<ol>\n<li>They are tolerant of the price you are charging.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h1>15. Invasion from Down Under<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/739984#overview\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/739984#overview<\/a><\/p>\n<ul>\n<li>The profit from the power of value is Growth\n<ul>\n<li>Growth is difficult due to competition for a defined market share<\/li>\n<\/ul>\n<\/li>\n<li>Growth can be regained by creating new demand<\/li>\n<\/ul>\n<p>Value Innovation = The simultaneous pursuit of Differentiation and Low Cost<\/p>\n<p><a href=\"https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/costs-vs-value.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2964\" src=\"https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/costs-vs-value.png\" alt=\"\" width=\"282\" height=\"316\" srcset=\"https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/costs-vs-value.png 282w, https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/costs-vs-value-268x300.png 268w, https:\/\/wiki.thomasandsofia.com\/wp-content\/uploads\/2020\/06\/costs-vs-value-134x150.png 134w\" sizes=\"auto, (max-width: 282px) 100vw, 282px\" \/><\/a><\/p>\n<p><strong>Customers will lead you to the Value Zone when you listen to, and observe them.<\/strong><\/p>\n<h2>How to get to the Value Zone<\/h2>\n<p>Each of these items is learned by talking to your customers.<\/p>\n<ul>\n<li>Eliminate\n<ul>\n<li>Eliminate elements that are sacred to your industry that hold little to no value for your customers<\/li>\n<\/ul>\n<\/li>\n<li>Reduce\n<ul>\n<li>Reduce elements that have limited value to your customers<\/li>\n<\/ul>\n<\/li>\n<li>Raise\n<ul>\n<li>Raise the elements that help your customers get their jobs done better.<\/li>\n<\/ul>\n<\/li>\n<li>Create\n<ul>\n<li>Create features that had not been previously thought of or offered before.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1>16. Profiting from the Power of Value<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/739990#overview\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/739990#overview<\/a><\/p>\n<p>Part of the Power of Value is Customer Satisfaction<\/p>\n<ul>\n<li>You might have the best product at the best price, but if it is hard to do business with you, your value drops.<\/li>\n<\/ul>\n<p>How do you profit from the Power of Value<\/p>\n<ul>\n<li>Become the Chief Growth Officer<\/li>\n<li>Value is much more about the experience you deliver than the price you charge\n<ul>\n<li>Data research has shown customers are willing to pay more to a company that will listen to them and provide a better experience.<\/li>\n<\/ul>\n<\/li>\n<li>If a customer does not feel they are getting enough value for the cost, what additional feature would make it worth the price?<\/li>\n<li>What can you lose that no longer means anything to them?<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1>17. Case study: Hyundai<\/h1>\n<p><a href=\"https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/8480498#overview\" target=\"_blank\" rel=\"noopener\">https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/8480498#overview<\/a><\/p>\n<ul>\n<li>Old school car sales were driven by the dealers to uninformed customers.<\/li>\n<li>With the advent of the Internet, sites like Cars.com and Carfax.com, customers became informed and in control.<\/li>\n<li>Hyundai followed a handful of &#8216;Glamor Moms&#8217; to learn about their life styles to see how they could design a vehicle that would serve their needs.\n<ul>\n<li>&#8220;<em>We got to know what mattered to them to make the vehicle more meaningful to them.<\/em>&#8220;<\/li>\n<li>This was <strong>not<\/strong> a market research project.<\/li>\n<li>This was a living, breathing, actionable insight that met customers in the intersections of their hectic lives.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&lt; 2 The Power of Me\u00a0| Home | 4 The Power of Performance &gt; 13. What&#8217;s this really worth (to me)? https:\/\/www.udemy.com\/course\/how-to-profit-from-your-customers\/learn\/lecture\/8414502#overview Polar Pricing Perception Value is in the eye of the beholder Where does the money go? Critical spending is important&#8230; there is only so much money to spend. &nbsp; 14. Enter the Value ..<\/p>\n<div class=\"clear-fix\"><\/div>\n<p><a href=\"https:\/\/wiki.thomasandsofia.com\/?p=2957\" title=\"read more...\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":["post-2957","post","type-post","status-publish","format-standard","hentry","category-customer-success"],"_links":{"self":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts\/2957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2957"}],"version-history":[{"count":3,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts\/2957\/revisions"}],"predecessor-version":[{"id":2967,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=\/wp\/v2\/posts\/2957\/revisions\/2967"}],"wp:attachment":[{"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wiki.thomasandsofia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}