The marketplace in which many businesses operate within has become fiercely competitive due to the decreased consumption patterns of consumers. As consumers become more hesitant about how their money is spent businesses likewise mimic the same behavioral patterns. The problem with this though is that businesses cannot operate in this manner because it does not resonate well with consumers. As a business you operate in order to make a profit; consumers consume in order to satisfy specific needs and wants. If consumers feel that they are being given low quality products and services they transition their consuming patterns elsewhere. Businesses on the other hand cannot just reposition their consumer base instantly without suffering numerous setbacks which can be very costly. This means that businesses must truly create value for their consumers especially during these challenging times in order to remain competitive amongst the varying options competitors present to consumers.
What is value and how do you go about creating value is what many businesses ask every day. Value is the perception the marketplace and consumers have about the products and services you offer. Value represents the time people will allocate specifically for your products and services. Value represents the money people will spend on your products and services. Lastly value represents the worth people place on being associated with your products and services. In order to make sure these three criteria align positively with your own business, you have to diligently do your homework. This means studying and becoming knowledgeable about both your marketplace and the consumers within it is mandatory. The problem many businesses face though is that they disregard the consumer and focus solely on making a profit. This is the wrong mindset to have especially during the current economic times. If your focus is not purely on satisfying the consumers needs and wants your business will eventually succumb to the competition that does so. Business has always been a highly competitive environment but the competition has increased significantly and only those businesses that truly stand out amongst the many will grow and thrive.
This all comes down to the positioning you have in the marketplace which equates to the effect you have on the consumer’s mind. And this is what exceptional value creates for you, a lane where only you drive in as long as you remain consistently ahead of the other drivers. If you have not done so already begin to examine how you can increase the satisfaction of your consumers. Once you capture the full attention of the consumers then a profit will come but these two things will only happen once you make value creation a mandatory priority. Your main objective should be the consumer which has been reiterated consistently throughout this post which means that you should really take heed of the information being given. For example a company like Apple has created a near cult following because of the value consumers associate with its products. Many consumers feel Apple provides them with innovative, high quality products unmatched by any of its competitors similar offers. Another example is the Jordan Brand division of the Nike company. Jordan Brand has developed the same following as Apple which can probably be said to more intensified than Apple’s following. People create hysteria and mayhem (especially on December 23) just to purchase very expensive shoes that are perceived as valuable. Why are they perceived as valuable? Because of the “exclusivity” it means to have on a pair of Jordans, plus wearing shoes that signify arguably the greatest basketball player of all time helps also.
What value does your business have to offer? Make your consumers advocates of your products and services by rewarding them with what they can find nowhere else. When true value is achieved your consumers win and in the same effect your business wins, producing a win-win relationship.