In these days of information and globalization, the focus for many companies have shifted from offering the best products at the lowest costs to focusing on creating value. And rightly so. With the internet becoming more and more accessible for everyone, the distance between us decreases. This has created a market where offering the best product at the lowest cost often will not be sufficient to get success.
The increased competitiveness on many markets have resulted in consumers increasing their demands. New consumers expect more from the brands they consume. They want value when they buy a certain product. This value can come from many different factors, and as such there are many ways to set yourself apart from your competition as a company.
If you are considering starting your own company, or you just did and have trouble accelerating your business and setting yourself apart, you can follow these tips.
Creating value through branding
One way to create value for your customers is through branding. This is an increasingly popular method, seeing as it is a very effective way to get loyal customers that can turn in to actual fans of your brand. This could come through different marketing strategies like showing corporate social responsibility, going viral through social media or other ways of creating a unique brand.
Branding comes with a few difficulties too though, as the increased competitiveness makes it difficult to stand out and be unique. Being unique also is not enough on its own, as all parts of your company needs to work. Even if you have an interesting brand, if you promise to plant a tree for every purchase or if you manage to go viral on social media, you will still need to have a good product and good customer service to create value for your customers.
Creating value through customer experience
Another way to make sure your customers associate your brand with value, is giving them a proper customer experience. And one way to ensure good customer experience, is through proper customer experience management. This step does assume that the customer already has decided that he or she is interested in your brand in some way, or already purchased your product.
However, it is proven many times that keeping existing or current customers happy and satisfied is much cheaper than acquiring new customers. This can be done by securing that they have a good experience when they visit your website, when they follow your brand on social media or when they purchase one of your products.
You can give your customers a good experience by having a good and functional website, by making it easy to make returns or ask questions about the product or asking them about their opinion. This gives the impression that you care about their opinion and lets them feel heard. And this does not even have to be expensive. It can be done with intelligent AI-systems, and these can save your company a fortune while creating even more value for your customers.