Customer experience, or CX is a big focus for organisations today. One of the first steps to knowing how to design and deliver a great customer experience is to understand how your customers define value. When we know how they define value, then we can design experiences that deliver that value on purpose.
Purposeful CX is a Meetup Group with a keen focus on helping people and organisations improve Customer Experience. Sponsored by Fishburners in Brisbane City, the organisers always get a good group of people keen on improving things for customers..!
I was asked to present one evening in July. Organiser Ale Wiecek and I chose a talk about the different perspectives on how customers define value.
All businesses are built on the exchange of value.
The delivery of value to their customers and the value that their customers return, in the way of payments and word of mouth. To many businesses Value has become a generic term, something not quite definable and in today’s marketplace that is no longer good enough.
Businesses usually focus on the source of value, the service they provide or the product the customer uses. The challenge lies in the mind of the customer, because this is where their perception of value lives.
How customers define value
In this presentation we examined the common sources of value. And then investigated how the customer perceives and describes value for themselves.
Essentially, customers define value based on the goals or results. That is, the outcome they are seeking.
In addition to customers defining value in terms of the goal or result they seek, the overall perception of value is also dominated by the end-to-end experience the customers have during the delivery of the goals or results. And one extra thing: customers can define value from the feeling and benefits they get from belonging to a community. Why do people wear T-shirts for their favourite musician or band – because they want to be identified with that community. (read more here)