The internet and the world is growing so fast that today people can buy products from the other side of the world through a click. Therefore, developing value for customers is an important task that enterprises should have into account when carrying out a marketing strategy that differentiates itself from its competitors as to obtain economic profits. Therefore, I am going to present some types of strategies that firms could use in order to create customer value
Types of customers value:
Value from product innovations and price.
As there are a variety of competitors in the market, a brand should take into account the importance of price and quality of its products as to create value for customers. Therefore, developing innovative products with good quality and proper price in accordance is extremely important in order to create competitive opportunities.
Value from satisfying customer needs
In the present time, due to the high number of competitors that a brand has to face with, the enterprise should not only focus on product quality and price. Nowadays, it is important for a firm to focus on satisfying its customers needs. That is, today consumers are not only focusing on the attributes of the companies’ products but on how happy these products make them feel.
This happiness may come from the attributes of a product, which satisfies the customer’s need itself, or it could come from the client, feeling a connection between the brand and his/her own personality. For instance, Harley Davidson is not only a motorcycle brand. It is a lifestyle on its own. Harley Davidson’s followers make the Harley Davidson’s world a way of life.
Therefore, in order to create this type of customer value, it is clearly important to understand which are the target’s wants and needs. And what are their aspirations in life as well.
The best strategy will be then to focus on the most valuable customers
By identifying those clients who are the most valuable and profitable to the firm, the enterprise should focus on them in order to obtain economic profits as well as a better Word of Mouth.
That is the importance of connecting a brand with its clients on a more profound way!
What other types of strategies that create value for customers can you think about? Please, leave a comment below
Talk to you soon!