How to Create Value in 4 Easy Steps
Step 1. Ask Yourself, What is Value Anyway?
Value defined in the dictionary jumps around these concepts: relative worth, utility, or importance, a good value at the price, a fair return or equivalent in goods, services, or money for something exchanged or the monetary worth of something.
But still, I feel these definitions don't amount to what really is value.
Attempting to define value reveals itself to be a variable concept. It is defined differently by different people.
In other words, the end result of providing value, is what defines value.
Value really is the psychology of the person receiving it. It is a group of ideas. A perception.
Value by itself does not exist. It's a composition of Psychology that is imprinted into individual definitions; and on circumstances.
Also understanding value can reveal what can be aggregated to a group of people, a community of people, and even entire nations.
So defining what value really is becomes a Catch 22: you define value, by getting value.
Now that we recognize this paradox, let's move to the next step.
Step 2. Recognize that the Concept of Value is Elusive
Defining value on its own is something that your own intuition and awareness can decipher.
Identifying value is a process of Discovery.
And the more attuned you are in how elusive it really is, the easier it is to spot.
So if you were to develop a product or service you need to go in-depth to discover what it is you really are providing.
Business owners focus on what their product and/or service is, instead of the solution it gives to the customer.
Step 3. Develop Your Skill of Drilling for Definitions of Value
There is a gap between what your customer wants and what you are capable of providing them.
The better you are at communicating what that gap is, the more likely your ideal customer is going to buy your product or service.
If you are not a well branded product, for example like Apple, you would then have to write and come up with a well thought out marketing strategy to deliver that message more clearly to them.
And this is where creating value really comes into play.
Look at your product or service and you define every single detail, benefit and solution that it can provide to your customer.
And the more details, benefits, and solutions you can define the more your customers can identify themselves with it.
So now that Catch 22 becomes a win-win scenario: creating the identity of your product or service allows the customer to identify with it.
The customer has to convince themselves that whoever is creating this product understands who they are.
Customers don't like to be sold; they like to buy.
Step 4. Create Messages for the Customer Avatar
In Business, it's important to develop what marketers call a Customer Avatar.
A Customer Avatar is somone that you would like to communicate to in order to convey what result they can expect from your product or service.
And the more detailed you are in creating your Customer Avatar, the better you will be at creating value.
Because you are furthering the definition of how to create value when you write your marketing messages for them.
If a customer can understand the message of the result that they can expect from the product alone, there is no denying that is a valuable product or service for them.
The benefits focuses more on the solution that a customer wants.
What can take away their pain, their concerns, and what can amplify their experience, or achieve their aspirations.
And the more in-depth you are in defining theses through to your marketing messages, the more you are able to convey their desired result.
Effective marketing messages allows the customer to discover what it is that they're looking for.
If you are capable of explaining, defining or clarifying what the customer wants better than they can define it; the more effective your marketing will be.
Because it is displaying you can identify the elusive concept of value and create it in ways that resonate with them alone.