Have you determined what it is that makes your customer undervalue your company? You have a great product that offers a solution people need and you’re a marketing wiz, so what is it that makes your customers feel differently?
Usually, the reason is that a company isn’t creating value for customers and customers simply aren’t happy. If you can find ways to be proactive, be aware, and go the extra mile, you can work to improve your company’s image.
If you’re ready to determine what it is that’s stopping your customers from loving your company, take a look at the top 4 ways companies aren’t creating value for their customers.
4 Reasons You’re Not Creating Value for Customers
You don’t think outside the box
Sometimes companies get so caught up in their own ways of doing things or in things that they have been taught that they forget to think outside the box, expand their minds, and allow for growth. Value creation happens when a company has reduced their costs and improved their efficiency.
Your customers will notice these things and they will notice if your decisions are always based on thinking like an executive rather than thinking like a customer yourself. Think outside the executive box to work toward creating value for customers.
Getting too caught up in shareholders
When you are taught that all that matters is your shareholder wealth and keeping them happy, you forget the reason everyone is there. Without your customers, there is no company and there are no shareholders.
Keep in mind that your shareholder wealth is important, but not nearly as important as creating value for customers.
Remember the things you learned in professional school or while getting your MBA, but focus your executive decision making on your customers to gain their loyalty–inevitably resulting in wealthier shareholders.
You don’t stand out
Sometimes companies forget to do something different than their competitors because they believe there’s only one way to do things. Instead, you need to stop asking yourself “Why should we be different?” and think about getting ahead of the competition by gaining a different advantage.
Don’t be a follower. Be a leader and a game-changer.
You don’t educate your staff
Your staff is great at what they do, but did you remember to teach them how to create value throughout their operational tasks? Teaching your staff to put your customers at the center of your business when making decisions is how you implement more customer value throughout the whole organization.
Your employees may be destroying customer value without realizing, so start explaining expectations to your staff more clearly and show them how to create customer value. Offering incentives to your staff for doing so will help in creating value for customers.
You band-aid the problem
Instead of focusing on correcting a problem and settling a dispute, you should be focusing on avoiding complaints all together. You can’t avoid all complaints, but you can work to get that number to zero.
When a complaint occurs, think about the process they are complaining about. Is it efficient and valuable to the customer? Could it be improved? Do others share their opinion?
If your customers complain about the speediness of service, perhaps it’s time to bring in more staff or expedite the process. If your customer complains about the lack of communication, maybe it’s time to educate your staff or improve modes of communication.
Use complaints as learning experiences to get to the root of a problem.
If you find that you’re not creating value for customers, these 4 issues are the likely culprits. Find ways to bring value to your customers to earn their loyalty.