What is a value?
Talking in terms of business, the value is the money that a person is willing to pay for a product or service that a company is providing. To put it in other words, it is the worth that you get from you customers.
When the customers are happy with your service and the quality of your products, they will be ready to pay more to get your product and services. You would pay more for an iPhone as they have a known reputation and their customer service is good. To put it straight, when a company works on its customer’s satisfaction, they are building their value.
Frequently asked questions
What is value?
This value can be financial or emotional. Financial is money that a person is willing to pay for a product or service that your company provides. Emotional value can be all positive experiences that result from using a specific product or service.
How important is company value?
Goodwill is important because first, customers are willing to pay more for valuable products and services. On the other hand, thanks to value, agents are closer to the company and want to do their jobs better.
What is the best way to build a company’s value through customer service and customer support?
The best way to build goodwill is to present it in all messages coming out of the company. To construct this, you can ask customers why they buy about you, and gather feedback from them. Thanks to this, you can easily present the company's value.
Providing excellent customer service leads to increased customer engagement and loyalty, which in turn generates more revenue and positive word-of-mouth advertising. According to customer service statistics, 77% of customers would recommend a company they had a positive experience with, and 72% of customers share positive experiences with at least six people. Engaged customers spend 300% more than non-engaged customers and increasing customer retention rates by just 5% can increase profits by 25% to 95%. Increasing employee engagement by 10% can increase profits by $2,400 per representative annually. Becoming a top-performer in NPS is crucial to reaping the benefits of excellent service.
This article discusses the importance of outstanding customer service in building sales, revenues, and customer satisfaction. It provides tips on how to deliver excellent customer service, including having knowledgeable representatives, understanding customers' needs and expectations, and offering various communication channels. The article also answers frequently asked questions about the definition of outstanding customer service, the need to provide it, and how to achieve it using software such as LiveAgent.
Value Props: Create a Product People Will Actually Buy
The video emphasizes the importance of defining the problem or opportunity a company is addressing in order to create a valuable solution. The value proposition framework involves three steps: Define, Evaluate, and Build. Michael Skok, a founding partner of Underscore VC, guides entrepreneurs through a series of frameworks to articulate and validate their value proposition. It's important to differentiate between users and customers and to focus on a minimum viable segment. Creating customer value involves setting a product or service apart from competitors through unique value propositions tailored to different customer segments. The text also offers resources for customer support and business growth.