Understanding Customer Value

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We live in a society where everything is defined by its value.  When it comes to taking Customer Centric Approach, Customer Value plays a vital role because by adding Customer Value, companies gain Competitive Advantage.


What is Customer Value?

Customer Value is “the difference between what a customer gets from a product [or service], and what s/he has to give in order to get it”[1].

What determines a Value Proposition

Here are five (5) factors that often determine the customer value proposition:


Measuring Customer Value

Ultimately what makes your Value proposition unique is your company’s ability to measure the customer value of your product/service.  To measure this, you need to Measure the perceptions of the value added by your product or service in comparison to the  perceptions of the value added by your competition.

Customer Value = Perceived worth of your product/service

Perceived worth of your competition

Are you ready to boost your Customer Value? Do you understand that added value can boost your Customer Centricity?

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[1] http://www.businessdictionary.com/definition/customer-value.html [accessed 28 January 2019].

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