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At their essence, consumers are always looking for value. When they see value, the chances of them making a purchase increase dramatically. Just think back to the last time you made a purchase for a non-essential item: what was going through your head? For young entrepreneurs and startups, giving value to your consumer is what is going to win you that consumer, not just for the sale, but for life. You have to make them feel that there is so much value in doing business with you that they would never even think about going elsewhere. Why? Because with value comes happiness, and with happiness comes loyalty. It is a beautiful circle.
Sounds easy, right? Well, in some cases, the answer is yes, but in most cases, the main cost on delivering increased value is a little bit more attention to detail as well as a greater investment of time. We know that there is a cost on time, and all of us have only 24 hours in a day, but if you remain focused on adding value, then the time you spent doing that is time well spent. Here are four things you can focus on which can bring true value to your brand and your consumer:
1. Become an authority
When your consumer feels that you are the authority in your field, then your value increases tenfold. You therefore have to do things that make this come to life. A simple example would be my fitness brand, InnerFight. Our website has more than 3,000 posts on it covering every single topic related to human performance. What’s more, they are all there for free, so people can hop on and have a look around, and get all they need in one place. Being an authority gives your consumer a huge sense of security.
2. Let them feel that you understand them
We discussed this in brief in my last article, but you really need to make a connection with your consumer. If you go about this in the right way, they will tell you everything, and then you have to try and understand it. Once you understand, and they start to feel that you understand as well (because your actions replicate and align with their feedback), your value is boosted massively.
3. Listen to their feedback
Listening is perhaps one of the greatest tools you have to increase your value with your consumers. Most brands and businesses just do not listen. Please don’t be that entrepreneur that gets so excited and so engrossed in their tunnel-vision that all you do is talk. Throughout your entrepreneurial life, if you listen more than you talk, then there is no doubt that you will be able to figure out how to create the most value in what you are doing.
4. Surprise them
If you are in a very personal business (which every business ideally should be), then remembering things like birthdays, special occasions, etc., and surprising them on those dates increases value massively. Any brand can set up an automated mailer for when it’s your birthday, but honestly, how would you feel receiving a personalized message? When humans feel that you have done something out of the ordinary, or beyond the call of duty, your value shoots up, and remember: with value comes loyalty.
Of course, to many among you, these points may sound like the basis of setting up a business, marketing a brand, and being an entrepreneur; however, just have a look around at how many businesses of all shapes and sizes fail to do these small and basic things well, and they then wonder why when they ask their consumers about brand value, the answers are all but silent.
Value has always and will always be the entrepreneur’s best friend. Figure out what it is that you can do for your consumer to ensure they value your brand so highly that they will be with you for life.