Value you create is not always easy to measure, if you haven’t figured it out yet. Many small business owners find themselves focusing only on empirically measurable value but make no mistake, non-measurable value creation such as the experience you create and image you associate with your brand are just as important to consumers. In short, do not focus only on financially based value creation. Just because certain forms of value creation are difficult to measure does not mean they are worthless.
When focusing on creating value that is easily measurable many company’s focus on financial value creation. Financial value is typically created by assisting your customers in saving money. Helping your clients get more for less through discounts, coupons, reward systems and other sale options is a great way to monetarily motivate your market’s consumers. Other times value stems from adding new features to your products or increasing the perceived value of your product or service in other ways. Financial value creation is a wonderful strategy to use when creating value for your consumers but as a stand-alone this strategy generally falls flat. Supporting your financial value creation with non-financial value creation is essential to the success of any marketing plan.
Now we get into the more difficult stuff, non-financial value creation. When it is difficult to measure, let alone define the value you are creating such as in the case of non-financial value creation many people struggle with setting goals, creating strategies and weighing what does and doesn’t work. Fortunately for you, Fowara has extensive experience in this field and our team of experts know exactly how to approach, quantify and demonstrate what value has been created with non-financial value creation strategies and techniques. We can also provide a few quick pointers on what we think small businesses should focus on in this area!
Although non-financial value is difficult to define and even harder to measure there are a few surefire methods to create non-financial value easily. Increasing your brand image and the consumer purchasing experience can add large amounts of non-financial value to your products. Does your site flow? Is checking out easy? How well is your catalogue organized? These are all areas in which improving will continually create more value for your clients.
Many small businesses also focus on content creation.Creating blogs, photos, demonstrations, and other interesting content around your products is a great way to give your clients more value. Communicating this added value is obviously essential and this is where business communications come into play. Great content that helps your consumers fully understand what value your products and services have is useless if you are lacking in the areas of customer service, web presence and overall communication.
Focusing on your web presence and client communication is easier said than done. How quickly do you respond to messages on social media? Do you have a universal strategy for dealing with angry customers? These are a few obvious areas that most companies have under control, but what about negative posts on social media sites such as Reddit or Twitter? Knowing what people are saying about you is just as important as responding to what they are saying to you.
Fortunately, if all of this information has you intimidated and you feel as if this is all too daunting of a task for you to accomplish Fowara can help you along every step of the way. Reach out to us today and start your company’s transformation!