Einstein Life Hacks #7 of 10 – Creating Value
Now this is one Einstein quote that I absolutely LOVE. I see so many striving to succeed, all the while missing the essential quotient – providing value.
It should be intuitively obvious that value creation is at the core of any business strategy, but it is amazing how many companies can’t articulate their true value to the customer. If you ask the question, the most common answer is a list of product or service features and their benefits.
Without meeting a recognized need and making things better, at a reasonable price, it is simply impossible to succeed. In online product sales, many equate low price with value. For me, price is a factor, but much more important value components for me are convenience and quality of life.
Take buying an airline ticket. The default listing is in price order, low to high. It is not a mystery why the average price of a ticket sold online is lower than any other sales channel. Personally, I don’t want the cheapest ticket if it requires 3 or even 2 changes of planes. In fact, I am willing to pay more for a non-stop, even though most airlines have cut those substantially from non-hub cities like Tampa, where I live.
My favorite statement about value is from the co-author of The Go Giver, Bob Burg. Bob says that “money is the echo to value” and that “money is the thunder to value’s lightening”. That paints a powerful image.
Do you want to sell me something or provide a service to me? You need to understand what I value.
- I value my time
- I value convenience
- I value simplicity
- I value honesty and fairness
- I value peace in my life
- I value integrity
- I value innovation
If you can provide what I value, then I am more than willing to pay for that product or service.
Ask yourself these questions:
- What do you value? Have you ever made your own list?
- Do you assume that your customer shares those values?
- What do your customers value?
- As a rule, do you ask them before offering up a product or service?
Tomorrow we are going to talk about playing “better”.