The moment a customer discovers or recognizes the value of your product or service, this is referred to as value realization. Accelerating this moment has the potential to convert curious shoppers into long-term customers or new users into ardent supporters.
Customers’ Understanding of the True Value of a Product or Service
It’s much easier said than done. It may appear straightforward – most business leaders and innovators believe they understand the bottom-line value being offered to customers – but when you’re in the thick of things, trying to grasp the big picture and bring it to life, the actual value perceived by customers can get lost in the bigger picture.
How can you and your team identify the critical moment that results in value realization for customers? And then raise it even higher to reduce the amount of time and effort required to recognize the value?
Here are a few examples of how we assist our clients:
Apply quantitative and qualitative lenses to your customer journey to identify potential moments of truth – not just to convert users into customers, but also to drive repeat purchases, upsells, and life satisfaction and value.
Analyze quantitative data to identify points of customer churn and thresholds that convert customers into advocates and encourage more engaged continuous use.
Interview and converse with customers, both those who have disengaged and those who have chosen to repeat, to identify differences between the consumer groups and the moments that shaped their perceptions.
Manufacture and design artificial moments of value realization that do not necessarily reflect the materialistic product or service, but rather demonstrate the value. Conduct competitive analyses to identify opportunities for reducing time to value.
The Bottom Line
Consumers have become more discerning and discriminating about the value they receive overtime, and they are less loyal to brands. To maintain wallet share, grow their consumer base, increase BPO customer engagement, and lead, companies must not only continuously improve their products and/or services but also truly optimize value realization to occur earlier in the customer journey. To know more, contact Cegura Technologies today!
