Focusing on a fair and equitable exchange with your customers and partners is paramount for all businesses. But what elements define value for those you deal with?
Allow me to propose three elements:
- Quality: Fitness for use
- Access: Convenience of availability
- Price: Emotional investment cost
I would also like to propose that, as you look at these, you look at the expectations of your customers (as opposed to micro-analyzing your competition). What is the benchmark in your market’s collective head in each of these areas? Find it, and never dip below those expectations.
And yes, I identify price as “emotional investment cost” – and you should as well.
Comments welcomed.