What is of value to the customer?

Value = benefits (tangible + emotional) / costs (actual + opportunity)

• What is the buying criterion of your customers both tangible and emotional?
• How do you get your customers to see the value in what you’re selling over your competitions?

“Nobody wants your product. Nobody wants your services. They only want what it will do for them right now.” The value it offers them now!!

• For each customer you need to know why they want to buy from you and why they will buy your offering rather than the competitions.
• What is their buying criteria.
• Develop the feature benefit grid to cross analyse your features and benefits against your competitions. Find your USP for each segment
• When you have found the benefits, ask your customers to rank them.

Each segment will have a different rank. You need to communicate what is relevant to each segment. The key benefits relevant to the segment will do better than all benefits to all segments

• Remember, we don’t sell what the product is; we sell what the product does. So don’t sell the steak, sell the sizzle.
• A feature is what a product has.
• A benefit is what a product does.
• You will never identify all of the features of your product.
• Your customers will actually find benefits that you will miss. Think how you will find this and debate!!
• Try keeping a formal list of all the features and benefits of your products and services .

Let’s think of a pen

• If we ask the right question, at the right time, of the right person, we will get the information we need.
• Some questions to determine why someone would want to buy your pen:

o What kind of pen are you currently using?
o When do you use a pen?
o What do you look for in making a pen selection?
o What are the 3 things you like most about the pen you’re using?
o What are the three things you like least? o What would you like to accomplish in your profession this year?

• We must ask more to find out what benefits our customers are actually interested in.

Question: Why would Peter want to buy this pen?

Answer: Somewhere in this questioning process, the customer will tell us which benefits they need. You need to think about the structure of the research, but that is another course

Remember: A feature is what a product has.

A benefit is what a product does. Some examples: http://64.233.183.104/search?q=cache:B1ERaJK5Y1AJ:air.ingersollrand.com/nirvana/pdf/nirvana_benefits.pdf+feature+benefit+analysis&hl=en&ct=clnk&cd=4&gl=uk http://64.233.183.104/search?q=cache:HiWNcrWLtYcJ:www.ups.in.th/fba_sg.pdf+feature+benefit+analysis&hl=en&ct=clnk&cd=7&gl=uk

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Marketer and engineer specialising in IT, tech and engineering companies. I bring new ideas, innovation, passion and clear strategy development with defined ROI, underpinned by 30 + years of experience. ★★Marketing, Digital and Social Media Strategy, KPI and ROI | Marketing, Digital and Social Media Consultant | Trainer | Speaker | Virtual Digital and Social Media Help Desk and Support

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1 Comment
    • Panther Social Media
    • October 5, 2010
    Reply

    What is of value to the customer? – What is of value to the customer?

    Value = benefits (tangible + emotional) / c… http://ow.ly/19im3i

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