The current segment of the customers across all the sectors not only considers the end result but also values the process of fulfilling the demands. It is no secret that the customer is the king and therefore, taking care of value-conscious customers is of utmost importance in the current business world. Currently, the world is going through an economic recession and the competition is high. This has raised awareness amongst the customers for value-based services and products. Further, in the current world, the value simply does not refer to the value for money but to added values like whether a product is sustainable or not. However, it does not mean that value for money is not a critical determinant for making a purchase by the customers.
The customer no longer only has fast shipment which is possible through YunExpress but also, takes into consideration how a product is manufactured, developed and delivered. In addition to quick delivery, they also ensure the package is delivered safely. If you are running an eCommerce business or online business, you can ensure the safe delivery of shipments with the help of logistic companies like China Post. It is essential to ensure that each and every step adds value to the final product.
What Does Value-Conscious Customers Value?
Of course, the cost of a product or service is important. However, it is not the only significant determinant in the current business world. Long-term success is difficult for a business that sells its products or services at a high price with no differential advantage. On the other hand, simply going for a low cost for a product or service is not enough to run a successful business again. Simply becoming a cost leader is also not enough. It leaves the question, what exactly is a value-conscious customer looking for?
For many customers, the product or service’s value is also essential. Many customers are willing to pay a higher price for sustainable products with more extended durability. Quality of the product and service is important, and in addition to that, the product’s durability is also important, along with how the product is created. No customer wants to associate with a brand that creates products using child labour or harming animals.
How To Take Care Of Value-Conscious Customers?
To take care of the value-conscious customer, it is important to show them the level of benefits that they are going to enjoy by buying a product or service. These benefits can also be perceived benefits and it can take the form of both tangible and intangible benefits.
To take care of the value-based customers, first, throw light on how your business is creating or delivering a product or service. Create transparency to build the trust factor. For instance, if you are a business running a bag service, you can highlight the fact that you are using vegan leather instead of real leather to create the bags. Similarly, if you are selling beauty services, you can give added value to the customers by indicating that you are taking care of all the Covid-related precautions to ensure their safety.
With this added advantage, the cost should also be competitive. The customers are willing to pay a bit of extra money to enjoy the added advantage. However, at the same time, a high price difference with your competitors can sink the ship again.
Value Differs Across Different Sectors
Values across all the sectors and industries are not the same. It is different for different industries. In the electronics segment, the value comes in the form of responsible and visionary products along with green credentials. For the food industry, the value comes in the form of health benefits associated with the food products. Oats biscuits are marketed with higher health benefits in comparison to other biscuits.
Similarly, for home cleaning products, the value lies in the product’s effectiveness. Therefore, different sectors have to provide different forms of value to the customers. The trick here is to identify the value you can add to the products and services you sell. Once the value is identified, you should start selling it by highlighting the USP and the value it will add to the customers’ lives at a competitive price. It is only then not only can you increase your brand loyalty but also enjoy long-term success in the business world.
