Everything you need to know about customer value
Customer value is defined by more than your pricing. Here's how to deliver a support experience that keeps shoppers happy with your product.
Published September 24, 2020
Last updated September 24, 2020
What comes to mind when you hear the phrase customer value?
You might think about money—giving customers a good price for a quality product. And 20 years ago, you’d have been right. But today, customer value encompasses much more.
Today’s buyers don’t just care about a product’s price or even its quality. They also prioritize brand experiences. With tons of shopping options at their fingertips, consumers are looking for companies that align with their values and make them feel good.
So if you want happy customers, you can’t focus on monetary costs alone. The key is to deliver both a high-value product and a memorable, positive brand experience.
What is customer value?
Customer value is how much your product is worth to your customers.
lt’s not only about price, but how much personal importance a buyer gives to your product. Usually, that value is a mix of its cost, its quality, and what the product can do for that particular person.
Basically, a product’s value is a measure of all the costs and benefits involved in purchasing it. Besides price, customer costs include the time and energy it takes to purchase and learn how to use your product. Customer benefits include the solution your product provides, not only to the buyer but to their organization as well.
Price is universal—it will cost every customer the same amount to purchase your product. But the product’s value will be different for every buyer because it involves so many variables—including customer experience.
Say, for example, you offer an e-commerce platform where businesses can post their items for sale. You get two new customers—a large corporation with their own online store and a mom-and-pop business that, until now, has been brick and mortar.
The cost of your product is the same for both companies. But for the corporation, a new e-commerce site in and of itself may not drastically change their business. Getting the mom-and-pop store online, however, can radically grow their sales. Your product’s value will likely be much higher for them than for the large business.
Why customer value isn’t just about pricing
Today’s customers expect more than a quality product at a great price—they want a high-end customer experience.
Your support team plays a major role in shaping this experience. Roughly half of consumers say they would switch to a competitor after just one bad customer service experience. On the flip side, many consumers are eager to support brands that offer top-notch customer service.
What does high-value service look like? According to our Customer Experience Trends Report, consumers want problems to be resolved quickly and effectively. Over 60% of customers said fast issue resolution was the most important aspect of good service.
Along with speed, customers want their support experience to be smooth. Sixty-eight percent of customers are annoyed when their call is transferred between departments.
To feel confident about their purchase, customers need more than a list of product specs. They’re looking for an exceptional, streamlined service experience.
How to improve your brand's customer value
In 2020, it isn’t enough for support teams to just solve customers’ problems. Consumers are looking for companies that go above and beyond to make things right for their shoppers. Deliver high-value support by curating your service for each individual customer.
Personalize your support interactions
If your support agents recite the same script on every call, your customer base won’t be impressed. Show every customer your brand’s value by tailoring your service experience to their unique needs.
Create a personalized onboarding program to start customers on the right foot
Assign each account a support agent who can walk them through implementing your product. For products that require ongoing support, assign a customer success associate to the account.
Use customer info from your CRM to customize your support interactions
Say a customer calls about a problem that they’ve experienced in the past. Recognize that this isn’t the first time they’ve dealt with this frustration, so they feel remembered and understood.
Offer multichannel support options
Provide support on a variety of channels—email, phone, live chat—so customers can reach you on the platforms they prefer.
Focus on customers’ individual needs, and you’ll be set to deliver the white-glove service they expect from companies.
Strive for customer success
Many support teams only focus on resolving current customer issues. But if your view is always short-term, you’ll always be putting out fires. Look for ways to prevent issues to make your support experience as smooth as possible.
Expand your support team
Ideally, your support team should have both customer service reps to solve short-term issues and customer success reps to prevent long-term problems.
Check in with customers regularly
Success managers should connect with customers monthly, if not weekly, to see how they’re doing. If they share any potential issues, the manager can form a plan about how they might stop the problem before it gets worse.
Look for patterns in support issues
Success managers should share any customer problems they regularly see with the rest of the support team, so the group can brainstorm potential solutions.
Don’t wait for customers to complain to solve their problems. Try to prevent setbacks as early as possible to keep your customers happy.
Find opportunities to go above and beyond for customers
In 2020, retention is all about exceeding consumers’ expectations. Build a strong long-term relationship with customers by regularly finding ways to wow them.
Make sure customers know you’ve heard them
Send out surveys and use customer feedback to make improvements. Follow up with customers who shared input to let them know how you used their feedback. They’ll be happy to hear you valued their ideas and used them to make positive changes.
Acknowledge and reward customer loyalty
Offer a discount or promotion at the end of a support experience for longstanding customers.
Make your customers feel like part of the team
People love feeling included in a community. Build this feeling with your brand by creating a customer community where buyers can go for product support, Q&As, and feedback.
Retention is critical for any business’s long-term success. To keep your customers, consistently show them your brand’s value with an above-and-beyond support experience.
Focus on customer value to grow your brand
People often measure a business’s success by its sales. But to gauge a company’s long-term success, you have to also consider another factor: the way customers feel after they make a purchase.
To grow your company, customers should consistently feel your product was worth its price tag.
Prioritize quality and offer competitive rates. And of course, deliver an above-and-beyond support experience. Offer customers stellar, personalized service, and they’ll likely stick with your brand for years to come.
And creating happy customers that see the value in your brand is key to converting them from one-time buyers to lifetime users.