Companies that prioritise client demands and preferences can improve the overall customer experience and satisfaction, resulting in increased loyalty and repeat purchases.
Customer value is how much a customer thinks a product or service is worth, considering the benefits and the costs.
This insight looks at many things, such as the product’s benefits, the customer experience, quality, and the overall value for money.
To get and keep customers, you need to know what they value and tailor your products and services to meet their wants.
It means weighing the benefits to the customer, like good service and products, against the costs, like money, time, and work.
African entrepreneurs today, more than any time before, are in a strategic position to unlock value for the customer by tackling high-end challenges that are encapsulated in the Sustainable Development Goals, which are left with less than a decade towards their projected lifespan.
This is so because more than 70% of these problems are African problems.
Further, the African Union’s ambitious Agenda 2063 has already gone for the first decade – a clarion call for entrepreneurs to innovate on the best approaches towards addressing these existential challenges.
In this article, we take a deep dive into how entrepreneurs can unlock value for the customer.
In this regard, when deliberating on the approaches towards unlocking value for the customers, the entrepreneurs can engage in the following ten key steps which will strategically unlock the envisaged value:
Review brand’s value proposition: Ensure that your brand’s value proposition emphasises why customers should choose it and the benefits they can expect.
Align your product/service’s benefits with the needs of your target audience to craft a compelling value proposition that resonates with potential buyers.
Providing unique access to services, products, or rewards for your most valued customers can foster a sense of exclusivity and distinction.
This will enable you to offer them exclusive access.
Granting loyal customers specific privileges and advantages can enhance their perceived value and loyalty to your brand, ultimately resulting in repeat business and advocacy from these customers.
Customers should be recognised through a loyalty programme. By implementing a loyalty programme acknowledging continued client support, you can express appreciation and retain individuals committed to your business.
Programmes that reward loyalty will incentivise customers to make additional purchases and help build lasting relationships with your client base.
However, there is a need to develop an effective onboarding programme to assist customers in comprehending your product or service in a clear form.
A well-designed orientation programme guarantees that customers are provided with the requisite knowledge and resources to optimise the benefits of your offering, which leads to increased satisfaction and long-term value.
Engage with customers: Actively connect with your customers by taking proactive steps to understand their preferences and needs.
By listening to their feedback and fostering meaningful communication, you can create value aligned with their desires and enhance their overall experience.
This will enable you to tailor your offers to meet their expectations better, ultimately leading to a superior overall experience for them.
Develop a sense of community: Establish a community that revolves around your brand, allowing consumers to interact and form connections with one another.
By cultivating a sense of community and facilitating peer-to-peer interactions, you enhance the overall value that consumers derive from their relationship with your brand, resulting in increased satisfaction and loyalty.
Surprise and delight customers: Seek opportunities to exceed consumer expectations and offer unexpected value. Surprising and delighting consumers, whether through personalised gestures, exclusive offers, or exceptional service, cultivates positive word-of-mouth and loyalty.
Maintain consistent communication: Ensure that communication channels remain open with your clients throughout their journey with your brand. When customers receive consistent and transparent communication, they can better recognise the value they get from your products or services, which fosters trust and loyalty.
Create personalised experiences for customers: Tailor your interactions to each customer’s specific behaviours and interests. You can increase each customer’s value by providing customised solutions and exclusive offers and ultimately build more meaningful connections over time.
Proactively identify and rectify recurring support issues to enhance the overall customer experience — address patterns in support issues. By proactively addressing common challenges before they escalate, you reinforce trust and confidence in your brand and demonstrate your dedication to consumer value.
Monitor key indicators such as customer satisfaction, loyalty, and engagement to measure and analyse your value-creation activities’ progress continuously. Regularly reporting on your progress helps uncover insights into the effectiveness of your strategies, allowing you to make informed decisions to enhance further the value you provide to your customers.
Understanding and delivering client value is essential for African businesses to survive in today’s competitive climate.
Companies that prioritise client demands and preferences can improve the overall customer experience and satisfaction, resulting in increased loyalty and repeat purchases.
Furthermore, customer value promotes advocacy, accelerates sales, broadens market share, and increases profitability.
Until then, think, eat, sleep, and dream about branding!
- *Dr Farai Chigora is a businessman and academic. He is a Senior Lecturer at the Africa University’s College of Management and Business Sciences. and a global business modelling practitioner. His doctoral research focused on Business Administration (Destination Marketing and Branding Major, Ukzn, SA). He is into agribusiness and consults for many companies in Zimbabwe and Africa. He writes in his personal capacity and can be contacted for feedback and business at [email protected], www.fachip.co.zw, WhatsApp mobile: +263772886871.
- Tabani Moyo is an extra-ordinary researcher with the University of North West, South Africa’s Social Transformation School. His holds a Doctorate in Business Administration (Research focus on new media and corporate reputation management, UKZN), chartered marketer, fellow CIM, communications and reputation management expert based in Harare. He can be contacted at [email protected] @TabaniMoyo (X)
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