I’m trying something new! Instead of numbering each Thought-Provoking Question of the Day, the subject will be the actual TPQD. This will hopefully cut down on the monotony of generic topic titles…
Today’s thought-provoking question of the day is two-fold:
- What is “value?” How do you create it?
Value doesn’t have anything to do with the actual price. When you talk to your friends about a new purchase, the purchase was probably made because it was a “great value,” not because it was a great price! Everyone wants to believe that they’re getting great value for the price they pay. The more perceived value the customer has, the more a business is able to charge. This isn’t taking advantage of the customer at all. If a business provides great value to customers, then they should be compensated well. To me, value is how much a customer thinks something is worth and how willing they are to pay for whatever that business is selling.
Creating value is quite difficult as there are a lot of intangibles involved with this process. I think ways of creating value include great customer service, great customer interaction, quick shipping times, low shipping costs, a great copy, bundling a bunch of services into one, great photography of your products, doing things for free which the competition charges for, giving away great advice when no money is involved, and a well-designed website among others. Note that none of these things have anything directly to do with the actual product.
What does “value” mean to you? How do you create it?