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1. CUSTOMER
VALUE

2. Value has many different meanings. To
some Value means price ( what is the
value of this car?) to others it means
benefits (the value I got from this car). It
also means the worth of something. That
is why you hear some people saying
“value of money”
(meaning they are price-sensitive); and
others who prefer “money of values”
(meaning they are willing to pay for what
they consider as benefits, as from a
brand or a better product, or more
convenience, etc.)
What is customers’
value?

3. No wonder, the readers are confused about the value word that s/he
uses so often. When used in vernacular it does not matter, but when
used as a technical term, like Customer Value, the meaning of Value
must be precise, so that everyone understands what it means.
“Customer Value is the perception of what a product or service is
worth to a customer versus the possible alternatives. Worth means
whether the Customers feel s/he got benefits and services over what
she paid”

4. In simplistic form, Customers Value is Benefits-Cost
(CV=B-C)
What the Customers pay is not on the
price (cash, cheque, interest, payment
during use such as fuel and servicing for a
car) but also non-price terms such as time,
effort, energy, and inconvenience).
The benefits include the advantages or
quality of the product, service, image, brand
of the company or the brand of the product,
values, experience, success one gets in
using the product, and so on.
This illustration shows the Customer’s
Value:

5. HOW TO CREATE
VALUES?

6. Value is created just as much by a focus on processes and systems as much as it is by
mindset and culture. Mindset and culture are much more difficult to change, and also
difficult to emulate. It is easier to copy products and systems than to change mindsets and
culture. Therefore, for long-term success, mindsets, and culture are important lasting.
These, along with the systems, create great experience and value.
Value changes during the use of a product or the Customer’s Journey. Value is perceived
during the purchase intent, the shopping, the actual purchase or buying, the installation or
the start-up, the use, and even the re-sale. We sometimes call this the waterfall of needs.
Needs change during the Customers Journey.
Creating Customers Value increases customer satisfaction and the customer experience.
(The reverse is also true. A good customer experience will create value for a Customer).
Creating Customer Value (better benefits versus price) increases loyalty, and market share
price, reduces error, and increases efficiency. Higher market share and better efficiency
lead to higher profits.

7. To create real value for customers and to
build customer relationship
Understand the
marketplace
and customer
needs and
wants
Design a
customer-
driven strategy
Construct an
integrated
marketing program
that delivers
superior value
Build profitable
relationships and
create customer
delight
Capture value
from customers to
create profits and
customer equity
Capture value from
customers in return
(Armstrong & Kotler, 2014)

8. COSTUMER PERCEIVED VALUE
You have to understand the Customer Value concept,
what a Customer perceives are value, how a
customer’s value needs change over time, and how to
get Customer feedback. You must realize that people
buy a product or service that creates the most value
over competing options.
You must also recognize what a Customer perceives
as value. You must understand how the Customer
views your competition’s product. What is important to
the customers their buying decision? Is price more
important or are benefits? Are you good at delivering
what the Customer believes is important? Are you able
to deliver more than your competition on these
factors?

9. Here are some of the example strategies
on how to create Customer value:
1. Giving a price that makes the Customer believe he is getting more than he pays
for the benefits he gets versus competitive offers
2. Reducing the price, or keeping the same price and giving something extra over
the competition (this could be service, better attention, or an add-on to the
product)
3. Making it convenient for the Customer to buy, and how he wants to buy and pay.
4. For B2B getting a proper price justification, not just a price.
5. For dealers, the feeling the company will grow and offer new products for the
dealers to sell. These are things that the dealer may not have experience of but
do Value.
6. he image of the company, including the brand and the trust in the company, or
when the Customer appreciates the Values of the company including
sustainability. These create Value for the Customer

10. Here are some of the example strategies
on how to create Customer value:
7. Giving the Customer a product that works as it is meant to (as perceived by the
Customer) and is easy for him/her to understand and use (so that no unnecessary
time or energy has to be expended)
8. Making the Customer feel valued. For example:
● Smiling at and being attentive to a Customer creates value for him. Ignoring
him/her destroys value for the Customer.
● Making it easy for the Customer to contact the company, and an assurance that
an answer will be given when and how promised (how many times do you have
to wait to talk to someone and how often does s/he promise to call back and
how often do you get all)
● Not making you repeat questions or answers, and keep relating the problem
● Receiving a call from a service person confirming his/her visit (the Customer is
not kept wondering whether the service visit will take place) Not answering
queries destroys Value