How to grow a business.
Being "of value" to our customers is no longer enough.
Being "of value" means meeting our customers' expectations by delivering the exact amount of value they believe they paid us for.
Being "of value" occurs when Expected Value = Perceived Value
Example: Customer pays us $50, and we deliver $50 of value.
Our goal as a team, and for each of our businesses, is to be "of good value".
Being "of good value" means delivering an experience to our customers that exceeds the expectations of what they believe they paid us for.
Being "of good value" occurs when Perceived Value > Expected Value
Example: Customer pays us $50, and we deliver $60 of value. (That $10 of good value can come from the way we TREAT our customers, not just from the things we GIVE them.)
TLDR: The ONLY WAY to grow a business over the long term (by increasing rates and transaction volume -- which are also necessary to STAY IN BUSINESS) is to consistently be "of good value" to our customers. It's really that simple.
Are you in the constant pursuit of opportunities to surprise and delight your customers? Start by mapping your customers' journey and brainstorming the ways in which you can engage them at each point of interaction. You may be surprised by how many opportunities exist to make your customers say "WOW!".
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