What is REAL Customer Value?

I recently had a personal buying experience that turned out to be my best purchasing decision of the year….and I didn’t even buy what I thought I wanted!? Wait! What? How?? Basically, I discovered just how much having a salesperson providing REAL value to me as the buyer truly meant, how he did it, and why me NOT buying what I thought I wanted made me a happier customer.

For a little context, I work in the technology industry…specifically in the channel. How is that relevant?? Well, for those of us self-identified purveyors of all things cutting edge, we often find ourselves pontificating amongst ourselves as to just how much value we bring to our customers.? But in the multi trillion-dollar world of technology, how do we know what value is and what value we’re actually providing? ?As a few tech giants achieve market dominance it becomes a simple numbers game for most resellers…. ask enough customers if they’re using the market leader and one is bound to provide you an order.? But are we bringing that customer value?? Or, has the concept of bringing customers value become nothing more than a colloquialism…an overused buzz word used to justify our own existence.? If we take an order…we say we brought value!? If we bring our customer donuts once a month….we say we brought value! If we provide them the lowest price…we brought them value.? If we validate all their purchasing decision are “wonderful” because they’re buying the “market leader” or, arguably worse, what they’ve always known…we feel like we brought them value!? But is that truly what it means to provide value?? How did we improve their business?? Did we impact their outcomes in a meaningful way?? Did we risk a manufacturer relationship to tell our customer something they didn’t know and is perhaps a better solution for them? Did we tell them about a technology that’s superior and in their best interest?? Did we improve their bottom line, reduce their risk, or increase their revenue?? What, specifically, was the value we brought?

So, back to my own buying experience:? Four months ago, my wife and I found ourselves ready to purchase a new vehicle.? My wife’s daily driver was now 7 years old and, as much as she loved it, we knew it was time to say goodbye and look at replacements.? For my part I’ve always been a Japanese car guy.? Honda and Toyota …. they’re reliable, practical, affordable and a safe purchase; just ask anyone….you can’t go wrong buying Japanese! Right? They’re the “market leader!” Right? ?So, I began spending my weekends test driving a variety of Japanese cars, never deviating from what I knew and what I was comfortable with.?

After a few weekends of test-driving cars, two things occurred to me:? First, and not surprisingly, everything I test drove was familiar, reliable, comfortable, in my budget, and by all accounts any of them would have been good, safe purchase!? Second, none of these cars really gave me anything more than what I had in the past or anything which made me excited to buy!? They were basically a newer version of what I had….and perhaps that’s ok….after all, isn’t reliable and familiar a good thing?

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After a few weeks of looking, I happened to get a call from an old friend who, after retiring from the technology industry, was using his skills selling BMW’s.? He was just calling to catch up with us and had no idea we were in the market for a new car.? After a few minutes chatting my buddy tells me, “Come down to the store this weekend and test drive a BMW…trust me, I think you’ll love it!”? My immediate response was “ohhhh no…that’s ok, we’ve been a Honda/Toyota house for 25 years, I don’t know anything about BMW’s, I’ve never owned one, I know nothing about them, and I don’t think I’d be comfortable owning one!”? His response was simple and not at all pushy or offensive…he simply said, “you want something comfortable to drive, practical, reliable, and in your budget…..BMW gives you all that plus the added elements of ?luxury and fun. It’s the most exciting driving experience in the world!? So, what do you have to lose by coming down and driving one?”? In short, he told me something I didn’t know…how a BMW gave me everything I wanted plus luxury and a fun driving experience.? He then held out a low-pressure, zero-risk test drive to prove it.?

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The following weekend my wife and I were on our way to Costco for our weekly shopping and I said, “let’s go see my friend…. the dealership is only a few blocks away”.? We got there and immediately saw the completely redesigned 2024 X1 sitting on the show room floor; I had been looking at sedans, but this small SUV really caught my eye.? I climbed in it and loved the way it felt.? The controls were easy to get to and it surprisingly didn’t feel foreign to what I had driven in the past.? My friend quickly had it pushed out into the lot and my wife and I found ourselves on our first BMW test drive.? Within just a few minutes we realized we LOVED this vehicle.? It was quick, comfortable, tastefully appointed and, most importantly, made us both excited to own one! We also discovered that having an SUV would be great for our long trips!? With a little reading we discovered the 2024 M35i X1 was the most highly rated model in its class in both safety and overall satisfaction for this year; I guess having the largest market share isn’t everything after all!? We were in love!? We quickly placed an order with the dealership to have ours built by BMW and we were only a few months away from being BMW owners.?

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This is not a commercial for BMW…. that’s simply the product we purchased.? What the story bares out is the importance of being more than simply a “waiter” to our customers…and what it means to bring value; to be more than someone who simply takes an order.? It can be scary, but to bring value we must first tell our customers and prospects something they don’t already know; if you believe they’d benefit from what they don’t know, for goodness’ sake, inform them…even if it’s outside their comfort zone!? Next, tell them how the product relates to what they need or want and how it benefits them personally.? Finally, offer them an opportunity to try that product without any pressure; if it truly is the best solution for them, as your instincts are telling you, they’ll see it and appreciate you for making them aware.

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So, what is the take-away from my buying experience?? It’s crucial to go beyond being a mere order taker, informing customers about what they may not know or be comfortable with, and then giving them the opportunity to see it first-hand. In the end it will:

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1. Build Trust and Credibility: When you provide valuable information and insights, you demonstrate expertise in your field. This builds trust with customers, as they see you as a knowledgeable and reliable source. Customers are more likely to trust businesses that go beyond the basics and show a genuine interest in helping them make informed decisions.
2. Provide Customer Education: In the technology industry, there’s almost no way for our customers to be fully aware of all the options, features, or potential benefits of all products and services. By educating them, you empower them to make better choices that align with their needs and preferences. Informed customers are generally happier and more satisfied with their purchases.
3. Enhance Customer Experience: Providing additional information or suggesting complementary products/services can enhance the overall customer experience. By understanding their needs and offering relevant insights, you contribute to a more personalized and tailored experience, making customers feel valued.
4. Create Upselling and Cross-Selling Opportunities: When you share information about related or upgraded products/services, you open the door to upselling and cross-selling. This not only increases the average transaction value but also ensures that customers are aware of the full range of offerings you offer that could benefit them.
5. Give You a Competitive Advantage: In competitive markets, being more than an order taker can set your business apart. If you’re able to offer unique insights, helpful advice, or solutions that competitors don't provide, you position yourself as a preferred choice for customers seeking a more valuable and comprehensive experience.
6. Create Long-Term Customer Loyalty: Going the extra mile to inform and assist customers fosters a sense of loyalty. Customers are more likely to stick with a business that has consistently provided them with valuable information and assistance over time.
7. Provide for Feedback and Improvement: Engaging with customers beyond taking orders allows you to gather feedback on your products or services. This feedback can be invaluable for continuous improvement and innovation, ensuring that your offerings align with customer needs and expectations.

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Moving beyond being an order taker to inform and educate customers not only benefits them but also strengthens your business by building trust, enhancing the customer experience, and creating opportunities for growth and loyalty.? It also makes for a VERY happy customer….I know I am! #salesexcellence #customervalue #timmyknowsit #buildingtrust