7 Efficient ways to demonstrate value to your customers

The equation to calculate customer value is as follows:

Customer Value = Total Benefits - Total Costs

Customer value has two parts: the desired value and the perceived value. The former is that the customer wants to receive from the product while the latter is the benefit that the customer receives from a product.

The perceived value is more important than the desired value because your business's success depends on the customer's perception of that value. The benefits received should trump the costs involved because that is when customers start to see the value in your offering.

These are the reasons why it's important to prove your value to your customers:

1. You'll retain customers
2. It helps improve your brand's reputation
3. Customer advocacy
4. Hands out a competitive advantage; and
5. It converts potential customers into real ones

To calculate the ROI of Customer Value the steps are as follows:

• Reach out to your customers in order to know what they like about your product.
• Understand the needs of your customers by digging into what their specific problems are.
• Create the list.
• The list created should be mapped out to the functional areas within the customers you work with.

1. Identify the attributes that would help you to slice the data to see the strengths and weaknesses.

1. Provide customized and valuable content
2. Build a Community for your customers
3. Anticipate your customers' needs
4. Collaborate with the marketing team to continually prove value and commitment to customers
5. Share social proof to enhance your brand's perception
6. Gather and apply feedback
7. Provide an overall amazing customer experience