18 Mar What is Value in Business?
Value? What is it?
The dictionary defines value as:
1-the regard that something is held to deserve; the importance, worth, or usefulness,
2-a person’s principals or standards of behavior; one’s judgement of what is
important in life.
We all know what value is but what is value as related to Kaymor. How does it set Kaymor apart from our competitors, and provide our target clients with everything they expect.
Donald Cooper MBA, CSP, HoF has divided value into 3 simple categories: “Functional, Emotional and Financial”.
The following was taken from the blog Finally, the simple truth about “Value”:
1- “We deliver Functional Value when we….
:sell products and services that actually work for our target customers.
:are open or available when they need us.
:provide the information, coaching and encouragement that they need to wisely choose and effectively use the products or services that we sell. Be the ‘Caring Coach’.
2-Next is Emotional Value. Most business people struggle with this one. They think it’s some airy-fairy thing that can’t be defined…and they’re dead wrong!
Quite simply, we deliver Emotional Value when our customers feel better abut themselves and the world every time they do business with us, and every time they use what they bought from us. That’s it! It’s about how they feel. if we’re not delivering Emotional Value, we’re not really ‘connecting’ with our customers. People will always remember how we made them feel.
3-Financial Value is #3. Most businesses put it as #1 but it has to be #3, because it’s a function of the previous two.
So as businesses, are we providing our target customers with what they expect? Are we delivering and communicating the combination of functional, emotional, and financial value?
At Kaymor we strive to provide our customers with the utmost combination of functional, emotional and financial value.