Jermaine Edwards breaks down three value principles for customer relationships: adding education and support to existing products, creating competitive advantages through customer data, and embedding multiple value elements from Bain & Company research. Brands with seven or more value elements achieve higher NPS and loyalty.
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Hey, it's Jermaine Edwards, your customer growth guide. And if you're new, welcome. If you're old, welcome back to the fold. In this video, I'm going to share 3 powerful value principles you can use starting today to transform your customer relationships. Hey, so let's talk about the value principles. Now I've got 3 I want to share with you today. Number 1, value adding. Number 2, value creating. And number 3, value elements. Let's walk through each individually, and then we'll talk about how you can apply them in your business today. Number 1 is value adding. Value adding is pretty simple because you're already doing it today. It's those extra education emails that you're sending to your customer. It's your customer service department proactively showing up and helping the company implement something specific where it's a new add-on, it's a new, um, service, it's a new product. Anytime you're adding to or helping your customer get more value and benefit from the use of an existing product or something they're using already, that is value adding. You're creating the environment and the scenario for your customer to win with your products and services. And that's really, really important. But we can be even more intentional when it comes to value adding. And you probably have some things that you're doing right now to add value to the customer. But as an exercise, I simply want you to do this with your company, with your team. Write out all the ways in which you believe today you're adding value to the customer based on their use and the value that they're getting from your current products or service, from what they've bought from you already? How many different touches of value do they experience from you today, and would they actually perceive that as value? Write those things out and then go and have a conversation with your customer. Hey, are you getting value from this, from this, from this? Start to name them and get your customer to feedback to you. You'll figure out exactly what specific ways in which you're delivering value today in terms of adding are most impactful for the customer, and which ones just aren't really showing up on the customer's radar in regards to value. That's gonna be really important in regards to how you allocate resource and time. So that's value adding. The second is value creation, and this is something that requires you to do a little more deep work and insight and listening, because value creation is about what you do with the insight and information you have about your customer. So let's just say for an example, you are a website analytics company. So you're measuring the analytics for a particular company, you're giving them their reports on a day-to-day basis. But let's just say for a moment you'd say, well, what else could we garner from this information that would be really helpful to this customer? I wonder if we could benchmark their analytics against all of their competitors Bring a comparison and then give them your specific instructions on how they can actually, you know, win more in this particular analytics area. Wouldn't that be really interesting to share with the customer? That's value creation, taking what you know about the customer and using that for unique or additional insight that creates advantage. Really powerful stuff. Number 3, value elements. This is taken from the research of Bain and Company, and what they began to do was to evaluate the B2C market and all the feedback around how consumers were perceiving the value of products and services. And so from that, they categorize these perceptions into 30 different elements of value, and then you put it into 4 categories, which was taken from Maslow's hierarchy of needs. And the work done by the social psychologist in 1943. And they recognized that those brands who had 3 or 4 or more of those specific elements built into their products and services were growing 4 times as fast as their competitors and counterparts. Also, those people who had 7 or more of those elements had higher NPS scores, net promoter scores, and satisfaction and loyalty scores than their counterparts. So what does that mean for us? Well, if we really look closely at our products and services, we can now identify how many kinds of elements of value exist within our products and services, and we can make changes or additions to those things based on how we want to increase our perceived value to customers and to the marketplace. And guess what? I've got a tool to help you do that in the link below. Not just that, but also access how to add greater value, how to create value, and do all three with your customer so you can transform your relationship. I want you to become the advisor your customer never wants to leave, and this is a way in which you can do that starting from today. So download that link, make sure that you like and subscribe this video if you've had value from this, if I've added value to you in some way, and I'll see you in the next video.
