Every business has unique goals, but all businesses have in common is the need to create value. This phrase is used often by marketers and business owners alike, but what does it actually mean? Let’s take a look at "The Personal MBA: Master the Art of Business by Josh Kaufman" to see what this phrase signifies and how you can use it to your advantage.
What Does Create Value Mean?
The most basic definition of creating value is adding something beneficial or desirable to a product, service, or experience. It’s about making something more valuable than it was before. This could mean offering a product or service that solves their problems or meets their needs. Creating value for your customer base can increase revenue and loyalty and build trust and credibility.
When you create value, you essentially offer an extra benefit that helps make your product stand out from the competition. For example, suppose you offer free shipping on orders over $50 or provide an extended warranty on certain items. In that case, you add more value to your particular product or service that other companies may not offer. This added benefit can attract customers, who will then choose your company over others because they get more for their money.
Understanding The CORE HUMAN DESIRES by Josh Kaufman
Have you ever wondered why certain products become popular while others remain forgotten? The answer may lie in the Core Human Desires. In his international best-selling business book, "The Personal MBA: Master the Art of Business by Josh Kaufman," author Josh Kaufman breaks down an amazing overview of the five desires at the core of every consumer’s decision-making process.
Understanding these desires and learning fundamental business principles can help you create a product or service that resonates with your target market and creates an emotional connection. Now let's take a closer look at these desires and how to leverage them for your brand.
The Drive to Aquire
The drive to acquire is an innate feature of human nature, with people constantly seeking opportunities to build their value through material and immaterial possessions. Most successful businesses rely on this drive, creating quality products to collect and crafting effective branding and marketing strategies to capture people’s interests.
In many ways, the drive to acquire is a central motivator for innovation, inspiring individuals and organizations that recognize its potential for creating value. It’s a force that plays out in modern life every day - one that should not be underestimated!
The Drive to Bond
Have you ever noticed that the drive to bond motivates you in many situations? Whether it’s communicating with strangers on social media, exploring relationships with coworkers, or finding the perfect match through a dating service, these activities tap into your drive to form meaningful connections in your lives.
This drive is so strong that successful businesses have even built their entire brands around it— from restaurants offering experiences catered to their customers' needs to dating services utilizing smart marketing and branding tactics. The drive to bond will always be part of who you are, and businesses that understand this can thrive.
The Drive to Learn
Everyone has the drive to learn and create value. Just look at academic programs, book publishers, and training workshops—they all exist because people want to know more and be better at whatever they do!
But creating value for your customers isn't just limited to providing crucial knowledge—branding and marketing also have their place. If you can satisfy someone's drive to innovate and continually improve their skill set, you can be sure they will provide ongoing customer loyalty.
The Drive to Defend
Another key human desire is the drive to defend. Whether it’s defending a political point of view, standing up for yourself, or simply protecting your interests, this instinct is an important aspect of many people's lives.
Most business professionals use this drive to their advantage by creating products and services that offer safety and protection in specific areas such as health & wellness, financial security, and financial planning. Understanding how this instinct works and creating quality products and services that address it can be a powerful way to connect with consumers on an emotional level.
The Drive To Feel
Everyone has an innate drive to feel. It's the cause of late-night snack cravings, jumping at horror movies, and a need for knowledge or a drive for competence. Many businesses have become increasingly savvy in striking the perfect balance between what loyal customers seek, creating customer value, and branding & marketing to reach the drive to feel.
How Do You Create Value?
Now that you understand people's fundamental human desires, how can you find a way that adds great value to one of their drives? Here are a few ideas.
Improve Your Product or Service Quality
The most obvious way to increase value is to improve the quality of your product or service. Offer more features, higher quality materials, better customer service, and more reliable delivery times to show customers that they can trust your brand. This will also help you remain competitive in a crowded market.
Taking Action To Create Customer Value
Service is taking action to create value for someone else. This can involve anything from helping someone find meaningful work, teaching them a skill, or simply providing an emotional connection. Here are some ways you can do that.
Take Action In Person
Making time to meet someone in person can be a great way to create value. Whether you’re sitting down to discuss work opportunities or simply offer emotional support, being present with someone can make a big difference. Make sure that you take the time to ask questions and listen closely to customer feedback. Showing genuine interest and empathy will help deepen the connection and create lasting value.
Take Action Over The Phone
Helping someone in need over the phone can still make a huge difference. Instead of meeting face-to-face, try offering advice or support through telephone and video calls. When given the space to talk freely, individuals can often find solutions they hadn't considered before.
Take Action In Writing
Writing has become an increasingly popular way to communicate with others. When creating written content for someone else, it's important to focus on quality rather than quantity. This will ensure that your message truly resonates with the reader and creates lasting value.
Provide Value Creation Through Technology
The digital world has opened up all kinds of new ways for businesses to create value. Whether it’s through developing an app, creating an online course, or leveraging a virtual assistant service, there are plenty of options for businesses to explore.
Increase the Perceived Value of Your Brand
Invest in marketing campaigns emphasizing the unique aspects of what you offer and how it differs from similar offerings on the market. You should also focus on delivering exceptional customer service by responding quickly and addressing any issues as quickly as possible.
Develop Innovative Solutions
Innovation is key when creating value for your business. Developing new products or services can set you apart from competitors and give customers something new and exciting that they won’t find anywhere else. You should also look for ways to make existing products and services easier or more efficient so that customers get the most value with minimal effort.
Meaningful Relationships
Finally, it’s important to build meaningful relationships with customers. Don’t just send them generic emails or newsletters; try personalizing communications as much as possible by addressing individual needs and preferences. Showing customers that they matter will help build loyalty and trust in your brand—which ultimately leads to long-term success for your business.
Start Creating Value For Your Successful Business!
Creating value should be at the forefront of every business’s strategy if they want to remain competitive in today’s market. Whether through tangible products or intangible experiences, adding something beneficial (and even unexpected) will give customers more reasons to choose your brand over another. By understanding customer value creation and how it can benefit your business both short-term and long-term, you can ensure that your business game remains successful in the long run!
