Customers Will Pay for Value

I was just asked to participate in a survey by J.D. Power and Associates. This is what they wrote in the survey introduction, "J.D. Power and Associates, the recognized "Voice of the Customer" and a global leader in market research, wants the consumer electronics industry to hear your voice! Your opinions and feedback make a significant difference in helping manufacturers improve and enhance the experience of customers like you." Had they just read my last post?

I was unfortunately disqualified from the survey with the first question since I had not purchased a camera in the past 12 months. It appears that the 5 cameras I had purchased in the previous 3 years was not a consideration. (To put your mind at ease, 3 of the cameras I purchased were gifts for family members.) I expect they were targeting a very specific audience for the survey and information on cameras purchased more than 12 months ago were not within their target. That is only a theory, since I didn't get past the first question.

Did you also notice the caption on the picture, I found from Benjamin Moore? In case the print is too small on your computer, it says; "THE WAY WE SEE IT OUR CUSTOMERS ARE THE WINNERS." Benjamin Moore is clearly one of the parties recognizing J.D. Power and Associates as the Voice of the Customer.

J.D. Power and Associates describe in their website (JDPower.com) that they conduct "proprietary (commissioned) tracking studies." That means that their customers pay for the services they receive. I doubt that I have surprised you with that information. It does illustrate the point of this post - Customers will pay for value. A simple way to measure value is if and how much the customer is willing to pay. I will make a disclaimer here, that sometimes value is only perceived by the customer when they put down the cash to pay. Even I have had an expensive item break shortly after getting home. The value then shifts to how easily I can get a refund or replacement.

A quick check on your ability to add value is what are customers willing to pay. For items in the store, customers pay with money. For educators, their customers may be paying with their time and attention. Customer loyalty, a.k.a. return business, is another way customers will pay the service provider. Think about what value you are trying to add and ask yourself' "What are my customers willing to pay?" Ask yourself this question frequently and at times when you want to add value. I find this question not only applies to my business; it is particularly convicting when I am trying to add value to my family.