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How Do You Continue to Provide Value to Your Customers?

How Do You Continue to Provide Value to Your Customers

Hey everybody, how are you? I just wanted to share some thoughts, I’ve been kind of thinking a lot about customer value. I know that's an old term, but it's becoming new again. It's kind of interesting that we even have to think about what creates the value proposition for our customers. And it's interesting to me that so often I work with clients that in many cases, they're not sure, or they perceive that there's a value that their customers have for their product. But maybe that's not exactly what's going on. Sometimes it may be a product that has a strong, dominant position in a particular marketplace. And they believe that customers are buying their product because they're excited, and they love the brand name. In some cases, that may not be the case, they are only buying the product, because that's the only thing that's available. So one of the things that I always think is interesting is that companies talk a lot about disruption. I know, again, a somewhat dated word these days. But we've all seen it. We've seen industries that were stagnant or comfortable. For many, many years, in some cases over a century, where common problems that customers experienced are just shrugged off as that's the way it is. Let’s consider the taxi industry. I mean, people complained forever about how hard it was to get a cab, book a cab, have money for a cab, know that the driver was going to be a safe driver, or in some cases, that I would even get to my destination alive. So what happened was, you have companies like Uber, Lyft, and Grab, that come into the marketplace, and directly address the major point of pain. Boom! You get that tied with the early introduction of financial cash that allowed these companies to be very competitive on a pricing point, introducing a whole new gig economy model for labor, as controversial as it is. It's there. As a result, companies that had become stagnant, complacent, in some cases arrogant. These were the businesses that got wiped out in just a very, very short period of time. So again, keep in mind that we always, always have to be aware of what our value proposition is, and what our competitors are looking at. Also, look at the companies that aren't even on the table. Always consider the points of pain that everybody accepts, but they don't have to. Thanks for your time.

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